Another solid week for most commodity prices, although gold was again weaker because of the strength of the US dollar.
Iron ore prices rose above $US62 a tonne in China on Friday October 20 amid strong gains in base metals, but not gold.
The Metal Bulletin said its 62% Fe Iron Ore Index on Friday was $US62.46 a tonne up 2.5% or $US1.58 a tonne on Thursday – and down just 7 cents a tonne from the close a week before.
The price is still well above the most recent low of $US59.65 hit last Wednesday and came despite news of a fall in steel production in China last month.
In New York, Comex gold settled at a two-week low on Friday, for the biggest weekly loss in a month as the greenback strengthened following the Republican-controlled Senate’s passage of a budget blueprint.
Gold for December delivery lost $US9.50, or 0.7%, to settle at $US1,280.50 an ounce for its lowest close since October. 6, and a weekly fall of around 1.9%.
Comex silver for December lost 1% to $US17.078 an ounce for 1.9% weekly loss as well
Comex copper lost less than 0.1% to $US3.166 per pound in New York, ending around 1% higher for the week.
In London LME nickel futures jumped to a six-week high on Friday, supported by a rally in Chinese steel prices as investors looked for more production curbs in the world’s top steel producer.
Three-month nickel hit $US12,165, its loftiest in six weeks. It ended at $US11,730 a tonne.
And LME copper prices edged higher as some investors boosted their positions.
Three month copper at the start of the week rallied above $US7,000 a tonne for the first time since July 2014, but slipped under that level on Friday to end at $US6960 a tonne
Three month LME aluminium rose to $US2,138 a tonne, supported by a third-straight month of falling output in China, which is also cracking down on polluting smelters.
