Copper stays positive on Monday
Copper was positive on Monday supported by oil prices. This was despite weak Chinese economic data released over the weekend. At 3:22 PM EST, the COMEX copper futures contract for July delivery was trading at $2.09, a gain of 0.72%. In the early morning, copper was trading positive, and the momentum increased after US markets opened. To know more about how copper traded in the early morning, please read Market Realist’s article China’s Soft Economic Data Weighing on Copper.
China’s better-than-expected growth in real estate investments in April supported copper prices. In addition to this, the weaker dollar also supported copper. As of 3:23 PM EST, major copper producers Freeport-McMoRan (FCX), Glencore (GLNCY), BHP Billiton (BHP), and Rio Tinto (RIO) had risen 6.8%, 5.5%, 3.5%, and 2.9%, respectively. The PowerShares DB Base Metals Fund (DBB) and the SPDR S&P Metals & Mining ETF (XME) rose 0.48% and 1.0%, respectively.
Gold and silver cool off
At 3:25 PM EST, COMEX gold contracts for June delivery were trading at $1,274.50 per ounce, a gain of 0.14%. Silver was trading at $17.17 per ounce, a gain of 0.22%. Even though the weaker global markets and weak Chinese data supported gold overnight, the positive US stock market rally weighed on gold and pulled it down from the intraday highs. The market is looking forward to the FOMC meeting minutes scheduled to be released on May 18. As of 2:25 PM EST, precious metal producers Barrick Gold (ABX), Newmont Mining (NEM), Royal Gold (RGLD), and Silver Wheaton (SLW) rose 2.9%, 4.1%, 1.9%, and 1.7%, respectively. The SPDR Gold Trust ETF (GLD) was almost unchanged at 3:25 PM EST.