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Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions
RIYADH: Gold edged up on Friday, heading for its first week of gains in five on persistent worries over economic growth and a weekly decline in the dollar.
A slide in US Treasury yields supported the safe-haven metal on the day, sending spot gold up 0.1 percent to $1,843.29 per ounce. Prices hit a one-week high earlier in the session.
US gold futures settled up 0.1 percent at $1,842.10.
Platinum falls
Silver fell 0.1 percent to $21.69 per ounce, but was up about 2.9 percent for the week.
Platinum fell 1.4 percent to $948.77, while palladium eased 2.4 percent to $1,958.81.
Wheat, corn ease
Chicago wheat fell for a third straight session on Friday, retreating further from a two-month high it hit earlier this week as technical selling pressured the market, traders said.
Corn also eased, as accelerated US planting and news that Argentina may expand an export volume cap weighed.
Soybeans gained on strong export demand, amid tight supplies.
The most-active wheat contract on the Chicago Board of Trade lost 31-3/4 cents at $11.68-3/4 a bushel, a 0.7 percent weekly decline.
CBOT corn ended 4-1/2 cents lower at $7.78-3/4 a bushel, ending lower for a third consecutive week.
Soybeans firmed 14-3/4 cents to $17.05-1/4 a bushel, logging a weekly gain of 58-3/4 cents, a 3.6 percent increase.
UK to impose duties on Chinese aluminum extrusions
Britain may impose anti-dumping duties of up to 29 percent on aluminum extrusions from China to protect domestic producers, a trade agency said on Friday.
Aluminium extrusions — widely used in the transport, construction and electronics industries — are being dumped in Britain at lower prices than they are sold in China, the Trade Remedies Authority said in an interim report.
“The TRA determined that there is already damage to the UK industry, having found clear evidence of price undercutting, indicating that UK businesses are struggling to compete with the dumped imports,” a statement said.
Provisional measures will be imposed as the TRA completes its investigation, requiring Chinese companies exporting to Britain to provide a bank guarantee beginning on May 28, it added.
Duties ranging from 7.3 percent to 29.1 percent were recommended, depending on the company and the level of dumping margin, the interim report said.
(With input from Reuters)
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