Commodity prices ended March and the first quarter in better shape than the gloomsters would have us believe.
Despite the weaker Chinese economy and trade tensions between Donald Trump’s administration and China and the weak economy in Europe, gains were made – especially in energy, such as oil where prices were up 25% and nearly 33%.
But March itself was a month when momentum slowed, as it did for equities.
Copper, zinc and nickel prices also ended the quarter in reasonable shape, while palladium continues to outperform other metals.
Gold prices on Friday finished the week, and month lower, but higher for the quarter, a day after posting the largest single-session percentage decline since August 13 last year.
Comex June gold gained $US3.20, or 0.2%, to end at $US1,298.50 an ounce.
For the quarter, gold was up 1.2%, but bullion posted a weekly decline of more than 1% and slipped by about 1.4%, according to FactSet data.
Gold prices on Friday finished higher, a day after posting the largest single-session percentage decline since August 13.
June gold which is now the most-active contract, added $US3.20, or 0.2%, at $US1,298.50 an ounce, touching an intra session high at $US1,304.60.
In other trading, Comex May silver was up 13.7 cents, or 0.9%, to $US15.110 an ounce. Silver was down around 0.8% for the month and 2.7% for the quarter.
Comex May copper jumped 6.25 cents, or 2.2%, to $US2.936 a pound on Friday to be up 10.6% for the quarter and nearly 3% for the week (but just 0.2% for March).
July platinum which is now the most-active contract, jumped by $US10.30, or 1.2%, to settle at $US854.10 an ounce. It tumbled more than 2% a day earlier and lost 1.5% in the month and was up 6% for the quarter.
June palladium rebounded by $US32.10, or 2.5%, to end at $US1,341.80 an ounce. A day earlier, it shed nearly 8% to $1US,309.70 an ounce — the biggest one-day dollar decline based on records dating back to 1984, and largest daily percentage loss since May 2010, according to market data.
Palladium still rose more than 14% for the quarter but fell nearly 10% in March and 11% last week thanks to Thursday’s slump.
In London zinc hit a nine-month peak on the LME and other industrial metals also gained on Friday.
Three-month zinc on the London Metal Exchange climbed 2% to $US2,923 a tonne, the highest since June 28 last year.
Zinc prices are up 24% for the year so far.
LME copper rose 1.9% to finish at $6,482.50 a tonne for three-month metal. That was the biggest one-day gain since January 25. Copper also saw its first quarterly gain since the end of 2017, according to Reuters.
