Haywood-1-1It was a positive week for commodities, with all metals moving upward. Precious metals received a boost after the release of the minutes from the Federal Reserve’s meeting in September, painting a more dovish tone and putting the possibility of an interest rate rise in 2015 into doubt. In turn, the US dollar fell against other currencies, lifting the price of gold (↑1.6%) above the $1,150 per ounce mark briefly on Tuesday before finishing at $1,157 per ounce on Friday. Platinum rose over 7% during the week, finishing at $982 per ounce, which was a welcome change of fortune after the Volkswagen emissions scandal weighed heavily on the metal due to its application in diesel catalytic converters. Silver (↑3.66%) and palladium (↑1.7%) were also up, finishing at $15.82 and $711 per ounce respectively. However it was base metal prices in particular that experienced a reversal of fortune during the week after struggling for much of the year due to over-supply and the economic slowdown in China. Supply constraints resulting from social unrest in Chile and Peru, and a series of mine closures by one major diversified miner saw most base and industrial metals up for the week. Both lead and zinc were the biggest gainers, rising over 8% each to finish at $0.80 and $0.82 per pound respectively. Both copper (↑3.74%) and nickel (↑4.48%) also rose significantly, finishing at $2.42 and $4.75 per pound respectively. The price of WTI crude rose 8% to finish at $49.52 per barrel on Friday, while the UxC Broker Average Price (BAP) of uranium rose slightly this week (↑3%), finishing at $38.13 per pound U3O8.

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Companies mentioned: $MOZ $BTO $CUM $EDR $MPV $KDX $ROG $MPV $LUC $TCK $GLEN.L $SWA $ROG $FM