|

Copper climbs, tariff concerns continue

ByVictoria

Benchmark LME copper futures are more than 9% higher so far this year, and Comex copper is 16% higher YTD, with the Comex now trading at a 10%-12% premium over LME, and Morgan Stanley analysts see more room for growth.

“We stay constructive on copper, our preferred base metal,” Morgan Stanley wrote. “Fundamentals and price signals are positive, and inventories are tightening as metal gets pulled to the U.S. Tariffs may bring demand concerns in the future, but for now physical markets continue to tighten.”

Source – Seeking Alpha

Similar Posts

  • /

    Mitsubishi Materials considering partial shutdown

    ByVictoria
    0 Comments

    Japan’s Mitsubishi Materials is considering scaling back copper concentrate processing at its Onahama Smelter & Refinery as falling treatment and processing charges (TC/RCs) weigh on earnings, it said on Monday.

    Mitsubishi Materials said the worsening TC/RCs from miners were expected to further erode smelting margins.

    “To maintain and improve profitability, we need to raise the ratio of recycled raw materials and accelerate the shift to feedstock less vulnerable to TC/RC fluctuations,” the company said in a statement.

    It is now considering the possibility of a partial shutdown of production facilities and a reduction in copper concentrate processing at Onahama, after planned maintenance from October to November this year, Mitsubishi Materials said.

    Source – Reuters

  • /

    Weaker dollar helping gold today

    ByVictoria
    0 Comments

    Gold price rose more than 1% on Thursday, moving away from the one-month low it touched in the previous session, as a pullback in the dollar and fresh U.S. tariff announcements lifted demand for the safe-haven asset.

    Spot gold was up 0.9% at $3,305.15 per ounce, as of 1140 GMT. The bullion had hit its lowest level since June 30 at $3,267.79 on Wednesday

    “We had some large downward moves yesterday in gold around the FOMC statement release and the tariff announcement. So a moderately weaker U.S. dollar is helping gold today,” said UBS commodity analyst Giovanni Staunovo.

    Spot silver was down 1.6% at $36.53 per ounce, platinum fell 0.6% to $1,318.20 and palladium gained 0.9% to $1,215.94.

    Source – Reuters

  • /

    Gold is “uniquely positioned”

    ByVictoria
    0 Comments

    Spot prices hit another record high of $3,357.40 per troy ounce on Wednesday before falling back after Federal Reserve chair Jerome Powell said President Donald Trump’s tariffs were “significantly larger” than expected.

    The Goldman analysts said that stresses in bond markets “increase our conviction that gold is uniquely positioned to hedge recession risk.”

    The bank’s economists say there’s a 45% chance of a US recession in the next 12 months. If that happens, the analysts said gold could hit $3,880 by the end of the year — or even as much as $4,500 under certain scenarios.

    Source – Markets Insider

  • /

    Gold hit another record high

    ByVictoria
    0 Comments

    Gold is on a tear, hitting a record high in New York on Monday at almost $3,150 an ounce to bring the rise this year to 19%.

    Analysts at Bank of America think gold could hit $3,500 an ounce if demand increases by 10%.

    “Uncertainty around Trump Administration trade policies could continue to push the dollar lower, further supporting gold prices near-term. In our view, a broad rebalancing of America’s twin deficits could be bullish gold too.”

    Source – Markets Insider

  • /

    Gold Rate Today

    ByVictoria
    0 Comments

    Spot gold fell 0.9% to $2,776.05 per ounce by 0303 GMT after prices hit a record peak at $2,817.23 on Friday. US gold futures were 0.9% lower at $2,810.80.

    “Gold has support at $2774-2760 while resistance is at $2817-2832. Silver has support at $31.15-30.95 and resistance is at $31.65-31.80. In rupee terms, gold has support at Rs 81,980-81,710, while resistance is at Rs 82,070-82,350. Silver has support at Rs 92,710-92,050 while resistance is at Rs 93,980-94,570,” said Rahul Kalantri, VP Commodities, Mehta Equities.

    Source – The Economic Times