Commodities Gained the Most Promising Outlook for This Year, shares 0.06% higher at noon

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Goldman Sachs has released a report stating that they are bullish on commodities in the near term, with increased demand and limited supply driving prices higher. The Australian share market was relatively steady at noon despite the US stock market being closed due to Martin Luther King’s public holiday. 

This week will be a busy one for the US, with producer-price index inflation, jobless claims data and a speech by Fed Vice Chairwoman Lael Brainard all due to be released. Despite these potential influences on the market, the S&P/ASX 200 was 0.06 per cent or four points higher at 7,392.60 at noon. 

Goldman Sachs observed that of all asset groups, commodities have the most promising prognosis for this year. It’s because of the fusion between a stable macroeconomic climate and low inventories that are ideal for each essential raw resource.

However, this did not impact coal’s price, which fell to its lowest level in nine months. All around Europe, energy prices decreased.

The best and worst performers are also named. S&P/ASX 200 Health Care was up by 1.74 per cent, while the worst-performing sector was S&P/ASX 200 Utilities sunk by 1.20 per cent.

In terms of large caps, Novonix (ASX: NVX) plays excellently. On the flip side, Sandfire Resources (ASX: SFR) was trading at 5.18 per cent below. 

Pointing the lenses to mining companies, Impact Minerals (ASX: IPT) has been selected by the BHP Xplor program to accelerate the exploration necessary for the energy transition. BHP will provide Impact with up to US$500,000 in cash over the next six months and access to a network of internal and external experts.

“We are confident that the BHP Xplor program will support the companies chosen to accelerate their concepts and ideas, to help take them to the next level,” said Sonia Scarselli, Vice President at BHP Xplor.

Many Peaks Gold (ASX: MPG) has secured a legally binding agreement giving it the exclusive right to buy a 100% interest in the Odyssey Rare Earth Elements Project in Canada.

In line with this, their executive chairman Travis Schwertfeger said in response, “The opportunity identified by MPG to diversify into the critical minerals sector has been secured as part of the Company’s ongoing business development activity, focused on delivering future growth by generating a pipeline of projects.”

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