Copper moves in sync with oil
On Monday, copper was trading very closely with the fluctuations in crude oil prices. Copper fluctuated between profits and gains today, just like crude oil, and at 3:14 PM Eastern time, copper for July contracts was trading at $2.26 per pound, a decline of 0.60%. But the losses are limited to copper because of the support copper has gotten from recent improvements in Chinese economic releases. To learn more about how copper started today, please read Why Does Copper Look Weak This Morning?
As of 3:15 Eastern Time, copper producers Freeport-McMoRan (FCX), Glencore (GLNCY), BHP Billiton (BHP), and Rio Tinto (RIO) fell 3.8%, 4.4%, 4.5%, and 3.7%, respectively, whereas the SPDR S&P Metals & Mining ETF (XME) was trading with a loss of 3.3%.
Gold and silver stabilized on Monday
The precious metals market stabilized on Monday because of the disappointing US home sales data and the weaker dollar. According to the data released by the Census Bureau of United States, new home sales fell unexpectedly in March with a sharp decline in the west region. New home sales in March fell 1.5% to a seasonally adjusted 511,000 homes. This fall has weakened the US dollar and, in turn, supported gold and silver prices.
Gold and silver started today with stability, supported by the increase in speculators’ net positions as investors look ahead to the central bank’s meetings scheduled for this week. To learn more about this, please read Gold and Silver Looks Stable This Morning.
At 3:16 Eastern Time, Barrick Gold (ABX), Newmont Mining (NEM), and Royal Gold (RGLD) were trading with a loss of 0.40%, 0.90%, and 0.94% while Harmony Gold Mining (HMY) was trading with a gain of 2.3%. The SPDR Gold Trust ETF (GLD) was trading 0.31% higher while the iShares Silver Trust (SLV) remains almost unchanged.