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In contrast precious metals prices pulled back on a lull in North Korean activity and a mild reappraisal of the potential for US interest rates to go up again. The gold price has lost over US$10 per ounce ($/oz) to just over $1,315/oz; silver tumbled twenty cents/oz to $17.60/oz; platinum lost almost $15/oz to just above $965/oz; in contrast, palladium rallied $5/oz after recent weakness to just below $925/oz. Although sterling has come off the top, the local gold price has still been pole axed and is over £20/oz weaker at just below £970/oz.
Although initially weak on Chinese steel stockpile fears, iron ore is recovering. At the same time, the usual suspects are subdued with only Fortescue Metals (FMG-ASX) really moving. Its shares are off nearly 2%.
Sector Overview - Base metal prices recover a bit, precious metals ease a little
Base metals prices have recovered a little and this has been maintained or built upon in Asian trading this morning. The copper price is currently two and a half US cents per pound ($/lb.) better at $2.95/lb., nickel after a five cent/lb. rise in Asia is now a tad firmer overall at just above $5.05/lb.; In Asia aluminium has recovered from a small loss and is now unchanged at 93.5 cents/lb.; lead has rallied a strong three and a half cents/lb. to $1.07/lb.; while zinc has gained two cents/lb. to $1.395/lb.In contrast precious metals prices pulled back on a lull in North Korean activity and a mild reappraisal of the potential for US interest rates to go up again. The gold price has lost over US$10 per ounce ($/oz) to just over $1,315/oz; silver tumbled twenty cents/oz to $17.60/oz; platinum lost almost $15/oz to just above $965/oz; in contrast, palladium rallied $5/oz after recent weakness to just below $925/oz. Although sterling has come off the top, the local gold price has still been pole axed and is over £20/oz weaker at just below £970/oz.
Although initially weak on Chinese steel stockpile fears, iron ore is recovering. At the same time, the usual suspects are subdued with only Fortescue Metals (FMG-ASX) really moving. Its shares are off nearly 2%.
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