Ukraine crisis drives metals

ONGOING tensions between Russia and Ukraine continued to drive gains in some metals.
Ukraine crisis drives metals Ukraine crisis drives metals Ukraine crisis drives metals Ukraine crisis drives metals Ukraine crisis drives metals
Gold futures rose as high as $1874.60 an ounce and at midweek trading at $1870.30/oz after the Federal Reserve also released the minutes from its latest meeting.
 
Spot gold was trading at $1868/oz or A$2596/oz. Platinum was the big mover among precious metals, jumping 4.3% to US$1064.20/oz, the highest price since November. Silver and palladium each gained about 1%.
 
Among the base metals, aluminium jumped 1.7% to a near 13-year high of $3290 per tonne on fears a conflict could exacerbate already low inventories. All base metals rose.
 
"We begin to sound like scratched vinyl BUT low stocks, production issues, healthy demand," Marex's Al Munro said.
 
"And March still to come - that being a month when seasonally the consumers/producers get ready ahead of the spring/summer build. On top of which Marex macro indicators look largely positive."
 
Oil was up 1.7% to $93.66 a barrel.

 

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