Copper fell from yearly high levels
After posting moderate gains at the beginning of the week on November 14, copper prices fell in the early hours on November 15. At 6:00 AM EST on November 15, the COMEX copper futures contract for December delivery was trading at $2.47 per pound—a fall of ~2.2%. The weaker dollar didn’t support copper prices.
Copper cools down amid profit-booking
After rising to the highest levels since May 2015, copper prices lost momentum and fell more than 2% in the early hours. Traders’ profit-booking at yearly high levels pushed the prices off from the highs. The rally in copper started due to better-than-expected Chinese economic data. The data strengthened due to China’s strong manufacturing PMI and Donald Trump’s victory in US presidential election. Since the construction sector is one of the major industries in which copper is used extensively, Trump’s announcement about an increase in infrastructural spending boosted the prices to yearly highs.
On November 14, major copper producers Freeport-McMoRan (FCX) fell 0.07%, while Glencore (GLNCY), BHP Billiton (BHP), and Rio Tinto (RIO) rose 0.07%, 0.61%, and 1.4%. The SPDR S&P Metals & Mining ETF (XME) and the PowerShares DB Base Metals (DBB) rose 3.8% and 1.6%.
Gold and silver are stable in the early hours
Gold and silver are stable in the early hours on November 15. At 6:10 AM EST on November 15, the COMEX gold futures contract for December delivery rose ~0.32% to $1,225.45 per ounce. The silver futures contract for December delivery was trading at $17.0 per ounce—a gain of ~0.65%. The weaker dollar in the early hours supported gold and silver prices. On November 14, precious metal producer Barrick Gold (ABX) fell 1.4%, while Newmont Mining (NEM), Silver Wheaton (SLW), and Royal Gold (RGLD) rose 3.2%, 2.6%, and 1.4%, respectively. The SPDR Gold Trust ETF (GLD) fell 0.83%.