Metals

Precious Metals Prices Sink

 

The euro was recently trading at $1.3732, down from $1.3818 late Tuesday. The dollar was changing hands for 120.455 yen, up from 120.06 previously. The pound was selling for $2.0526 vs. $2.0605 a day earlier.

The price of dollar-denominated assets tends to fall as the value of the U.S. currency increases.

Among the miners, Freeport-McMoRan Copper and Gold(FCX) reported second-quarter earnings of $2.62 a share, up from $1.74 a year earlier.

As for base metals, copper was sliding 5 cents at $3.57 a pound.

Elsewhere, CIBC World Markets raised its rating on steelmaker Nucor(NUE) to sector outperform from sector perform, sending the stock up 1.5% recently.

Turning to the agricultural commodities, prices for corn futures were gaining about 1% at $3.30 a bushel, while frozen concentrated orange juice was up a penny at $1.36 a pound.

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