Thursday, January 29th0.7°C
24624
24285

Loonie slightly lower as Korean free trade pact inked, oil and copper drop

TORONTO - The Canadian dollar closed little changed Tuesday as Canada and South Korea signed a free-trade agreement after a decade of talks while the U.S. greenback lost ground against most other major currencies during the session.

The commodity-sensitive loonie inched 0.01 of a cent lower to 90.07 cents US amid falling oil and copper prices.

Prime Minister Stephen Harper is calling the pact with South Korea a major boost for Canadian exporters looking to establish themselves in the Asian market.

Once enforced, it will eliminate virtually all tariffs between the countries, with Korea cutting 81.9 per cent of all duties on the first day the deal comes into effect, and Canada removing 76.4 per cent of levies.

Some tariffs, particularly in agriculture, will take more than a dozen years be fully phased out.

Meanwhile, oil and copper continued to lose ground amid concerns about Chinese growth as data released over the weekend showed that exports of the world's second-biggest economy fell by an unexpectedly large 18 per cent in February. The country's official 2014 economic growth target of 7.5 per cent assumes trade also will grow by 7.5 per cent.

Copper prices headed lower for a third day as a result of the data, with the metal widely viewed as a proxy for the global economy sitting at a multi-year low. On Tuesday, the May copper contract on the New York Mercantile Exchange was down another eight cents at US$2.95 a pound, its lowest close since June 2010, after shedding six per cent over the previous two sessions.

Oil prices also suffered from the Chinese data and on Tuesday the April crude contract on the New York Mercantile Exchange was down a further $1.09 to US$100.03 a barrel.

Gold prices were on the upswing with April bullion ahead $5.20 to US$1,346.70 an ounce.

The Canadian Press


Read more Business News

23015


Recent Trending




Today's Market
S&P TSX14598.64-4.24
S&P CDNX666.37-0.93
DJIA17388.30+196.93
Nasdaq4610.886-27.108
S&P 5001996.64-5.52
CDN Dollar0.7926-0.0054
Gold1286.60-5.10
Oil46.60+0.24
Lumber318.40+2.90
Natural Gas2.87-0.111

 
Okanagan Companies
Pacific Safety0.120.00
Knighthawk0.010.00
QHR Technologies Inc1.45-0.02
Cantex0.04+0.005
Anavex Life Sciences0.185+0.003
Metalex Ventures0.0350.00
Russel Metals23.61-0.09
Copper Mountain Mining0.99-0.01
Colorado Resources0.1450.00
ReliaBrand Inc0.01+0.0031
Sunrise Resources Ltd0.030.00
Mission Ready Services0.210.00

 



24909

FEATURED Property
2188944#222-511 Yates Road
2 bedrooms 2 baths
$334,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Leaving a job: changing careers

Many people, who find themselves out of work and with time on their hands, and money in their pockets due to lay-off, start thinking about a career change. If you weren’t happy with the directio...


Service fit makes happy employees

Finding the right employees for the front lines of your company is key to developing a great service attitude within your company. It is just as important as hiring the right accountant, manager, sale...


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...

_





24709


Member of BC Press Council


24975