The Weekly Dig
Haywood Mining Team
No Respite: Metal/Oil Prices Tumble Further
This week’s market headlines were
dominated by the dramatic fall in oil prices after the OPEC refrained from
lowering production limits of crude oil. Already under pressure, WTI crude fell
to US$66 (down 14%) per barrel after Friday market close.
Precious and base
metal prices followed a similar trend this week, with copper posting a
significant drop on Friday, falling below the $3.00 per pound level on Tuesday
and falling to $2.85 per pound (down 6%) as of Friday. Nickel, lead and zinc
finished at $7.36 (down 2.2%), 0.92% (down 1.6%) and 1.00% (down 3.6%)
respectively. Gold and silver fell below $1,200 and $16 mark, finishing at
$1,176 (down 3%) and $15.56 (down 6%) per ounce.
Iron ore continued was flat
for the week, with the iron ore (62% Fe CFR China) price finishing at US$69.80
per dry metric tonnes The one shining light for the week was uranium; while not
experiencing the same gains as the last couple of weeks, the Broker Average
Price (BAP) was still up marginally closing at $39.19 (up 2%) per pound. The
monthly long-term uranium price also gained ground, up $4.00 to $49.00 on
Monday..
Quelle: haywood.com
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