Thursday, February 07, 2013 3:43 pm
Metals slump after dollar rallies on ECB comments
By The Associated Press
The price of Palladium for March delivery slumped $14.35, or 1.9 percent, to $750.45 an ounce, its biggest decline in a month. Gold, silver, copper and platinum also fell.
Commodities are typically traded in dollars, so when the currency strengthens, traders demand fewer dollars. That pushes down commodity prices. The dollar index, a broad measure of the strength of the U.S. currency, rose 0.6 percent Thursday, its biggest advance in a month.
In grains trading, wheat and corn edged lower. Soybeans finished fractionally higher.