Metals high, dollar low

BASE and precious metals were mostly higher this week as the US dollar weakened slightly.

  • Staff Reporter
  • 10 November 2017
  • 04:52
  • News
Metals high, dollar low

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By midweek, zinc gained nearly 1.1% to$3236.50 per tonne, while copper, lead and nickel each gained 0.4-0.5%.
 
Nickel is around $220 off the two-year high it reached earlier this week.
 
"We believe future batteries could incorporate a greater proportion of nickel as a substitute for cobalt, which is in short supply," RBC Capital Markets said.
 
"We expect a more meaningful impact on demand in the mid-2020s and beyond as adoption of EVs ramps up; however, elevated inventories could remain a headwind for several years."
 
Gold futures were back over $1280 an ounce and closed at the highest level this month so far.
 
Palladium rose to over $1000/oz over fears of a shortage. The precious metal has been one of the best performers of the year due to its use in traditional fuel vehicles as a way to reduce emissions.
 
Overnight, the gold price was fixed at $1289.59.
 
The WTI crude oil price was slightly up overnight at $57.09 per barrel.
 
In softer commodities, cocoa decreased $18 per tonne or 0.81% to $/t yesterday from the $2216 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 0.45c per pound or 0.36% to c/lb yesterday from 126.20c/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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