Platinum raced to a six-year peak while palladium jumped over 3% on Wednesday on hopes of a fillip to demand from the automobile sector as the economy recovers, with supply likely to remain strained.
London copper hit a one-month high on Tuesday on U.S. stimulus hopes, tight supplies and a weaker dollar that made greenback-priced metals cheaper to holders of other currencies.
Copper prices gained on Monday as weak U.S. jobs data boosted hopes for a U.S. stimulus package that could support demand for metals and a recovery in the world’s biggest economy.
Copper prices rose on Friday, boosted by a weak dollar and hopes for better metals demand due to improved vaccine rollout and as the U.S. stimulus looked set to be approved.
Copper rebounded after three days of losses as some bearish investors cancelled their positions, partly because of receding concerns over tight liquidity in top metals consumer China.
Silver prices rocketed to their highest since 2013 on Monday after small investors responded to calls on Reddit and other social media to pile into the market and push prices up.
United States Steel Corp. reported a better-than-expect performance on a key profit metric for the fourth quarter as the steel producer looks for a broader recovery to lift results in the new year.
Chinese iron ore futures dropped nearly 5% on Thursday, logging the biggest percentage loss in four weeks, as weak pre-holiday downstream steel consumption and a government call for less steel output…
London Metal Exchange (LME) stocks of the galvanising metal surged to a three-year high of 294,500 tonnes this week thanks to the “arrival†of 106,000 tonnes in the space of just two days.
