Sector Overview
The weakness of sterling was again positive for the local gold price which rose a few pounds per ounce (£/oz) to almost £990/oz. Elsewhere, US dollar prices were quietly mixed, with gold off a couple at just below $1,275/oz; silver slipped fifteen cents/oz to $16.70/oz; platinum rallied a couple to just below $965/oz and palladium lost $5/oz to just below $880/oz.Base metals prices are mixed, with both lead & zinc up as North Korean sanctions bite. Aluminium has also made gains on Chinese pollution control fears, while in spite of further closures in Zambia, owing to power supply issues, the copper price has fallen one and a half US cents per pound ($/lb.) to $2.88/lb. Nickel slipped a couple of cents/lb. to $4.70/lb., both aluminium and lead have gained one cent/lb. to 93.5 cents/lb. and $1.075/lb. respectively and zinc has jumped two cents/lb. to $1.35/lb.
Iron ore and the usual suspects remain subdued, with shares in Fortescue Metals (FMG-ASX) up around 0.3% and both BHP Billiton (BLT) and Rio Tinto (RIO) off a similar amount.
At the moment, the market is focussing on iron ore for Rio Tinto (RIO). It appears to be ignoring aluminium, where it is heavily geared to the rising price.
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