Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Thursday 04th of December 2008
Thursday, April 27, 2006

Base metals down, most precious metals higher

Base metals down, most precious metals higher

Base metals and oil saw prices decline on Thursday, while precious metals were generally up on the day. The declines in base metals were principally due to the news that China had raised interest rates, triggering worries that commodities demand could decline in that Asian nation. The worries, and the declines, came even though some analysts maintained that higher interest rates would benefit commodity prices and non-Chinese companies in the long run.

Copper dropped 1.6 percent to $7,180 per tonne although supplies concerns are high over inventories that have dropped to very low levels. In addition, workers at a mine in Chile were scheduled to vote during the day on whether or not to strike.

Nickel was down 0.9 percent to $19,375 per tonne, despite a drop of 504 tonnes of inventory in London Metal Exchange warehouses and worries loomed of a strike at a Canadian facility.

Aluminium was down 1.6 percent to $2,791 per tonne, affected by another move by the Chinese government, this one to reduce electricity subsidies, which is expected to force smaller commodities producers to consolidate.

Zinc was down as well, by 3.9 percent to $3,230 per tonne.

In precious metals, gold added 0.2 percent to $639.80 per troy ounce after going as low as $628.20 and as high as $643 during the day. Silver was up by 0.9 percent to $12.92 per troy ounce on the news that the new iShares silver exchange traded fund will begin trading on Friday on the American Stock Exchange. Meanwhile, platinum hit a new record as it added 1.2 percent to $1,147 per troy ounce. Palladium was nearly unchanged at $362 per troy ounce.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related posts to: Base metals down, most precious metals higher

Precious metals see gains ...

Precious metals prices up on weaker dollar ...

Precious metals prices see gains ...

Copper prices up on consumption data ...

Precious metals higher on sinking US dollar ...

Latest Metals News:

Latest News  Copper prices drop in New York, London

Latest News  BHP Billiton scraps plans to acquire Rio

Latest News  Base metals see more price declines

Latest News  Copper prices fall on inventories, US housing data

Latest News  Copper, aluminium gain after early declines

Latest News  Gold drops half a dollar in New York

Latest News  Copper pares gains on US retail data

Latest News  Copper, aluminium inventories continue to climb

Latest News  Alcoa delays expansion at Wagerup and cuts production

Latest News  Platinum, palladium down on auto sector problems


Previous: « Most metals up, nickel lower
Next: Gold, silver up on inflation, international worries »

Visited 496 times, 1 so far today

Gold ($/troy ounce):

Silver ($/troy ounce):

Platinum ($/troy ounce):