Arab Today, arab today metal prices slide on strong dollar china woes
Last Updated : GMT 20:23:54
Arab Today, arab today
Arab Today, arab today

Metal prices slide on strong dollar, China woes

Arab Today, arab today

Arab Today, arab today Metal prices slide on strong dollar, China woes

Metal prices slide on strong dollar
London - AFP

The prices of metals slumped to multi-year low points this week owing mainly to a strengthening dollar and persistent concerns over weaker Chinese demand, analysts said.

In a report Tuesday, US investment bank Goldman Sachs (NYSE: GS-PB - news) noted that metals prices had fallen by between 12 and 17 percent since late October.

"Over this period, China's economic data for October has disappointed, the US dollar has strengthened... and the broader commodity complex has moved lower," it added.

On Thursday, they were near 6.5-year lows for copper at $4,573 a tonne, aluminium at $1,453 a tonne and for zinc at $1,487 a tonne.

Nickel, used to make stainless steel, meanwhile struck its lowest level for almost 12.5-years on Friday, at $8,800 a tonne on the London Metal Exchange -- hit in particular by the industrial metal's supply glut.

On the precious metals market meanwhile, gold sank Wednesday close to its lowest level in nearly six years, as the dollar rallied on prospects for a December interest rate hike from the US Federal Reserve.

The price of gold slumped to $1,063.55 an ounce, forging the lowest level since February 2010.

"Gold (Other OTC: GDCWF - news) slumped to fresh lows ... as expectations mounted around the Fed taking action to increase interest rates in the December meeting," said FXTM analyst Lukman Otunuga.

"The direction of gold continues to be dictated by US interest rate expectations and dollar appreciation has attributed to the factors repelling investors from this metal."

Prospects are mounting that the Fed could lift US interest rates next month for the first time in almost a decade.

Signs of a pick-up in US inflation, alongside recent bright jobs data, has reinforced those expectations.

Minutes from the Fed's October 27-28 monetary policy meeting published this week showed most US central bank officials expect a rate hike in December and have moved past worries about slowing global growth that had prevented a raise in September.

Fed chief Janet Yellen had said earlier in the year she expected an increase by 2016 but a hike was put off several times during the summer as world markets were hammered by worries about China and the global outlook.

The euro meanwhile came under pressure following Wednesday's release of the minutes, hitting a seven-month low at $1.0617.

At the same time, the euro has weakened sharply against the greenback from expectations of more European Central Bank stimulus aimed at supporting the eurozone economy, according to analysts.

A strong dollar makes raw materials priced in the US unit more expensive for holders of rival currencies. That tends to weigh on demand and price levels.

Commodity markets in general are also being hit by concerns over China's weakening economy.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today metal prices slide on strong dollar china woes Arab Today, arab today metal prices slide on strong dollar china woes

 



Arab Today, arab today
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Donia Abdel Aziz participates in "Game of Silence"

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"
Arab Today, arab today Mexico threatens to ditch US corn imports

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 07:39 2017 Monday ,20 March

Dalia Mustafa believes in the presence of ghosts

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 16:41 2017 Monday ,20 March

Preserving the memory of glaciers

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 13:11 2017 Tuesday ,21 March

Web-based counseling lowers blood pressure

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday