Base metals bounce

AFTER a woeful week, most base metals partially bounced back towards the end of it, with lead at a 2.7% increase, being the biggest riser.

  • Staff Reporter
  • 21 April 2017
  • 05:39
  • News
Base metals bounce Strong outlook for cocoa

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Tin, zinc, aluminium and nickel were also higher, while copper fell by another 0.3% to $5523.25 per tonne, close to its lowest level this year.
 
And despite all the uncertainty in the world, gold yesterday traded in the unremarkable range of between $1276.40 and $1284.20 per ounce.
 
The oil price this morning was slightly down, with WTI Crude at $50.73 per barrel.
 
In softer commodities, cocoa decreased $34 per tonne or 1.76% to $1894 late this week from $1928/t earlier, 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.
 
However, cocoa is expected to trade at $2090/t by the end of this quarter, according to Trading Economics global macro models and analysts' expectations. "Looking forward, we estimate it to trade at 2030.00 in 12 months' time," tradingeconomics.com said.
 
Coffee decreased 3.80c per pound or 2.75% to 134.20c/lb yesterday from 138c/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.
 
Palm oil increased to MYR2639 per tonne yesterday from MYR2584/t in the previous trading day, tradingeconomics.com reported. Historically, palm oil reached an all-time high of MYR4298/t in March of 2008 and a record low of MYR433/t in March of 1986.

 

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