Commodity Blog

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Copper & Gold Decline, Oil Avoids Losses

December 8, 2015 at 11:46 by Vladimir Vyun

Gold and copper fell after the release of China’s trade data today. The report showed that both imports and export of world’s second biggest economy declined. It was yet another sign of economic slowdown in China, which promises smaller demand for raw materials. Additionally, the outlook for an interest rate lift-off from the Federal Reserve continued to weigh on the market. February contract for delivery of gold declined 0.37 percent to $1,071.2 per troy ounce as of 11:37 GMT on COMEX today. March copper slipped 0.1 percent to $2.049 per pound.

Meanwhile, crude oil bounced after yesterday’s decline. Ironically, the reason Basketball Bounce House for the rebound was the same trade report from China that drove metals lower. It showed that the Asian nation ramped up imports of the commodity, attracted by low prices. Yet analysts are skeptical about the longevity of the rally, believing that the glut on the market would drag prices further down soon. But for now, January futures for WIT crude oil gained 0.72 percent to $37.92 per barrel on NYMEX, and Brent crude added as much as 1.42 percent to its value to trade at $41.31 per barrel on ICE.

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