Metal prices: Gold pushed to a two-week high - ANZ

Ross J Burland FXStreet

Analysts at ANZ offered a review of the metals.

Key Quotes:

"Base metals prices sold off heavily late in the trading day after supply side issues had supported prices earlier. Nine top zinc smelters in Chin have or are about to be suspended due to low treatment and refining charges as the concentrate market tightens. At least 640,000 tonnes would be affected, according to the China Nonferrous Metals Industry Association.

Aluminium prices bucked the trend, ending the day higher after data showed global production fell. The International Aluminium Institut reported world output fell 166.3kt/d in February, from 170kt/d in Jan.

Iron ore spot prices fell slightly after supply concerns returned. China’ stockpiles of ore held at ports rose to 131 million tonnes last week according to SteelHome data. However, this was counteracted by a fall in steel inventories. Stocks of rebar fell for the fourth straight week to 7. million tonnes.

Gold pushed to a two-week high as investor sentiment continued to improve after the FOMC meeting last week. Losses in equity markets and rising political uncertainty ahead of the French elections have also bee supporting prices."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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