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| Copper Follows Other Commodities in Decline Posted: 05 Oct 2012 08:06 PM PDT Copper fell, following other commodities as US nonfarm payrolls caused mixed reaction among traders. Optimism about potential improvement of the US economy was mitigated by fears that the Federal Reserve may drop its stimulus plan. The Standard & Poor's GSCI Spot Index of commodities dropped as much as 1.4 percent. Copper has another negative factor — China. Chinese manufacturing continuously shows signs of decline and that means less demand for the industrial metal. Being the biggest consumer of copper in the world, China has a great impact on metal’s prices. Copper fell from $3.7905 to $3.7510 per pound on COMEX. The drop completely erased yesterday’s gains of the metal. |
| Precious Metals Retreat on US Nonfarm Payrolls Posted: 05 Oct 2012 04:09 PM PDT Precious metals were down today after the release of US nonfarm payrolls. Gold, silver, platinum and palladium climbed yesterday as central banks of developed nations stimulated their economies, boosting prospects for the metals as a hedge against inflation. Today, though, the commodities backed off. US nonfarm payrolls showed robust growth by 144,000 jobs last month. What is even more important, the unemployment rate went down to 7.8 percent in September from 8.1 percent in August. That left traders pleasantly surprised, as they had expected an increase to 8.2 percent. The data looked good, but it caused nervousness among market participants as they started to question how long the US Federal Reserve will keep its stimulating policy. The Fed has been saying for a long time that unemployment is its major concern. Today’s data suggested that the labor market is improving, making investors speculate that the US central bank may drop its accommodative policy sooner than expected. Gold fell from $1,793.89 to $1,780.85 per troy ounce as of 23:00 GMT on COMEX today, while its daily low was at $1,773.03. Silver declined from $34.97 to $34.16 per ounce before trading at $34.45. Platinum dropped from $1,722.50 to $1,701.00 and palladium went down from $669.00 to $658.35 per ounce today. |
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