Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Demand for Gold & Copper Wanes, Prices Fall from Records

January 26, 2011 at 3:46 by Vladimir Vyun

Gold futures dropped to the lowest level in three months as demand for safety among investors began to wane. Analysts are talking about possibility of an interest rates increase in the European Union and even in the US. February futures for gold delivery dropped $12.20 (0.9 percent) to $1,332.30 per ounce by 13:42 on COMEX. The precious metal lost 6.3 percent this month.

China may reduce copper imports and increase consumption of scrap because of record high prices. Chinese import may fall by 4.5 percent to 2.75 million metric tons in 2011 from 2.88 million tons in the previous year. Imports declined 7.4 percent last year. The metal dropped 4 percent from the record $9,781 a metric ton on January 19th.

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

One Response to “Demand for Gold & Copper Wanes, Prices Fall from Records”

  1. Jerry

    Do you think that China will really stop importing copper to convert their declining dollars to something tangible? It would be brilliant for China at this point to SAY they are cutting back, cause copper to fall a bit, so as to be cheaper to buy more! Obviously no one except China itself knows but I wouldn’t bet on it!


Leave a Reply