Copper prices rose slightly on Thursday, gold was traded almost unchanged
Copper has risen slightly on Thursday after reaching the eve of the January lows. Falling prices, which occurred on Wednesday, was due to the increase in copper production in China and the general negative dynamics of the market of non-ferrous metals.
May copper futures on COMEX exchange was 0.5%, at 2.5465 per pound. Earlier in the session the quotations ranged between growth and decline.
Gold futures meanwhile traded almost unchanged at 1283.40 dollars per ounce. Gold prices remained under pressure after falling $ 10 on Wednesday night because of a stronger dollar. Nevertheless, the quotations of gold is likely to remain volatile before and after the first round of presidential elections in France, which will take place on Sunday, said William Adams of FastMarkets.
the WSJ dollar index, which reflects the value of the US currency against a basket of other currencies, recently down 0.2%, to 89.65.
(Continued)
Support to copper prices were not the most optimistic production report Rio Tinto Company, which reported incidence of the primary metal production in the 1st quarter by 37%. The company also lowered its forecast for copper production this year, referring to the strike at Escondida plant, which earlier this year sparked a jump in copper prices.
On Wednesday came the data, according to which the production of refined copper in China has increased by 8.5% compared to the previous year, up to 15-month high, said Mett Frans of Marex Spectron.
This confirmed the view that the "Market participants are not confident in the prospects for further price increases", Says Liz Grant from Sucden. According to her, investors are also concerned about the likely deterioration of the situation in the sphere of housing construction and infrastructure sector in China.
In the longer term more positive than expected Japanese data on exports and imports, as well as the recent favorable data on foreign trade of China point to the strengthening of global economic growth and a positive trend in copper prices in the coming months, suggests analyst Adams of FastMarkets.
"Market consumers may seek to take advantage of lower prices", - he adds.
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