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Commodities Under Pressure as China Imports Less

June 8, 2015 at 10:04 by Vladimir Vyun

Commodities were under pressure at the start of today’s trading session as the report released over the weekend showed a drop of China’s imports. Copper and crude oil were among the losers as the Asian nation is the world’s biggest importer of the industrial metal and the second largest user of crude. The data suggests that the global growth remains fragile as even the biggest economies struggle.

Talking about biggest economies, chances for an early interest rate hike in the United States have increased after the Friday’s stellar employment data. This should have been detrimental for gold, but for whatever reason the precious metal remained resilient. Bullion logged gains during early Monday’s trading, and they were not small.

August futures for gold rallied 0.44 percent to $1,173.20 per troy ounce as of 10:00 GMT on COMEX today. Meanwhile, copper dipped 0.17 percent to $2.6880 per pound. Contract for delivery of WTI crude oil in July lost 0.54 percent to $58.81 per barrel on NYMEX.

If you have any questions and comments on the commodities today, use the form below to reply.

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