27.3 C
New York
Monday, August 15, 2022

Metals Prices Surge on Trade Optimism

Metals Prices Surge on Trade Optimism© Reuters. Nickel prices rose sharply on Wednesday.

Investing.com – Nickel and zinc prices rebounded Wednesday from a selloff a day earlier on a report the U.S. and China would restart trade negotiations, while a weaker greenback also lifted sentiment.

rose 3.48% to 12,637.50, while rose 3.14% to 2,394.50.

U.S. Treasury Secretary Steven Mnuchin sent a letter to Chinese officials to propose trade talks in the next few weeks, The Wall Street Journal reported.

The talks would take place before the Trump administration implements additional tariffs on Chinese imports, according to the report. That raised investor hopes that a positive outcome on trade talks could persuade Trump to abandon his plan to impose tariffs on an additional $267 billion of Chinese imports.

Optimism for an improvement to U.S.-China trade relations comes just a day after China told the World Trade Organization (WTO) it wants to impose $7 billion a year in sanctions on the United States, citing Washington’s non-compliance with a ruling in a dispute over U.S. dumping duties.

China’s economy has suffered since the start of the trade war with the United States, raising questions over the strength of demand as Beijing is the world’s largest commodity consumer.

rose 2.04% to $2.68, while rose 0.49% to 2,057.75.

Precious metals, meanwhile, traded higher as a weaker dollar added to upside momentum.

The , which measures the greenback against a trade-weighted basket of six major currencies, fell 0.35% to 94.72.

Dollar-denominated assets such as gold are sensitive to moves in the dollar. A fall in the dollar makes gold cheaper for holders of foreign currency, raising demand.

for December delivery on the Comex division of the New York Mercantile Exchange rose by $10.20, or 0.85%, to $1,212.40 troy ounce.

gained 0.86% to $14.28 a troy ounce, while added 1.29% to $799.50.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles