Base metals climb as dollar drops after Trump’s Treasury choice
Base metals and iron-ore gained as the dollar dropped following US President-elect Donald Trump’s measured pick for Treasury secretary.
All major contracts on the London Metal Exchange advanced, tracking gains in stocks and other risk assets. The US currency sank by the most in more than two weeks, boosting commodities priced in it, following the nomination of Scott Bessent, a hedge fund manager, to the key role.
Metals have endured a torrid few weeks since Trump’s election, pressured by a sharp rise in the greenback and concerns that his trade policies could hit China, the world’s top metals consumer. Investors expect Bessent to prioritise economic and market stability over more radical measures.
Traders were also tracking China’s efforts to shore up its economy after its most aggressive stimulus effort since the pandemic. The country’s central bank kept a policy-loan rate unchanged after last cutting it in September, as the authorities stayed patient in ramping up stimulus.
Copper — which capped an eighth weekly loss on Friday — rose 1.2% to $9 072.50 a ton on the LME at 11:02 a.m. in Singapore. Aluminum added 1.1%, while zinc gained 0.9%.
Iron-ore advanced 1.3% to $101.90 a ton in Singapore. Yuan-priced iron ore contracts rose in Dalian, along with steel futures in Shanghai.
Comments
Research Reports
Projects
Showroom
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
We are responsible manufacturers of essential components. Manufacturing 80 million parts a week, we have over 1 billion parts in stock.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
