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Attention Business Editors:
Scotiabank\'s Commodity Price Index Climbs to a New Record, As The
Mining Boom Continues
<<
- Expansion of nuclear power pushes up both uranium and
molybdenum prices
>>
TORONTO, April 19 /CNW/ - Scotiabank\'s Commodity Price Index,
which measures price trends in 32 of Canada\'s major exports, rose to
new heights in March, up 3.8 per cent month-over-month and 3.2 per
cent above the previous record in December 2006. The All Items Index
has advanced by 123.4 per cent since the cyclical bottom in October
2001.
The Metal and Mineral Index jumped to a new record in March, the
second in as many months, amid further strength in uranium, double-
digit price gains for molybdenum and cobalt (specialty steel
additives), a strong rebound in copper prices and a spike in nickel
to US$21. High-alloy stainless steel containing molybdenum is used in
condenser tubes for nuclear power reactors, likely a growth market
for molybdenum, given the planned 38 per cent expansion of the
world\'s nuclear power generators by 2020.
"The tremendous staying power of metal prices in this business
expansion, despite concern over a slowing U.S. economy, also reflects
a global economy which is less and less dominated by the United
States," says Patricia Mohr, Vice-President, Economics and commodity
market specialist at Scotiabank.
"Metal markets were encouraged in March by news that China\'s
industrial production accelerated in the first quarter, with another
17.6 per cent year-over-year gain announced today for March (up from
14.7 per cent in December)."
Molybdenum has recently attracted considerable investor interest.
Molybdenum oxide prices started the decade at US$2.56 per pound, but
began to rally with other metals in 2003, and rose to a record
US$31.88 in 2005 amid tight global supply/demand conditions, China\'s
closure of small mines in Laioning Province due to environmental
concerns and processing bottlenecks in the West (i.e.
limited \'roasting\' capacity to convert concentrates into
molybdenum oxide). While prices eased back in 2006, as Chilean and US
copper producers stepped up their molybdenum output and
new \'roasting\' capacity was added in Chile, prices have rebounded to
the US$28 mark in mid-April
(historically a very high level).
Spot uranium prices climbed from US$85 per pound in late February
to US$95 in late March and surged to US$113 on April 9 (up US$18 in
one week alone). Uranium prices have already advanced by US$41 or 57
per cent since the end of December, making uranium the top performing
of the 32 commodities in the Scotiabank Commodity Price Index. "China
has announced that it will develop a strategic reserve for uranium, a
development likely pushing up prices further," says Mohr.
"Overall, the Metal and Mineral Index rose 73 per cent above the
previous cyclical peak in June 1988, as broad-based strength in base
metals, fertilizer-related minerals, uranium and steel alloying
agents more than offset a slight decline in gold and silver prices.
This Sub-Index could post another record in April," says Ms. Mohr.
BPM-Fakten-Thread (Bitte Nur zum Lesen!)
http://www.ariva.de/board/281353
- das Sperren dieses Users löst schwere Depressionen bei der Blue Pearl Mannschaft aus - 
Attention Business Editors:
Scotiabank\'s Commodity Price Index Climbs to a New Record, As The
Mining Boom Continues
<<
- Expansion of nuclear power pushes up both uranium and
molybdenum prices
>>
TORONTO, April 19 /CNW/ - Scotiabank\'s Commodity Price Index,
which measures price trends in 32 of Canada\'s major exports, rose to
new heights in March, up 3.8 per cent month-over-month and 3.2 per
cent above the previous record in December 2006. The All Items Index
has advanced by 123.4 per cent since the cyclical bottom in October
2001.
The Metal and Mineral Index jumped to a new record in March, the
second in as many months, amid further strength in uranium, double-
digit price gains for molybdenum and cobalt (specialty steel
additives), a strong rebound in copper prices and a spike in nickel
to US$21. High-alloy stainless steel containing molybdenum is used in
condenser tubes for nuclear power reactors, likely a growth market
for molybdenum, given the planned 38 per cent expansion of the
world\'s nuclear power generators by 2020.
"The tremendous staying power of metal prices in this business
expansion, despite concern over a slowing U.S. economy, also reflects
a global economy which is less and less dominated by the United
States," says Patricia Mohr, Vice-President, Economics and commodity
market specialist at Scotiabank.
"Metal markets were encouraged in March by news that China\'s
industrial production accelerated in the first quarter, with another
17.6 per cent year-over-year gain announced today for March (up from
14.7 per cent in December)."
Molybdenum has recently attracted considerable investor interest.
Molybdenum oxide prices started the decade at US$2.56 per pound, but
began to rally with other metals in 2003, and rose to a record
US$31.88 in 2005 amid tight global supply/demand conditions, China\'s
closure of small mines in Laioning Province due to environmental
concerns and processing bottlenecks in the West (i.e.
limited \'roasting\' capacity to convert concentrates into
molybdenum oxide). While prices eased back in 2006, as Chilean and US
copper producers stepped up their molybdenum output and
new \'roasting\' capacity was added in Chile, prices have rebounded to
the US$28 mark in mid-April
(historically a very high level).
Spot uranium prices climbed from US$85 per pound in late February
to US$95 in late March and surged to US$113 on April 9 (up US$18 in
one week alone). Uranium prices have already advanced by US$41 or 57
per cent since the end of December, making uranium the top performing
of the 32 commodities in the Scotiabank Commodity Price Index. "China
has announced that it will develop a strategic reserve for uranium, a
development likely pushing up prices further," says Mohr.
"Overall, the Metal and Mineral Index rose 73 per cent above the
previous cyclical peak in June 1988, as broad-based strength in base
metals, fertilizer-related minerals, uranium and steel alloying
agents more than offset a slight decline in gold and silver prices.
This Sub-Index could post another record in April," says Ms. Mohr.
BPM-Fakten-Thread (Bitte Nur zum Lesen!)
http://www.ariva.de/board/281353
- das Sperren dieses Users löst schwere Depressionen bei der Blue Pearl Mannschaft aus -
