Daily Metals Insight 3-Jun-2009

Ventura Securities Ltd

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Asian stocks rose for a fourth- straight day, led by banks and consumer companies, as better- than expected U.S. homes sales and Australian economic growth reports fueled optimism the global recession is easing.

Metals extended yesterday’s gains after the dollar dropped to the lowest since Dec. 18 against a basket of six major currencies.

Pending sales of previously owned U.S. homes shot up by 6.7 percent in April, the biggest monthly gain in 7-1/2 years that buttressed views the U.S. recession was easing. The National Association of Realtors said its Pending Home Sales Index, based on new sales contracts, rose to 90.3 in April from 84.6 in March.
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