Copper rally
Well it's been a long time coming, but the copper spot price has rallied hard to a 2-year high.
The price of copper is often taken to be a predictor of turning points in the global economy.
This move likely signifies strong expected demand, particularly from China, and possibly tighter supply in China too.
Meanwhile, the iron ore price is up 22 per cent year-on-year after a rollercoaster ride, which is helping Western Australia's recovery along.
And the commodities news is better still for Queensland:
CPI to come
So that's a tidy little cluster of positive news ahead of today's inflation report at 11.30am.
While forecasts expect headline inflation to levitate some way into the target 2 to 3 per cent range, the more important core readings of inflation are forecast to remain just below 2 per cent.
Inflation readings have stunned financial markets and expectations for interest rates before, however, so this could potentially be one of the most interesting data releases in months.
Stay tuned!
