Aluminium
Car sales, employment numbers send platinum lower
by Elaine Frei
Precious metals prices were lower Thursday as demand concerns were raised by new unemployment data from the United States.
Platinum declined on the bad jobs news from the US Labor Department, which said that the US lost 467,000 jobs in June, 104,000 more than had been expected.
The numbers indicated that the recession remains entrenched in the [...]
Copper prices hurt by US, Eurozone jobs data
by Elaine Frei
Copper prices were lower Thursday after employment data from both the United States and the Eurozone held bad news that raised fears of delayed demand recovery for the metal used in construction and manufacturing.
The US Labor Department reported that 467,000 US jobs were lost in June, many more than expected, and that the unemployment rate [...]
Copper up on expanded manufacturing in China
by Elaine Frei
Prices for both base and precious metals were higher Wednesday on new data on US unemployment and on manufacturing in the US and China.
Copper prices rose after China’s Purchasing Managers’ Index rose to 53.2 in June, up a tenth of a point from May’s reading of 53.1, while US data showed that manufacturing there contracted [...]
USD gains hurt metals prices
by Elaine Frei
Precious metals prices fell Tuesday, hurt by gains in the US dollar which cut demand for metals as alternative investments.
Also hurting prices for precious metals was a new survey of consumer sentiment by the Conference Board, which showed less confidence in June and sent investors looking for the safety of the dollar.
The Conference Board said [...]
Copper prices gain on falling stockpiles
by Elaine Frei
Copper prices fell Monday after inventories in warehouses monitored by the London Metal Exchange fell to 267,300 tonnes during the day, the thirty-seventh session in a row that stockpiles of the metal used in construction and manufacturing have declined.
In addition, copper in warehouses monitored in Shanghai were down 18 percent last week.
September copper added 2 [...]
Xstrata confirms Anglo American merger plans
by Gill Montia
Global miner, Xstrata, has confirmed that it has recently sent a written proposal to the Board of rival, Anglo American, seeking consideration of a “merger of equals”.
Xstrata believes the reasons for such a move are “highly compelling”, given the companies’ complementary assets.
According to the group, it would create a “portfolio of operations diversified [...]
Copper prices fall on less demand as investment
by Elaine Frei
Copper prices were lower Monday as the metal was in less demand as an investment as the US dollar strengthened.
At last report, September copper was down 9 cents to $2.30 per pound in New York trade, while three-month copper was $185 lower to $5,050 per tonne in afternoon trade on the London Metal Exchange.
Last week, [...]
Gold gains on economic, political issues
by Elaine Frei
The price of gold was higher in New York on Thursday as the US dollar weakened.
Other issues tending to send gold higher included higher yields on US Treasury bonds, concerns that inflation will rise, geopolitical concerns over North Korea’s continuation of missile testing and reinstatement of its nuclear program, and the decision by the World [...]
Platinum prices higher on strike worries
by Elaine Frei
Platinum prices were higher Tuesday on the possibility that a strike at a South African miner’s facilities could disrupt supplies of the metal used in jewelry making and by manufacturers of pollution control devices for motor vehicles.
Combined with data showing that car sales in China was up 47 percent in May from the same month [...]
Rio proposes $15.2bn rights issue
by Gill Montia
Rio Tinto has announced that it is embarking on a $15.2 billion rights issue.
The group is abandoning plans announced in February for Chinalco to increase its stake in the business.
Chinalco already holds a 12% stake in Rio, having acquired the stock in February of last year when the Chinese miner announced it was accelerating plans [...]
Platinum prices lower on demand concerns
by Elaine Frei
Platinum prices were lower Friday after soaring earlier in the week, with declines coming on the possibility that demand will not recover as quickly as had been hoped on new data that automobile sales in the United States dropped 34 percent in May compared to the same month last year.
The biggest use of platinum is [...]
Copper rises above $5,000 per tonne in London
by Elaine Frei
Copper prices were higher again Thursday to close above $5,000 per tonne as the US dollar weakened and not as many individuals filed new unemployment claims in the United States last week.
July copper was up 9 cents to $2.30 per pound in New York trade while three-month copper added $110 to $5,025 per tonne at [...]
Copper lower on dollar, jobs report
by Elaine Frei
Copper prices fell Wednesday as the US dollar strengthened and after ADP Employer Services reported that the US private sector lost 532,000 jobs in May.
July copper fell 9 cents to $2.21 per pound in New York trade while three-month copper dropped $130 to $4,920 per tonne on the London Metal Exchange.
Nickel, lead and zinc prices [...]
Manufacturing data helps copper prices
by Elaine Frei
Copper prices were higher Monday on the news that manufacturing remained in expansion in China in May while at the same time the US dollar weakened, making metals look like a good alternative place for investors to put their cash.
China reported last month that as of the end of April its stimulus plan had resulted [...]
Higher factory output in Japan helps copper prices
by Elaine Frei
Copper prices were higher Friday, helped by positive economic data which included a gain of 5.2 percent in Japanese factory output in April over March, consumer confidence that was up in the United States and held steady in the UK, and a 5.8 percent expansion in India’s economy in the first quarter.
On the other hand, [...]
Copper held to small decline by US home sales data
by Elaine Frei
Copper prices were lower in New York Wednesday on gains for the US dollar that hurt demand for the metal, but declines were held to a minimum after the National Association of Realtors said that sales of existing homes in the US were up 2.9 percent in April.
July copper was 2 cents lower to $2.12 [...]
Copper prices up on US consumer confidence levels
by Elaine Frei
The price of copper was up Tuesday on gains in consumer confidence after falling earlier on gains for the US dollar.
The Conference Board’s Consumer Confidence Index was at 54.9 in May, its biggest monthly gain in six years as it was much higher than the 42.3 expected for the month after coming in at just [...]
First-quarter demand for gold up 38%
by Gill Montia
New figures from the World Gold Council show demand for the precious metal rising 38% during the first quarter of 2009, compared to a year earlier.
Total demand leapt to 1,016 tonnes during the period representing a 36% rise in value terms, to $29.7 billion.
Investment demand soared by 248%, to 596 tonnes, but demand for gold [...]
Precious metals see gains
by Elaine Frei
Gold prices rose in New York Tuesday after the US dollar weakened on a report that three major US banks are in the process of applying for permission from the Federal Reserve to pay back money they received from the US government’s Troubled Asset Relief Program.
June gold added $5.30 to $927 per troy ounce in [...]
Copper prices barely higher in London, lower in New York
by Elaine Frei
Copper prices were mixed Friday as worries about demand in China and concerns that recovery from the recession is not as close as had been hoped hurt sentiment even though stockpiles of the metal, used in manufacturing and construction, dropped 12,850 tonnes to 357,800 tonnes in warehouses monitored by the London Metal Exchange during the [...]