Greenback strength sees metals sold

A STRONGER US dollar saw metal commodities get the same treatment as equities earlier this week, with prices dropping across the complex.

Greenback strength sees metals sold Greenback strength sees metals sold Greenback strength sees metals sold Greenback strength sees metals sold Greenback strength sees metals sold

Copper’s fall of nearly 3% was a pointer to the extent of the selling, while gold fell below US$1320 per ounce – after having been at nearly $1360/oz just two weeks ago.

With metals now facing the likely reality of a higher US interest rate environment, investors in mining equities were cautious.

In London, Glencore and Anglo American were effectively unchanged, while Rio Tinto’s rise of about 1% came after its strong earnings result and record dividend payout – with BHP’s gain of nearly 0.7% a likely tailwind scenario.

In Toronto the gold patch showed resilience in only falling 0.57%, with Barrick Gold down 0.24%.

However, the copper miners and diversified producers were...

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