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Copper falls on stronger dollar

Economies.com
2021-02-12 14:51PM UTC

Copper prices fell on Friday, as the US dollar fell amid focus on the coronavirus pandemic latest updates and the ongoing talks between the White House and the US Congress over Biden's stimulus plan..

 

US Treasury Secretary Janet Yellen said earlier this week that the lockdown restrictions might get extended to the end of this year if the Congress does not pass Joe Biden's $1.9 trillion stimulus plan.

 

Meanwhile, discussions between the White House and Congress are ongoing to pass the plan tp support the US economy.

 

The dollar index rose against a basket of major currencies by 0.3% to 90.6 points as of 14:37 GMT, after hitting a high of 90.7 points and a low of 90.4 points.

 

Copper March futures fell 0.3% to $3.76 per pound as of 14:27 GMT, after hitting a high of $3.78 and a low of $3.72.

US stocks open lower, but remain near record highs

Economies.com
2021-02-12 15:17PM UTC

US stock indices opened lower on Friday, amid focus on the ongoing talks between the White House and the US Congress over Biden's stimulus plan.

 

US Treasury Secretary Janet Yellen said earlier this week that the lockdown restrictions might get extended to the end of this year if the Congress does not pass Joe Biden's $1.9 trillion stimulus plan.

 

Meanwhile, discussions between the White House and Congress are ongoing to pass the plan tp support the US economy.

 

As for stocks, Dow Jones fell 0.2% or 50 points to 31,380 as of 15:15 GMT, Nasdaq fell 0.1% or 10 points to 14,015, and S&P 500 held at 3,916.

Oil heads for second straight weekly gain

Economies.com
2021-02-12 14:11PM UTC

Oil prices turned higher as the US market opened on Friday, after falling earlier due to warnings by OPEC and the IEA about the global demand during 2021, to head for the second straight weekly gain, after a sharp drop in US inventories.

 

US crude rose over 0.5% to $58.22, after opening at $57.90, and hit a session low of $57.43, and Brent crude rose 0.7% to $61.20 a barrel, after opening at $60.86, with a low of $60.38.

 

US crude lost 0.8% yesterday, and Brent crude futures fell 0.5% in the second daily loss, due to profit-taking from a 13-month high.

 

The US crude hit its the highest since January 2020 at $58.88 on Wednesday, and Brent crude hit a 13-month high at $61.68.

 

The Organization of Petroleum Exporting Countries (OPEC) slashed its forecasts of the global demand for fuel during 2021, and projected that it would recover more slowly.

 

The International Energy Agency said recently that the global oil supply is still more than demand levels, despite the promising Covid-19 vaccines, which are expected to boost the global demand recovery.

 

Oil prices gained 2.5% so far this week, to head for the second straight weekly gain.

 

The US Energy Information Administration revealed today that the country's crude inventories fell 6.6 million barrels during the week ending February 5, more than analysts' forecasts of a drop by 0.9 million barrels.

 

The total commercial inventories fell to 469 million barrels, the lowest level since the week ending on March 27, 2020, in a positive sign of the US domestic demand.

British economy grows more than expected in Q4

Economies.com
2021-02-12 12:35PM UTC

At 07:00 GMT, the British economy released its preliminary GDP reading for the fourth quarter of 2020, with a growth of 1.0%, better than estimates of 0.5%, while the third quarter's reading was at 16%, the best reading since the UK's Office for National Statistics started collecting data in 1955. This reading is positive for the British Pound.