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| Signs of Economic Growth Bolster Copper Posted: 08 Nov 2012 08:32 PM PST Copper rose on hopes that economic growth in the United States and China will support demand for the metal. The US trade deficit unexpectedly shrank from $43.8 billion to $41.5 billion in September. Unemployment claims fell from 363,000 to 355,000 last week instead of rising, as was predicted by analysts. Macroeconomic data continues to show that the US economy improving with stable pace and that is positive for industrial metals. Chinese officials said that economic data should show accelerating growth last month. So far, it did not prove true as today’s report showed that inflation slowed from 1.9 percent to 1.7 percent in October. Yet hopes remain and that is positive for all commodities as a whole, but particularly to copper as China is the biggest consumer of the metal. Copper advanced from $3.4420 to $3.4743 per pound on COMEX yesterday. |
| Gold Rallies as Traders Expect Stimulus from Central Banks Posted: 08 Nov 2012 04:51 PM PST Gold rallied as expectations of stimulus measures from central banks increase the appeal of the precious metal. While the reelection of Barack Obama was received negatively by markets initially, now investors changed their stance somewhat. Obama as president means that Ben Bernanke stays as Chairman of the Federal Reserve and that means quantitative easing remains in place. Such way of thinking is positive for gold. The European Central Bank did not ease its monetary policy at yesterday’s policy meeting and that unpleasantly surprised some market participants. Yet ECB President Mario Draghi reiterated that the bank is ready to start its
Gold rallied from $1,716.62 to $1,733.45 on COMEX yesterday, reaching the highest close since October 19. |
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