This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Metals Slump After Dollar Rallies On ECB Comments

By The Associated Press

Palladium led declines for metals, after the head of the European Central Bank expressed concern over the rise in the euro. That prompted the currency to weaken and the dollar to rally.

The price of Palladium for March delivery slumped $14.35, or 1.9 percent, to $750.45 an ounce, its biggest decline in a month.

ECB president Mario Draghi pledged Thursday to keep a close eye on the impact that the strength of the euro will have on the region's economy. A strong euro hurts the export prospects of the 17 countries in the common currency zone by making its exports more expensive.

"Today it was all about the ECB, and the markets right now are simply digesting the comments from Mario Draghi," said Matt Zeman a trader at Kingsview Financial.

Commodities are typically traded in dollars, so when the currency strengthens, traders demand fewer dollars. That pushes down commodity prices. The dollar index, a broad measure of the strength of the U.S. currency, rose 0.6 percent Thursday, its biggest advance in a month.

Gold, silver, copper and platinum also fell.

April gold fell $7.50, or 0.4 percent, to $1,671 an ounce. Silver for March delivery dropped 47.40 cents, or 1.5 percent, to $31.403 an ounce. Platinum for April delivery fell $14.20, or 0.8 percent, $1,722.30.

Draghi also said the risks for the European economies that share the euro continue to be on the "downside." Copper, which has many industrial uses and tracks global economic growth, fell. March copper dropped 1.35 cents, or 0.4 percent, to $3.7270 a pound.

Oil also fell as the dollar strengthened. Benchmark crude dropped 79 cents, or 0.8 percent, to $95.83.

In grains trading, wheat for March delivery fell 5.5 cents to $7.56 a bushel. Corn for March also dropped, falling 11.75 cents to $7.1075 a bushel.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,011.94 -28.43 -0.16%
S&P 500 2,109.60 -2.13 -0.10%
NASDAQ 5,076.5240 -6.4050 -0.13%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs