Monday, May 25th16.9°C
26424

Metal prices firm up

The Canadian dollar was higher Wednesday amid mixed commodity prices and optimism that there is more willingness on the part of China's new leadership to support the economy.

The currency rose by 0.07 of a cent to 100.75 cents US.

The catalyst to the optimism across the markets was a Chinese government pledge to maintain policies intended to strengthen the economy and an expression of willingness to "fine tune" them and make them more effective.

There were also reports that the government lifted investment limits for insurance companies and that the new Chinese leadership will remain focused on urbanization, which could ramp up infrastructure spending.

China has been a major prop for a global economy still trying to recover from the financial collapse and subsequent recessions of 2008. Signs of stimulus are welcome because the Chinese government had to take steps to weaken the economy over the last couple of years to deal with higher than acceptable inflation.

Oil prices lost early momentum as data showed a much higher than expected rise in U.S. gasoline inventories last week and the January crude contract on the New York Mercantile Exchange lost 59 cents to US$87.91 a barrel.

March copper added two cents to US$3.68 a pound. China is the world's biggest consumer of the metal, viewed as an economic bellwether because it is used in so many industries.

The February gold contract faded $5.40 to US$1,690.40 an ounce.

The Canadian Press


Read more Business News

26181


Recent Trending




Today's Market
S&P TSX15186.89-13.87
S&P CDNX700.98-2.50
DJIA18232.02-53.72
Nasdaq5089.36-1.43
S&P 5002126.06-4.76
CDN Dollar0.8123-0.001
Gold1204.30+1.30
Oil60.67-0.74
Lumber273.80+3.70
Natural Gas2.887-0.064

 
Okanagan Companies
Pacific Safety0.14+0.01
Knighthawk0.010.00
QHR Technologies Inc1.49+0.01
Cantex0.03-0.01
Anavex Life Sciences0.425+0.053
Metalex Ventures0.09+0.00
Russel Metals25.87+0.08
Copper Mountain Mining1.36-0.02
Colorado Resources0.105+0.005
ReliaBrand Inc0.0048-0.0049
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation2.20+0.60

 



26396

FEATURED Property
22662933282 Shayler Road
10093555 bedrooms
$429,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...

_



25991

26418


Member of BC Press Council


25895