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Copper Is Weaker, Gold and Silver Are Stable Early on November 8

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Copper pulled back in the early hours

After gaining for ten consecutive trading days, copper prices fell in the early hours on November 8. At 6:00 AM EST on November 8, the COMEX copper futures contract for December delivery fell ~0.71% to $2.29 per pound.

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Chinese data supported copper

China is the largest copper consumer. China’s major economic releases will influence copper’s price and demand trends. Better-than-expected Chinese data supported copper prices. The prices rose for ten consecutive trading days. The recently released Caixin manufacturing data rose to the highest level in more than four years. The manufacturing output is the highest in five and half years. According to the Caixin manufacturing PMI data released on November 1, the manufacturing PMI for October rose to 51.2. The market is waiting for the outcome of the the US presidential election. The market is looking forward to the CPI data. The data will be released at 8:30 PM EST on November 8.

On November 7, major copper producers Freeport-McMoRan (FCX), Glencore (GLNCY), BHP Billiton (BHP), and Rio Tinto (RIO) rose 2.1%, 5.3%, 4.7%, and 4%, respectively. The SPDR S&P Metals & Mining ETF (XME) and the PowerShares DB Base Metals (DBB) rose 1.8% and 1.3%.

Gold and silver are stable early on November 8

Gold and silver rose in the early hours on November 8. At 6:20 AM EST on November 8, the COMEX gold futures contract for December delivery rose ~0.42% to $1,284.75 per ounce. The silver futures for December delivery was trading at $18.33 per ounce—a gain of ~0.98%. The market is looking forward to the outcome of the US presidential election. On November 7, precious metal producers Barrick Gold (ABX), Newmont Mining (NEM), Silver Wheaton (SLW), and Royal Gold (RGLD) fell 5.0%, 3.4%, 1.9%, and 0.47%, respectively. The SPDR Gold Trust ETF (GLD) rose 1.8%.

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