Gold was firmer yesterday as an unexpected fall in U.S. housing starts to record lows in April sharpened risk aversion and pressured the dollar, supporting the metal's appeal as a safe store of value. Gold for June delivery settled at $926.70 (U.S.) in New York, up $5.
CLOSING PRICES (SPOT)
Gold US$/troy ounce 925.25 5.90
Silver US$/troy ounce 14.20 0.39
Copper US$/lb 2.05 0.00
Lead US$/lb 0.67 0.00
Zinc US$/lb 0.68 0.00
Aluminum US$/lb 0.66 -0.01
Nickel US$/lb 5.63 0.06
Oil West Texas US$/bbl 59.65 0.57
Nat Gas Henry Hub US$ mmbtu 3.99 -0.03
Nat.Gas AECO C C$/gigajoule 3.97 0.06
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Will China's idle iron ore mines return to the market?
Shanghai 19 May 2009 06:10
Many of China's smaller iron ore mines will remain closed despite rising prices and signs of better physical demand, Chinese market participants believe. Prices of imported iron ore rose again last week to $66-68 per tonne cif for Indian material of 63.5% Fe content. That brings the import price almost in line with typical domestic production costs of around 450-500 yuan ($67-73) but it's not yet clear if this will trigger new output from domestic mines. Chinese analysts said prices will have to rise much further and future demand would have to be much more certain before many of them come back on stream.
