Aluminium
LME stockpile declines boost copper prices
by Elaine Frei
Copper prices were helped Thursday after most global equities markets saw gains and declines in inventories after stockpiles in London Metal Exchange warehouses fell by 5,675 tonnes during the session, the fourteenth straight declines in storage.
Both the equities gains and falling stockpiles encouraged sentiment that the worst of the recession is over and that demand [...]
Copper prices gain on lower LME inventories
by Elaine Frei
The price of copper was up Wednesday after inventories in London Metal Exchange warehouses fell 8,825 tonnes during the session to bring declines in stockpiles over two days to 13,825 tonnes.
Prices were also higher on a weaker US dollar and on gains in equities markets during the day.
July copper was up 9 cents to $2.01 [...]
Base, precious metals trade lower
by Elaine Frei
Base metals prices were lower Tuesday on a lower dollar as it was reported that US consumer confidence made a comeback in April
Also hurting metals prices, and especially copper, were fears that demand could falter on a spread of the swine flu outbreak.
July copper was down 7 cents to $1.92 per pound in New York [...]
Copper drops on demand concerns
by Elaine Frei
The price of copper fell Monday on concerns that demand for base metals generally will decline if the spread of swine flu after an outbreak in Mexico slows down efforts to help the global economy recover from the recession.
Demand for commodities, including copper, as a safe investment declined, hurting prices, after the dollar strengthened during [...]
Copper prices drop on housing, jobless numbers
by Elaine Frei
The price of copper was down in New York and London Thursday on new numbers that have investors worried that demand for the metal used in construction and manufacturing will continue to decline.
The US Labor Department reported that there were 640,000 new unemployment claims filed in the US last week, more than had been expected, [...]
Platinum gains on China demand
by Elaine Frei
The price of July platinum futures added $21.10 to $1,178.70 per troy ounce in New York on Wednesday on a report that imports into China were up by 35 percent in March.
China will increase spending for subsidies to buy new cars, according to the Ministry of Commerce and the Ministry of Finance there, spending 1 [...]
Analyst predicts $1,500 gold price as supply squeezed
by Gill Montia
The future of gold has never looked brighter, according to a recent report from Edison Investment Research.
The independent equity consultant is predicting that the precious metal could attain $1,500 per ounce in the months ahead.
In a new report, Edison analyst Charles Gibson proposes that the actions of central banks and governments worldwide are creating [...]
Copper, other base metals see price declines
by Elaine Frei
The price of copper saw its biggest one-day decline in almost 2 months Monday as the US dollar gained ground, cutting demand for metals.
July copper was down 9 cents to $2.11 per pound in New York, while three-month copper was $225 lower to $4,580 per tonne in afternoon trade on the London Metal Exchange, a [...]
Platinum, palladium lower on Volkswagen sales report
by Elaine Frei
Precious metals prices fell Friday in New York trade.
July platinum was down $4.20 to $1,211.60 per troy ounce on a report from Volkswagen (FWB: VOW) reported that its sales fell 11.4 percent in the first quarter of the year.
The carmaker’s sales added 14.1 percent in Russia in the quarter and was up 6 percent in [...]
Copper lower on new data from China, US
by Elaine Frei
Copper prices fell Thursday on news that China’s economic growth has slowed and that housing starts were down in the United States in March.
New data showed that China’s economy expanded by only 6.1 percent in the first quarter compared to the same period last year, the slowest growth in the Asian nation since the fourth [...]
Copper sees gains on LME inventory declines
by Elaine Frei
The price of copper was up in afternoon trade in New York Wednesday, adding 8 cents to $2.21 per pound not long before the close of floor trade, while three-month copper added $112 to $4,811 per tonne in London.
The gains came after London Metal Exchange inventories of the metal dropped 2.4 percent to 480,400 tonnes, [...]
Precious metals prices fall on comments
by Elaine Frei
Precious metals prices were lower Tuesday after statements from Federal Reserve Chairman Ben Bernanke hinted that the economy might be beginning to pull back from steep declines and from US President Barack Obama, who said that efforts by the government to stimulate the economy have begun to show some success.
Prospects of a recovery in the [...]
Metals see price gains in New York
by Elaine Frei
The price of copper was higher in New York Wednesday on speculation that 4 trillion yuan ($585 billion) in expected stimulus spending in China will increase demand for the metal, used in construction and manufacturing.
May copper added 1 cent to $2 per pound on the COMEX division of the New York Mercantile Exchange.
Precious metals prices [...]
Copper lower on consumption forecast
by Elaine Frei
Copper prices were lower Monday on forecasts that consumption will drop this year and after an industry report showed that sentiment among US homebuilders remained low in March.
Sydney, Australia-based Macquarie Group (ASX: MQG) forecast that consumption of copper, which is used heavily in construction, will drop by 9.2 percent this year.
May copper was 4 cents [...]
Copper prices rise on positive manufacturing news
by Elaine Frei
Copper prices were higher Thursday, helped by gains in equities markets, a weaker US dollar and news on manufacturing from the United States and China.
The US Commerce Department reported that US factory orders were up 1.8 percent in February, from January, while China’s Federation of Logistics and Purchasing said that manufacturing was up in China [...]
Jobs, manufacturing data hurt copper prices
by Elaine Frei
Copper prices traded even at $1.85 per pound in early afternoon trade in New York Wednesday, but earlier in the session the price for the metal used in construction and manufacturing dropped as low as $1.80 per pound.
The declines came on a report from ADP Employer Services that the US economy lost around 742,000 jobs [...]