How Are Copper, Gold, and Silver Performing This Morning?

Val Kensington - Author

Aug. 18 2020, Updated 6:16 a.m. ET

Copper is trading positive

Copper is trading positive on Friday morning. It’s slightly away from the lows created on Thursday. At 7:21 AM EST, the COMEX copper futures contract for July expiry was trading at $2.08 per pound—a gain of 0.31%.

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Drop in China’s new loan data

According to data released by the People’s Bank of China, there was a sharp decline in new loans issued in April. The news loans came in at 555.6 billion yuan or ~$85 billion. This is less than March’s new loans of 1.37 trillion yuan. It’s also below the Market’s expectation of 900 billion yuan. Lower-than-expected data are keeping pressure on copper prices. Considering the fact that China is the largest copper consumer, major economic data from China will impact copper prices.

The Market is looking forward to China’s major economic releases. They will release on Saturday. The releases include fixed asset investment data, industrial production, and retail sales. On Thursday, major copper producers Freeport-McMoRan (FCX), Glencore (GLNCY), BHP Billiton (BHP), and Rio Tinto (RIO) fell 5%, 3.1%, 2.3%, and 2.4%, respectively. The PowerShares DB Base Metals Fund (DBB) and the SPDR S&P Metals & Mining ETF (XME) fell 0.88% and 2.3%.

Gold and silver are trading positive

Gold and silver were trading positive with small gains on Friday morning. At 7:23 AM EST, the COMEX Gold Futures for June delivery was trading at $1,275.30 per ounce—a gain of 0.32%. Silver is trading at $17.150 per ounce—a gain of 0.27%. Even though the unexpected rise in US jobless claims data increased the demand for safe-haven assets, the stronger dollar is keeping pressure on gold prices.

On May 12, precious metal producers Barrick Gold (ABX), Newmont Mining (NEM), Royal Gold (RGLD), and Silver Wheaton (SLW) fell 1.7%, 2%, 1.7%, and 1.9%, respectively. The SPDR Gold Trust ETF (GLD) closed 0.79% lower yesterday.


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