Copper stable in early hours of October 21
After falling for eight consecutive trading days, copper prices were stable in the early hours of Friday, October 21, 2016. At 7:10 AM EST, the COMEX (Commodity Exchange) copper futures contracts for December delivery were trading at $2.10 per pound, a rise of ~0.19%.
Longest losing streak since 2014
Copper has fallen for eight consecutive days, the longest losing streak since 2014. The stronger dollar this week along with not-so-supportive Chinese economic data weighed on copper prices.
Since China is the largest consumer of copper, major economic releases from China such as GDP and industrial production influence the price of copper and its demand trends. According to data released by the International Copper Study Group on Thursday, October 20, refined metal production outpaced copper consumption by 105,000 metric tons in July.
On Thursday, October 20, major copper producers Freeport-McMoRan (FCX) and BHP Billiton (BHP) rose 1.9% and 0.20%, respectively. Glencore (GLNCY) and Rio Tinto (RIO) fell 1.4% and 0.58%, respectively.
Gold and silver weaker in the early hours
Gold and silver were weaker in the early morning hours of Friday, October 21, 2016. At 7:30 AM EST, the COMEX gold futures contracts for December delivery were trading at $1,266.25 per ounce, a fall of ~0.09%. The COMEX silver contracts for December delivery fell ~0.13% to $17.52 per ounce.
The stronger dollar was weighing on gold and silver prices in the early hours on Friday, October 21. On Thursday, October 20, precious metal producer Barrick Gold (ABX) fell 1.5%. Newmont Mining (NEM), Silver Wheaton (SLW), and Royal Gold (RGLD) rose 0.05%, 0.21%, and 0.26%, respectively. The SPDR Gold Shares (GLD) fell 0.30%.