Copper recovered in the early morning
After declining to two-week low price levels on July 27, copper recovered in the early morning hours on July 28. At 7:00 AM EST on July 28, the COMEX copper futures contract for September delivery was trading at $2.20 per pound—a gain of ~0.78%. Read Copper declines to two-week low price levels on July 27 to learn why copper fell to two-month lows on July 27.
Focus shifted to China’s manufacturing data
The market focus shifted to China’s manufacturing PMI (purchasing managers’ index) data. The data are scheduled to release on July 31. Considering the fact that China accounts for more than 45% of the global copper demand, the economic, manufacturing, and construction data from China will impact copper price trends. On the other hand, the International Copper Study Group estimated that the global copper production capacity will increase by 17% by 2019.
On July 27, major copper producers Freeport-McMoRan (FCX), Glencore (GLNCY), and Rio Tinto (RIO) gained 1.5%, 0.82%, and 0.03%, respectively. In contrast, BHP Billiton (BHP) fell 0.14%. The SPDR S&P Metals & Mining ETF (XME) and the PowerShares DB Base Metals (DBB) fell by 0.29% and 1.6%.
Gold and silver inch higher
Gold and silver were trading with profits in the early morning hours on July 28. At 7:10 AM EST on July 28, the COMEX gold was trading at 1,348.25 per ounce—a gain of 1.0%. Silver was trading at $20.457 per ounce—a surge of 2.3%. Gold and silver prices rose after the release of the FOMC statement on Wednesday. Read Gold and Silver Inched Higher amid the FOMC Statement to learn more about how gold and silver performed amid the Federal Open Market Committee’s statement release.
On July 27, precious metal producers Barrick Gold (ABX), Newmont Mining (NEM), Silver Wheaton (SLW), and Royal Gold (RGLD) gained 4.4%, 2.9%, 4.4%, and 2.3%, respectively. The SPDR Gold Trust ETF (GLD) gained 1.6%.