Metal commodities again under pressure

METALS continued to feel the impact of a rising US interest rate backdrop, with zinc one of the few to escape the general wane.

Metal commodities again under pressure Metal commodities again under pressure Metal commodities again under pressure Metal commodities again under pressure Metal commodities again under pressure

Gold fell to US$1307 per ounce at one stage before climbing back up to around $1320/oz, while the Metal Bulletin iron ore price was slightly off but still up around the $74 per tonne mark.

And the fundamentals behind the recent strength of the bulk commodity has been revealed, with Bloomberg reporting China imports in January topped 100 million tonnes – versus 84Mt in December and representing the second highest total ever.

The reason given for the buying was Chinese steel mills stocking up ahead of the lifting of output curbs next month.

Meanwhile, on the equity front, the major miners were all pummelled in London, with Glencore the hardest hit as it dropped 3.3% and BHP the best of losers as i...

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