Worldwide currencies up and down

ByVictoria

The safe-haven Japanese yen strengthened on Monday while gold pushed to a fresh peak as traders worried that U.S. President Donald Trump’s tariffs would ignite inflation and crimp economic growth.

The yen was up as much as 0.74% at 148.735 per U.S. dollar at one point on Monday, and was last 0.46% stronger at 149.145. 

The Swiss franc, another traditional safe haven, started the day by rising 0.3% to 0.8775 per dollar.

The Canadian dollar was flat at C$1.4321 per greenback.

Mexico’s peso slipped 0.45% to 20.4364 per dollar.

Cryptocurrency bitcoin lost 1% to $81,703.

Source – Reuters

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    China urged the United States on Thursday to halt an investigation into potential new tariffs on copper imports to rebuild U.S. production of the critical metal, vowing to retaliate if Chinese entities got caught up in the levies.

    “We urge the U.S. side to withdraw its investigation as soon as possible,” He said.

    “If the U.S. insists on imposing tariffs and other restrictive measures, China will resolutely take the required steps to safeguard its legitimate rights and interests,” He said, without giving any further details.

    Source – Reuters

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    Gold up .6%, Silver at $32.44 an ounce

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    Spot gold was up 0.6% to $3,325.20 an ounce at 1134 GMT. The metal has gained 2.5% so far this week. U.S. gold futures were up 0.8% to $3,334.30.

    The dollar index slipped 0.3%, making gold more attractive for holders of other currencies.

    “The exaggerated moves (in gold) suggest there is strong buying on the one hand on economic uncertainty, while strong selling is in evidence as some see the higher prices as an opportunity to take profit,” said Ross Norman, an independent analyst.

    Elsewhere, spot silver eased 0.2% to $32.44 an ounce, platinum rose 0.6% to $981.94 and palladium climbed 0.4% to $980.15.

    Source – Reuters

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    Mitsubishi Materials considering partial shutdown

    ByVictoria
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    Japan’s Mitsubishi Materials is considering scaling back copper concentrate processing at its Onahama Smelter & Refinery as falling treatment and processing charges (TC/RCs) weigh on earnings, it said on Monday.

    Mitsubishi Materials said the worsening TC/RCs from miners were expected to further erode smelting margins.

    “To maintain and improve profitability, we need to raise the ratio of recycled raw materials and accelerate the shift to feedstock less vulnerable to TC/RC fluctuations,” the company said in a statement.

    It is now considering the possibility of a partial shutdown of production facilities and a reduction in copper concentrate processing at Onahama, after planned maintenance from October to November this year, Mitsubishi Materials said.

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    Copper settled above $5

    ByVictoria
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    Copper’s rise is being driven “solely by supply concerns surrounding the potential for universal tariffs to be placed on all imports of copper into the U.S.,” said Natalie Scott-Gray, a senior metals demand analyst at StoneX. The U.S. is “heavily reliant on foreign copper, with imports accounting for [around] 45% of demand.”

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    Gold up Silver down

    ByVictoria
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    The price of 24-carat gold surged by Rs 10 in early trade on Thursday, with ten grams of the precious metal trading at Rs 78,830 according to the GoodReturns website. The price of silver fell by Rs 100, with one kilogram of the precious metal selling at Rs 92,400.

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