PetroChina to start metals trading, eyeing energy transition
In addition to lithium and copper, the new PetroChina unit may also look to trade nickel.
Most commodities, except for the heavyweights gold and oil, are poised for a down year in 2011, the first fall for this sector since the financial crisis hit in 2008.
Gold looked like it was set for a spectacular year after topping $1,900/oz in the fall, but the precious metal finished up just 13%.
It started the year at $1,400/oz and is currently trading around $1,570/oz.
Silver didn’t fare as well, which was down 3.46% for the year from $30.91/oz to $28.21/oz.
Platinum was also down 18.86% and palladium was off 13.45%.
Reflecting concerns about a slowing China and a possible world slowdown, copper prices were hit hard, starting the year at $4.42/lb but ending up at $3.40/lb, a 20% decline.
Oil was up 9.13% a barrel from $89 to just under $100, reflecting the uncertainty in the world markets due to Middle East tensions.
The commodity heavy TSX was off 11% for year. Barrick Gold was down 15.05% to $45.06 a share.
Comments
Dan Oancea
And some of the juniors experienced a 40 to 70% drop in their share price.