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Rally of Gold & Copper on Higher Demand

December 27, 2010 at 18:44 by Vladimir Vyun

Gold gained today as volatile swings in currency markets drove investors to buy gold as a safe asset. The dollar dropped today versus the basket of six major currencies after three-week rally. China, the second largest buyer of the precious metal in the world, raised its interest rates for the second time this quarter. February futures for gold delivery advanced $1.80 (0.1 percent) to $1,382.20 by 10:11 on COMEX.

Copper futures rallied to a record today as stockpiles in China, the biggest consumer in the world, dwindled and on speculation that demand will outpace supply. According to the International Copper Study Group, global demand exceeded supply by 436,000 metric tons this year. Copper inventories monitored by the Shanghai Futures Exchange declined 5.8 percent last week, the biggest decrease in almost three months. March futures for copper delivery gained $0.009 (0.2 percent) to $4.2675 per pound as of 11:01 on COMEX.

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

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