Equity markets are generally unchanged as investors are awaiting to see if yesterday’s highs are sustainable. So far this morning prices are hanging in.
Metal prices however are moving higher, doctor copper is now at $3.73 USD a pound, the last time it was this high was December 2010, a full ten plus years ago. It’s not just China that is buying raw metals, while China buys 70% od world production, other South East Asian countries have increased their imports along with their demand for energy . It has been determined that India’s growing energy needs will make it more reliant on fossil fuel imports as its domestic oil and gas production has been stagnant for years despite government policies to promote petroleum exploration and production and renewable energy. If this is the case then oil prices will remain robust but at what cost to India’s environment and to its surrounding neighbours.
The Canadian dollar is stronger but this is more of a weaker USD against most currencies due to the expectations of a stimulus growth economy, not sure if this will come to fruition, we will have to wait and see.
Currently Close Range
USDCAD 1.2710 1.2738 1.2708-1.2765
EURCAD 1.5385 1.5347 1.5345-1.5439
GBPCAD 1.7532 1.7499 1.7502-1.7550