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Copper futures up, copper market awaits investigation

ByVictoria

Copper, yet to be included in Donald Trump’s widening list of tariff-hit products, continues to rally on the assumption that it is just a matter of time, Saxo Bank said in a note, as it sees a sooner-than-expected tightening of the global market.

Copper futures (HG1:COM) are up 2.8% so far this week, and 6.3% for the month. 

The copper market is still awaiting the result of an investigation carried out under Section 232 of the Trade Expansion Act.

“As such an investigation normally takes months to be completed, it has left the door wide open for a massive profitable arbitrage between international prices and those in the U.S. being reflected through the High Grade futures contract in New York.”

Source – Seeking Alpha

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    Spot gold was down 0.5% at $3,273.37 an ounce, as of 0431 GMT, after hitting its lowest since May 20.

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    Spot gold shed 0.4% to $2,927.95 an ounce by 1204 GMT. Bullion has gained around 1.6% this week after rising to a record $2,954.69 on Thursday.

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     “Over the last 12 months, the value of their reserves or the value of the gold in their reserves was five times the amount by which their reserves increased,” Thompson stated, emphasizing the significant shift in China’s gold holdings.

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    ByVictoria
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    Spot gold was up 0.1% at $3,355.46 an ounce, as of 0836 GMT. U.S. gold futures edged 0.1% higher to $3,379.80.

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