Archive for February 11th, 2008
U.S. Mint to Use More Zinc, Less Copper and Nickel
The U.S. Mint plans to use less copper and nickel, but more zinc, as it ramps up penny production and cuts back on nickels, dimes, quarters and dollar coins, an agency spokeswoman said on Friday.
The Mint’s zinc needs will increase by approximately 2.2 million pounds (1 million kg), while its copper use will decline by 6.6 million pounds (3 million kg) and its nickel use will fall by 660,000 pounds (300,000 kg) in the 2009 budget year, which begins this Oct. 1, the spokeswoman told Reuters.
The agency said its metal needs reflect a shift in its product mix of coins based on demand, not higher metal prices.
The Mint plans to make more pennies due to new commemorative designs of President Abraham Lincoln on the coin. The penny is made from 97.5 percent zinc and the rest is a copper coating.
There will be less production of nickels, dimes, quarters and dollar coins that are made from copper and nickel.
The Mint is expected to produce 15.377 billion coins in the 2009 budget year, down from 15.425 billion coins in the current spending year.
Commodity Prices — February 11th, 2008
Gold N.Y. Spot $ 918.75
Silver N.Y. Spot $ 17.27
Lead LME Cash $ 1.3658
Copper LME Cash $ 3.5471
Zinc LME Cash $ 1.1013
Nickel LME Spot $ 12.70
Aluminum LME Spot $ 1.2097
Platinum N.Y. Spot $ 1918.50
Palladium N.Y Spot $ 445.00
Oil WTI Cushing $ 91.50
Natural Gas (Henry Hub)($/MMBtu) $ 8.06
CAD/USD $ 1.0023
AUD/USD $ 1.1074
USD/AUD $ 0.9030
USD/CAD $ 1.0009
CAD/USD $ 0.9991
EUR/USD $ 1.4496
Nasdaq 2306.04
DJI 12122.39
S&P/TSX 12978.69
S&P/TSX Global Mining 109.79
Lead LME Stocks 49,050
Zinc LME Stocks 116,100
Copper LME Stocks 164,125
Nickel LME Stocks 46,968
Copper COMEX Stocks 13,978