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Copper prices slump on weak Chinese factory data, Gold holds steady

By Ambar Warrick AiVIF.com -- Copper prices sank on Monday after weak Chinese factory data pointed to slowing demand for the metal, while gold prices steadied around...
Copper prices slump on weak Chinese factory data, Gold holds steady © Reuters.

By Ambar Warrick

AiVIF.com --

Copper prices sank on Monday after weak Chinese factory data pointed to slowing demand for the metal, while gold prices steadied around three-week highs.

As of 0113 GMT, Copper Futures fell 1.2% to $3.5503 a pound- near their lowest level in over one year. 

Chinese factory output unexpectedly shrank in July as fresh curbs in the wake of rising COVID-19 cases dented economic activity. The official purchasing managers index (PMI) came in at 49 for July, below expectations of 50.4, and June’s reading of 50.2. 

While the country’s overall business activity still remains in expansion territory, a drop in manufacturing bodes poorly for its import of commodities. Chinese demand accounts for a sizable portion of the global iron ore and base metals market. Oil prices also sank in reaction to the data. 

Zinc Futures dropped 0.2% after the data, trading around $20.163 on Monday. 

A potential crisis in China’s debt-saddled real estate market also points to more pressure on copper and iron ore prices this year, given their widespread use in the sector.

While metal prices had gained substantially this year on supply shocks from the Russia-Ukraine conflict, they have since consolidated sharply amid rising inflation and interest rates across the globe.

This, coupled with a potential economic recession, is also expected to damage metal demand through the remainder of the year. The U.S. economy shrank for two consecutive quarters this year, while the European Central Bank recently flagged a recession risk in 2022.

Amid an increasingly dire economic outlook, gold prices held steady after rising to a more-than three-week high last week. Spot gold XAU/USD traded at $1,763.64 a pound on Monday, down marginally from its previous close. 

Other precious metals were also steady. Platinum Futures traded at $889.90, while Silver Futures were largely unchanged at $20.145. Still, the space is largely expected to come under pressure as U.S. interest rates rise further in 2022. 

The Federal Reserve hiked rates by 75 basis points last week, and said that more raises were likely in the face of sky-high inflation. 

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BROKERS ĐƯỢC CẤP PHÉP
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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (9)

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

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USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

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EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

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Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

↑ Sell

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Silver Futures

26.677

+0.023 (+0.09%)

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↑ Sell

Moving Avg:

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Copper Futures

4.5305

-0.0105 (-0.23%)

Summary

↑ Buy

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Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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Brent Oil Futures

85.62

-0.71 (-0.82%)

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Natural Gas Futures

1.946

-0.009 (-0.46%)

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US Coffee C Futures

213.73

-13.77 (-6.05%)

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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S&P 500

5,035.69

-80.48 (-1.57%)

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↑ Sell

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

Summary

Sell

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Hang Seng

17,763.03

+16.12 (+0.09%)

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↑ Sell

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

Summary

↑ Sell

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IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

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BASF SE NA O.N.

49.155

+0.100 (+0.20%)

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↑ Sell

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Bayer AG NA

27.35

-0.24 (-0.87%)

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Allianz SE VNA O.N.

266.60

+0.30 (+0.11%)

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Adidas AG

226.40

-5.90 (-2.54%)

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Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

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Siemens AG Class N

175.90

-1.74 (-0.98%)

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Deutsche Bank AG

15.010

-0.094 (-0.62%)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
(0/ 0) # 540
SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
Cập nhật 01-05-2024 10:45:19
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RON 95-V25.44025.940
RON 95-III24.91025.400
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EUR26.475,3627.949,19
GBP30.873,5232.211,36
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KRW15,9219,31
Cập nhật lúc 10:45:15 01/05/2024
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