Copper, Gold, and Silver Are Stable Early on August 26



Copper is stable

After falling for four consecutive trading days, copper is stable in the early morning hours on August 26. At 6:55 AM EST on August 26, the COMEX copper futures contract for September delivery was trading at $2.08 per pound—a gain of ~0.36%.

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Weaker sentiment in the copper market

The sentiment is weaker in the copper market because of a decline in the copper imports and an increase in China’s exports. Considering that China is the largest copper consumer, the demand trends for copper in China will influence copper price trends. China’s recently released copper import and export data intensified the concerns about the strength of the copper demand. China’s exports of unwrought copper and copper products in July rose to 75,022 tons—more than five times the increase from export figures of July 2015. China’s copper imports have been falling since April after reaching a peak in March.

On August 25, major copper producers Freeport-McMoRan (FCX), BHP Billiton (BHP), and Rio Tinto (RIO) gained 0.09%, 1.2%, and 1%, respectively, while Glencore (GLNCY) fell ~3%. The SPDR S&P Metals & Mining ETF (XME) and the PowerShares DB Base Metals (DBB) gained 1.5% and 0.3%.

Gold and silver are stable ahead of Yellen’s speech

Gold and silver are stable in the early morning hours on August 26. The market is looking forward to Fed Chair Janet Yellen’s speech at the annual central bankers meeting being held in Jackson Hole, Wyoming. At 7:00 AM EST on August 26, the COMEX gold futures contract for December delivery was trading at $1,327.95 per ounce—a gain of ~0.25%. The COMEX silver was trading at $18.61 per barrel—a gain of ~0.64%.

On August 25, precious metal producers Barrick Gold (ABX), Newmont Mining (NEM), and Silver Wheaton (SLW) gained 0.6%, 0.8%, and 2%, respectively, while Royal Gold (RGLD) fell 0.04%. The SPDR Gold Trust ETF (GLD) fell 0.1%.


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