Your Daily - COMMODITIES - Market & Metal News, Charts
posted on
Oct 20, 2009 07:45AM
First Explorer at the "Ring of Fire" and presently drilling on the "BIG DADDY" Chromite/Pge's jv'd property...yet we were robbed
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Among other precious metals.
Spot silver was at $17.68 an ounce against $17.78.
Platinum and palladium both rose to their highest in more than a year, however, with platinum hitting a 13-month high of $1,368 an ounce and palladium reaching a peak of $334, its firmest since August 2008.
Spot platinum was later at $1,357.50 an ounce against $1,355.50, while palladium was at $333 against $332.
Both metals benefited from strong underlying fundamentals, with concern persisting over the outlook for South African supply as the strong rand boosts producers' relative costs, and Russian palladium supply still lacklustre.
Palladium demand is also picking up in China, analysts said.
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Copper dips on demand concerns, earnings limit losses
* Copper takes a breather, aluminium inventories soar
* Corporate earnings boost equities, dollar dips
LONDON, Oct 20 (Reuters) - Copper eased on Tuesday, down
from one-month highs hit in the previous session as rising
inventories stoked short-term demand fears, but upbeat U.S.
corporate earnings lifted sentiment and helped limit losses.
By 0940 GMT, copper for three-month delivery on the
London Metal Exchange fell to $6,440 a tonne from $6,465 at the
close on Monday. The metal, used in power and construction,
touched a high of $6,510 on Monday.
LME inventories continued to rise, indicating demand has yet
to recover outside China. Latest data showed copper stocks rose
550 tonnes to near five-month highs above 357,000 tonnes.
"The inventories remain high," said Fairfax analyst Marc
Elliott. "The investment side is sustaining prices above the
levels of supply and demand."
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Other Metals
Aluminium , used in transport and packaging, rose $6
to $1,951. Giving an indication of future demand, an aluminium
industry-backed report said if automakers use more aluminium and
less steel in hybrid and electric-powered vehicles, they could
cut the cost to consumers by $3,000 per vehicle.
Nickel, Steel-making ingredient traded at $19,200 from
$19,275 while battery material lead was at $2,315 from
$2,288.
Zinc gained to $2,121.50 a tonne from $2,112 but
touched a high of $2,131.25 -- a level not seen since May 29.
Tin traded at $14,650 from $14,550.
Worries about short-term tin supplies have been fuelled by a
dominant position controlling more than 90 percent of LME stocks
and cash contracts.
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