3 Jun

Copper, Gold, and Silver Surged Higher on June 3

WRITTEN BY Val Kensington FEATURED IN Macroeconomic Analysis

Copper trades near one-week high

After rising in the early morning trading hours on Friday, June 3, 2016, copper stabilized at one-week high price levels later in the day. At 2:27 PM EDT, the COMEX copper futures for July delivery traded at ~$2.11 per pound, a gain of ~2.0%.

Disappointing US economic data weakened the US dollar and in turn supported copper prices. To learn more about the performance of copper on Friday morning, please read Why Did Copper Rise on Friday Morning?

Copper, Gold, and Silver Surged Higher on June 3

Market awaits Chinese economic data

The recently released weaker-than-expected Chinese economic data has recently subdued the sentiment for copper. The Market is looking forward to the trade balance report and the consumer price index (or CPI), which are scheduled to be released in the week ended June 10, 2016.

The surge in copper prices on Friday supported the stock prices of copper producers. At 2:33 PM EDT, major copper producers Freeport-McMoRan (FCX), Glencore (GLNCY), BHP Billiton (BHP), and Rio Tinto (RIO) rose by ~4.2%, ~5.6%, ~3.7%, and 2.5%, respectively. The base metal–related SPDR S&P Metals & Mining ETF (XME) rose by ~4.3%.

Copper, Gold, and Silver Surged Higher on June 3

Gold and silver break the weekly losing streaks

After falling for three and four weeks, respectively, gold and silver are set to close this week in the green. At 2:54 PM EDT, the COMEX gold futures for August delivery traded at $1,244.35 per ounce, a gain of ~2.6%. Silver is trading at $16.41 per ounce, a gain of 2.4%.

The weaker-than-expected US economic data, which includes the US non-farm payroll data and the ISM non-manufacturing PMI, lifted precious metal prices, which traded flat in the early morning hours. To learn how gold and silver traded early on Friday morning, please read Gold Rose after Weak Job Data on June 3.

Soaring gold and silver prices also lifted the stock prices of major precious metals. At 2:46 PM EDT, precious metal producers Barrick Gold (ABX), Royal Gold (RGLD), Newmont Mining (NEM), and Silver Wheaton (SLW) rose by ~11.8%, ~8.0%, ~8.8%,and ~8.0%, respectively. The SPDR Gold Trust ETF (GLD) gained ~2.5%.

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