* Swiss-centric crisis sees Swiss franc lose favour. * Investors shelter elsewhere, boosting gold, yen, bonds. * Swissie risk concentrated in Swiss economy - analyst. * Swiss franc's days as investment refuge are not over. * But currency is not an 'all-weather' haven - strategist. By Samuel Indyk.
Copper prices climbed to three-week peaks on Thursday, boosted by a weaker dollar as investors bet on a pause in U.S. interest rates hikes by the Federal Reserve and stronger demand in top consumer China. Benchmark copper on the London Metal Exchange was up 1.3% at $9,008 a tonne at 1520 GMT, having earlier touched its highest since March 3 at $9,020 a tonne.
* Singapore iron ore reverses course as weaker steel demand dents sentiment. * Dalian iron ore refreshes five-week low. Singapore iron ore futures reversed course on Thursday, as a much weaker-than-expected demand for steel dented sentiment. The benchmark April iron ore on the Singapore Exchange traded 0.72% lower at $119.4 a tonne as of 0704GMT.
Goldman Sachs on Thursday raised its gold price forecasts, describing it as the best hedge against financial risks, and reiterated its bullish view on commodities as a banking crisis has yet to spill over into physical markets. It hiked its 12-month gold price target to $2,050 an ounce from $1,950, joining others such as Citi, ANZ and Commerzbank in raising forecasts.
Singapore iron ore futures rebounded on Thursday as sentiment improved after the Federal Reserve signalled a shift towards a pause in rate hikes following the turmoil in financial sector triggered by the recent collapse of two U.S. banks. The benchmark April iron ore on the Singapore Exchange traded 1.31% higher at $121.85 a tonne, as of 0211 GMT, and was set to snap three days of losses.
* Gold ascends 2%, before paring some gains. * * Treasury yields drop, dollar hits seven-week low. By Bharat Gautam and Seher Dareen. Gold prices climbed on Wednesday after the U.S. Federal Reserve toned down its aggressive approach to reining in inflation in a widely anticipated policy statement, and indicated that an end to interest rate hikes was on the horizon.
Copper prices rose for a fifth day on Wednesday as dwindling exchange inventories raised the threat of tight supply, but investors were cautious ahead of an interest rate decision by the U.S. Federal Reserve later in the day. Benchmark copper on the London Metal Exchange was 1.2% higher at $8,859.50 a tonne at 1117 GMT and up from a 10-week low of $8,442 last week.
Nickel delivered by London Metal Exchange approved warehouse firm Access World to commodity traders Trafigura and Stratton Metals turned out to be stone, two sources with knowledge of the matter said on Tuesday. Last week, the LME, cancelled nine warrants or 54 tonnes of nickel which had failed to meet the specification of its nickel contract.
Rivet Mining Services, a provider of trucking and related services to iron ore and gold miners in Western Australia, has entered receivership following labour shortages and cost pressures, adviser FTI
Consulting (FCN) said on Wednesday.
Nickel delivered by London Metal Exchange approved warehouse firm Access World to commodity traders Trafigura and Stratton Metals turned out to be stone, two sources with knowledge of the matter said on Tuesday. Last week, the LME, cancelled nine warrants or 54 tonnes of nickel which had failed to meet the specification of its nickel contract.
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