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FTSE 100 seen higher as Copper and Nichel climb, Asian markets rise

Last updated: 06:54 26 Oct 2009 GMT, First published: 07:54 26 Oct 2009 GMT

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Overview: the FTSE 100 is projected to open about 20 points higher today, in defiance of Friday’s bearish session on Wall Street, where all of the key indices fell despite another string of positive corporate results from Schlumberger (NYSE: SLB), Honeywell (NYSE: HON), Capital One Financial Corp (NYSE: COF), Amazon (NYSE: AMZN) and Microsoft (NYSE: MSFT), as investors were reaping profits from the gains made over the course of the week.

Asian markets advanced this morning with Hong Kong’s Hang Seng tacking on 1.75%, while the Shanghai composite inched 0.1% higher. Japan’s Nikkei rose 1% to reach four weeks’ highest.

Oil prices were down from Friday’s levels with US benchmark crude easing below US$80/barrel, while Brent Crude fell to US$77.42/barrel.

Precious metals were slightly lower. Gold moved down to US$1,053/oz, Silver was at US$17.68/oz, while Platinum fluctuated around US$1,360/oz.

Base metals, however, moved higher. Copper rose to US$3.03/pound, Nickel improved to US$8.77/pound, while Zinc reached US$1.03/pound.

Morning news wrap

In the FTSE 100, biopharma company Shire (LSE: SHP) said the US Food and Drug Administration (FDA) upheld its prior decision to grant five year New Chemical Entity (NCE) exclusivity to lisdexamfetamine dimesylate-currently marketed by Shire U.S. Inc. for the treatment of attention-deficit hyperactivity disorder under the name VYVANSE.

In the FTSE 250, provider of household and personal care products McBride (LSE: MCB) said its trading performance has been ahead of expectations as revenues increased 7%.

Landbrokers (LSE: LAD) said it received acceptances for 95% of the number of new shares in the rights issue announced earlier this month.

In the AIM, Indonesia operating coal miner Churchill Mining (AIM: CHL) said initial JORC probable in situ reserve of 956 million tonnes for the East Kutai gold project.

Eastern Europe focused junior Aurelian Oil & Gas (AIM: AUL) announced a gas sales deal with Kulczyk Investments SA for the gas produced at its Siekierki field in Poland. It also released an update for its Voitinel-1 well in Romania, saying it flowed at an initial rate of 85,000 cubic metres per day .

Australia focused coking coal producer Caledon Resources (AIM: CDN) released a quarterly report, saying production was on schedule to increase in the final quarter results in a forecast production of saleable coal of 500,000 tonnes for the year.

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