|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Friday 29th of August 2008
May 26, 2006

Gold lower, base metals gain on week


by Elaine Frei

In the metals markets on Friday, base metals saw prices rise while gold fell during the week.

Copper was up $150 late Friday to $8,252 per tonne, a 7 percent gain during the week. Still, copper remained 6 percent lower than its record high of $8,790 per tonne, set earlier in the month. In attempts to curb the volatility of recent trade, the Shanghai Futures Exchange has raised the margins necessary to trade copper futures, and the New York Mercantile Exchange is expected to follow suit.

Nickel was up $875 on Friday to a new record of $23,000 per tonne, and it gained 17 percent on the week. The recent increases in nickel prices are reportedly being driven by strike rumors and by inventories that have fallen by 48 percent this year in London Metal Exchange warehouses.

Zinc added $215 on Friday to $3,825 per tonne, a gain of 18 percent this week and only 4 percent below its record high level, again on supply worries.

Aluminium prices rose $25 on Friday to $2,800 per tonne, a 2 percent rise during the week.

Gold, on the other hand, declined by over 1 percent during the week to trade at $651.80/$652.60 per troy ounce late in the day in London on Friday.

Discuss this in the Finance Markets forums

Story link: Gold lower, base metals gain on week


Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

 

 

Previous: « Gasoline prices 25 percent higher than last year
Next: Nikkei, Topix each add 1.8 percent »

Visited 268 times, 1 so far today