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Metals up on weak dollar

Base and precious metals all rose on Thursday, with tin hitting an all-time high, as the US dollar weakened following a rise in weekly jobless claims.
Metals up on weak dollar Metals up on weak dollar Metals up on weak dollar Metals up on weak dollar Metals up on weak dollar

Staff reporter

Lead and tin jumped by more than 2% each, while nickel rose 1.9% following news of BHP's nickel supply deal with Tesla yesterday.

Copper rose for a third day, adding 1.1% to US$9,417.78 per tonne.

According to data from the International Copper Study Group, preliminary data for the first four months of 2021 showed world copper mine and refined production increased by 4% and apparent refined usage rose by 4.5%.

The preliminary world refined copper balance in the first four months of 2021 indicated an apparent surplus of about 70,000t, or 100,000t when adjusted for changes in Chinese bonded stocks.

Gold held steady at just above $1,800 an ounce, while platinum and palladium each added more than 1%.

Iron ore was the outlier, with the MySteel 62% Australian fines price falling 3% to $213.50/t, while the 58% fines price lost 5% to $166/t.

The Australian dollar was trading at 73.85c.