Metal prices firm up
Dec 5, 2012 / 9:21 am
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.
Read more Business News
|QHR Technologies Inc||0.61||+0.01|
|Anavex Life Sciences||0.77||+0.08|
|Copper Mountain Mining||1.81||-0.05|
With so many choices and variables, how do you find the perfect fit? Before you start your search, it’s a good idea to narrow down the playing field by looking at what would fit you best. Here&r...
My closest partner is my wife and this week I just wanted to share some of our work from her perspective, as she is more of a "thinker" than me, and I wanted to share our activities and goa...
Photo: ContributedAn artist's rendering of the finished SOPA square.This is good news for Kelowna and the valley. Penticton’s Greyback Construction has signed a management contract with the...
- TSX drops in early market trading
- Canadian dollar takes a hit
- Apple unveils music streaming service
- What's up Apple?
- Canadian dollar rises on job report
- Tom Cruise backs Wal-Mart
- Royal Bank to edge up mortgage rates
- Loonie surges, stocks to open higher
- Canada adds 95,000 jobs in May
- Chocolate price-fixing case charges laid
- Stock market up after choppy day
- Chrysler to recall 630,000 vehicles