Gold closed higher on Friday and silver rebounded from a two-year low, but both precious metals were down for the week. In particular, Mr gold December delivery rose $13.30, or 0.8%, to $1,722.60 an ounce. Gold, which on Thursday closed at its lowest level since July 20, fell 1.6 percent for the week, according to […]
Tag: Copper
Copper Price Analysis: Sinks almost 3% and points to a drop towards $3.2505
Copper futures plummeted on fears of a global economic slowdown, weighed down by the China PMI and other lockdowns in a city of 21.1 million. The negative divergence on the daily copper chart, coupled with the fundamental, sent prices below the 20 and 50 DMA. copper futures are falling to two-month lows at $3.4165, shedding […]
Gold and silver down: At 6-week lows and over two-year lows respectively
Precious metal prices fell again on Thursday, with gold falling to its lowest level in about six weeks and silver closing at its lowest level in more than two years as investors bet that interest rates will remain high for longer period of time. “Both gold and silver are suffering due to similar reasons: rising […]
Copper: The price continues to improve thanks to supply and demand, and concerns about China
The depletion of inventories and the heat wave in China restrict the supply of the industrial metal. Expectations of more stimulus from China are coupled with a pullback in yields. The Copper price swings around one-week highs, reversing the previous day’s pullback, as a weakening dollar joins hopes of further supply tightening. Hopes that China […]
Copper: Renews its two-week high as dollar weakness meets supply concerns
Copper posts a three-day uptrend despite recession fears and pre-Fed anxiety. The drop in the dollar and fears of a lower supply from China and Peru also underpin the recovery movements. US consumer confidence and slowdown rumors may entertain traders ahead of the FOMC. Copper prices remain firm as markets cheer on a softer dollar […]
At a 20-month low, copper ‘touched’ up to -5%
Copper prices fell to their lowest level in nearly 20 months on Wednesday, as growing worries about an economic recession roiled the industrial metals market, weighing on demand. In particular, the copper on the London Metal Exchange fell as much as 4.9% to $7,291.50 a tonne, the lowest level since Nov. 25, 2020. It then […]
Copper at 17-month low as global industrial activity eases
Copper prices continued their sharp decline, hitting 17-month lows today, as new Covid-19 restrictions in China, slowing global industrial activity and rising inventories fueled concerns about demand for the metal, sparking a sell-off. off. In particular, the price of copper on the London Metal Exchange (LME) fell intraday to as low as $7,918 a tonne, […]
Gold losses 1.6% in the week, silver at a 2-year low
Gold pared its losses on Friday after falling below $1,800 during the session, closing the week in the negative. Silver closed at its lowest level since July 2020. Today’s losses for gold came after a 2% plunge for June, with the metals continuing their downward trend and analysts expecting the precious metal to continue to […]
Copper below $8,000 in a gloomy sign for the global economy
Copper fell below $8,000 a ton today, hitting its lowest level since early 2021, as growing fears of a global economic slowdown roiled industrial metals markets, Bloomberg reported. The metal – widely seen as a barometer of the global economy – fell as much as 3.5% to $7,970.50 a tonne on the London Metal Exchange, […]
Fourth Day Losses for Gold – 16 Months Low for Copper
Gold prices continued to fall today as the aggressive tone used again by central banker Powell boosted the dollar, while copper fell to a 16-month low amid fears of an impending economic downturn. In particular, the August gold contract closed with a loss of 0.5% or $ 8.6 to $ 1,829.8 an ounce. Similarly, July […]