Higher Metal Prices Helped Asia Start to the Upside

Published on Sunday, 22 November 2009 21:37 Written by Gerard Lerod

Tokyo, Nov 23 (TradersHuddle.com) - Asian stocks started trading on Monday, moving to the upside as higher metal prices boosted mining companies.

Gold started trading in the shortened holiday week in the U.S., moving higher for the seventh straight session, as the Dollar fell against the euro on speculation that the Fed will keep stimulus measures longer that the European Central Bank.

Mining and metal companies are in focus as Tokyo’s market is closed for a National Holiday. The move in Asia boosted the S&P 500 futures, which moved close to 0.3%.

The higher gold and metal prices will certainly benefit metal and miner stocks as the trading in the U.S. goes underway. Yamana Gold (NYSE:AUY), Newmont Mining (NYSE:NEM) and Freeport McMoRan (NYSE:FCX), should benefit from a higher gold and metal environment