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Metals Demonstrate Mixed Performance As US Dollar Rally

Summary:
The US dollar rallied today thanks to some positive macroeconomic reports released in the United States during the trading session. Usually, stronger greenback is negative to metals and other commodities priced in the US currency. But today metals demonstrated extremely varied performance despite the dollar’s strength. Contract for delivery gold in June slipped a bit by 0.05% to ,276.1 per troy ounce as of 19:07 GMT on COMEX today. Silver for delivery in May edged up 0.07% to .95 per ounce. Spot price for platinum jumped 1.22% to 0.1 per ounce, and palladium soared 1.64% higher at ,420.52 per ounce. At the same time, copper for delivery in June plunged 1.53% to .928 per pound. Zinc suffered from the stronger dollar, the same as other base metals, but it also had its own reason

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The US dollar rallied today thanks to some positive macroeconomic reports released in the United States during the trading session. Usually, stronger greenback is negative to metals and other commodities priced in the US currency. But today metals demonstrated extremely varied performance despite the dollar’s strength. Contract for delivery gold in June slipped a bit by 0.05% to $1,276.1 per troy ounce as of 19:07 GMT on COMEX today. Silver for delivery in May edged up 0.07% to $14.95 per ounce. Spot price for platinum jumped 1.22% to $900.1 per ounce, and palladium soared 1.64% higher at $1,420.52 per ounce. At the same time, copper for delivery in June plunged 1.53% to $2.928 per pound.

Zinc suffered from the stronger dollar, the same as other base metals, but it also had its own reason to decline. Inventories of the metal in the London Metal Exchange climbed by 7,225 metric tons to 73,575 tons, reaching the highest level in almost two months. As a result, zinc for delivery in three months tumbled by 1.9% to $2,767 per ton on LME today, reaching $2,751 intraday — the lowest level in a month.

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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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