By Commodity News Service Canada
WINNIPEG, September 13 – The Canadian dollar dropped against its US counterpart Tuesday, as broad-based losses in metals, energy and crude oil weighed down the market.
Concerns about global economic growth were also a feature, an analyst said.
The Canadian dollar closed at US$0.7593 or US$1=C$1.3170, which compares with Monday’s close of US$0.7663, or US$1=C$1.3049.
The S&P/TSX Composite Index weakened after a bearish report by the International Energy Agency sent crude prices plunging.
The agency predicted that the current oversupply of crude oil will last through the first half of 2017.
The index fell 247.96 points, or 1.70%, to close at 14,349.10.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–dn $ 0.26 at $ 36.51
Agrium Incorporated———-dn $ 4.37 at $116.67
Buhler Industries————– $ 0.38 at $ 4.47
Maple Leaf Foods————-dn $ 0.42 at $ 28.44
Potash Corp. of Sask———dn $ 0.56 at $ 21.27
(All figures are in Canadian dollars.)
