- Comex copper surged by the most since February 2017, +4.2% to $2.863/lb., as concerns about the impact of trade tensions on the global economy continued to ease.
- Today’s rise also helped copper post its best performance in a single week since November 2016, with the metal climbing nearly 8% for the week.
- Goldman Sachs (NYSE:GS)' commodities team says global copper demand is tracking at 2.8% growth, while Chinese copper inventories had fallen sharply in recent months amid the trade tensions.
- “This week the trade war was escalated and markets shrugged it off with copper rallying. The reason is the market has already factored in an extended standoff between the U.S. and China,” Goldman says.
- But gold prices fell back below $1,200/oz. after signs of continued strength in the U.S. economy propelled the dollar higher; Comex gold for September delivery settled -0.8% to $1,196.20/oz.
- Goldman Sachs today cut its bullish price forecasts for gold, seeing the yellow metal at $1,250/oz., $1,300/oz. and $1,325/oz. over the next three, six and 12 months, down from its previous expectations of $1,350, $1,375 and $1,450, respectively.
- ETFs: GDX, NUGT, GGN, DUST, OTCPK:JJCTF, GOEX, UGLD, SGDM, UGL, DGP, GLL, ASA, COPX, RING, DZZ, DGL, DGLD, TGLDX, CU, DGZ, CPER, PSAU, GOAU, GDXX, GDXS, GLDW, CUPM, UBG, MELT, IAUF
- Now read: Are Gold Miners About To Print Their Yearly Cycle Low?
Original article