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The world s industrial comeback drives metals to multi-year high
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Supply deficit sends palladium price to HISTORIC HIGH
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The World’s Industrial Comeback Drives Metals to Multi-Year High
Bloomberg 2 hrs ago James Attwood and Yvonne Yue Li
(Bloomberg) Industrial metals from copper to aluminum to iron ore have rallied to the highest level in years.
The reasons for their gains are plentiful: Copper critical for everything from electrical wiring to motors and thus a bellwether for the global economy broke out of its recent range to trade near the highest since the last supercycle as industrial operations ramp up worldwide. Iron ore, aluminum and steel are meanwhile gaining on speculation that production cuts will shrink supplies just as demand is taking off. And a weaker dollar is making commodities traded in the currency cheaper to buy.
Gold erases gains as US data fuel recovery hopes
Bloomberg
Gold fell amid rising bond yields after strong US economic data refueled optimism of a global recovery.
New-home sales in the US last month rebounded sharply to the highest since 2006, suggesting that the housing market is back on track after winter storms impeded demand in February.
Meanwhile, output at manufacturers and service providers reached a record high this month.
An artisan makes gold jewelry at Devji, a major manufacturer and retailer, in Hidd, Bahrain, on Tuesday.
Photo: Reuters
Bullion also shrugged off news that US President Joe Biden would propose almost doubling the capital gains tax for wealthy individuals, which hammered US stocks on Thursday.
Publishing date: Apr 23, 2021 • 1 hour ago • 3 minute read •
Article content
(Bloomberg) Industrial metals from copper to iron ore gained momentum this week, flirting with decade-high prices as signs of Chinese and U.S. demand strength blunted concerns over worsening virus outbreaks elsewhere.
Copper, a key electrification metal and economic bellwether, broke out of its recent range to trade near the highest since the last supercycle, underpinned by spending on green infrastructure and a weaker dollar. Iron ore, the main steelmaking ingredient, advanced for a fourth weekly gain after posting the highest close since Singapore futures began trading in 2013.
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