Base Metal

Noble Group investor exits the company - A week after Noble Group issues a convertible bond, shareholder Tiger Rock raises $229 million from the sale of its 9.4% stake in the Singapore-listed commodities company. [Finance Asia]

Nickel Asia becomes second issuer to pull IPO in two days - The Philippines-based nickel miner fails to attract enough demand for its Toronto listing amid sliding commodity prices. [Finance Asia]

Commodity prices were steadier on Thursday after the International Monetary Fund raised its 2007 forecast for global economic growth to 4.9 per cent from 4.7 per cent previously. The IMF also provided an upbeat assessment for the outlook for non-energy commodity prices in its twice yearly update on the global economy.

The IMF is forecasting 10 per cent growth in China this year with its rapid industrial expansion expected to contribute about half of future demand growth for aluminium and copper.....

....the IMF which also said there was little evidence that speculative investments were a significant driver of price movements......

......the money flooding in to commodities through mainly index trades has had a troubling effect on the performance of those indices, meaning banks have been forced to plough resources into developing new kinds of commodities bets to continue attracting investors.

More than $150bn has flowed into commodity markets over the past five years, mostly commodity indices, which reflect the prices of a basket of commodities that mainly include oil, gas, gold, copper, sugar and grains, much in the way the FTSE 100 reflects the share prices on the top 100 companies listed in London.