Base metals staying steady

BY mid-week, nickel had gained another 1.8% to $11,810.50 per tonne, its third straight gain after three consecutive losses last week.

  • Staff Reporter
  • 24 November 2017
  • 04:46
  • News
Base metals staying steady

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But this is still a fair way off the peak of $12,870/t set on November 6.
 
Copper was also performing strongly, rising by 1.2% to $6877.50/t at mid-week. Copper has gained ground in five of the past seven trading sessions.
 
According to figures from the International Copper Study Group released this week, world copper mine production dropped by 2.2% in the first eight months of the year, while refined production and usage were virtually unchanged.
 
The world refined copper balance for the first eight months of the year indicates a deficit of around 50,000 tonnes.
 
Overnight, the gold price was fixed at $1290.48.
 
The WTI crude oil price was slightly up overnight at $58.56 per barrel.
 
In softer commodities, cocoa increased $17 per tonne or 0.81% to $2119/t yesterday from the $2102 in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
 
Coffee increased 0.70c per pound or 0.57% to 124.55c/lb yesterday from 123.85c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.
 

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