Copper, nickel bouncing back

AFTER sliding on Tuesday to multi-week lows, copper and nickel were positive movers later in the week.
Copper, nickel bouncing back Copper, nickel bouncing back Copper, nickel bouncing back Copper, nickel bouncing back Copper, nickel bouncing back

Ole Hansen

Staff Reporter

Nickel rose 1.7% to $18,289 per tonne, while copper added 1.5% to $9422.31/t, recovering Tuesday's losses.
 
Aluminium fell by more than 1%, while lead was slightly softer. Comex gold futures rose to $1804.10 an ounce after reaching $1810.20/oz overnight.
 
Minutes from the June Federal Reserve meeting failed to shed any light for a timeline for tapering of asset purchases.
 
Ten-year US Treasury yields fell to the lowest point since February.
 
"Gold looks somewhat cheap as US yields drop to a February low with 10-year real yields almost kissing -1% overnight," Saxo Bank head of commodity strategy Ole Hansen tweeted overnight.
 
Spot gold was trading at $1803.91/oz and palladium hit a one-month high of $2848.30/oz.
 

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