By MarketsFarm
WINNIPEG, May 10 (MarketsFarm) – The Canadian dollar was stronger on Monday, hitting fresh three-and-a-half year highs relative to its United States counterpart.
The Canadian dollar closed at US$0.8268 or US$1=C$1.2095 on Monday, which was up from Friday’s North American close US$0.8226 or US$1=C$1.2156.
General weakness in the U.S. dollar internationally accounted for some of the relative strength in the currency, with gains in copper and other metals also supportive.
Copper futures hit record highs on Monday, before slipping slightly as profit-taking came forward. Chile, the world’s top producer of copper, is considering introducing taxes on copper sales which would conceivably slow investment into new production capacity in the country. Increasing optimism over a post-pandemic worldwide economic recovery was also supportive for base metals.
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The TSX Composite Index was weaker, down 110.86 points, or 0.57 per cent, to close at 19,361.88 points.
Canada’s agricultural sector performed as follows:
Buhler Industries—————-up $ 0.09 at $ 3.75
Linamar Corp.——————–dn $ 0.35 at $ 79.03
Maple Leaf Foods—————–dn $ 0.30 at $ 26.20
Nutrien Ltd.———————up $ 0.11 at $ 74.65
Ritchie Bros Auctioneers Inc.—-up $ 0.19 at $ 81.61
Farmers Edge Inc.—————-dn $ 2.52 at $ 14.00
(All figures are in Canadian dollars.)
