Mixed to bearish metals market overnight – ANZ

By FXStreet FXStreet (Guatemala) – Analysts at ANZ noted the conditions in the commodities sector and summarized the metals sector.

Key Quotes:

“Base and precious metal prices were mixed.

Gold prices fell with US growth looking more resilient.

Base metals recovered following a weak start, with copper prices rebounding after testing USD4,915 per tonne.

Copper was also supported by further supply side issues. Peru declared a state of emergency in areas surrounding MMG’s copper mine project after clashes left three people dead. About USD22bn of mine projects have been delayed in Peru, the world’s third largest copper producer. In Chile, operators of Collahuasi (the world’s biggest copper mine) cut annual production by 30kt due to weak prices.

Iron ore prices were weaker. Weaker steel prices continue to negatively impact the iron ore price.

Chinese domestic HRC prices slipped below CNY2,000 per tonne from CNY3,000 per tonne a year before. However the supply side remains robust, with BHP recently awarding a contract to build an additional primary crusher at its Jimblebar iron ore mine in the Pilbara region.”
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Source:: FX Street