Copper rebounds from two-week low as dollar retreats

Economies.com
2018-11-14 15:12PM UTC

Copper futures rose off early November lows for the second session, while the dollar index fell off January 2017 highs for the third consecutive session, following earlier labor data from China, the world's largest metals consumer, and the US. 

 

As of 02:54 GMT, copper futures due in December rose 0.54% to $270.15 a pound away from two-week lows, while the dollar index shed 0.16% to 97.15 away from early 2017 highs. 

 

Earlier Chinese data showed the unemployment rate steadied at 4.9%, same as September, while retail sales rose 8.6% y/y, slowing down from 9.2%, as industrial production rose 5.9%, slowing down as well from 6.1%. 

 

Chinese fixed-income investments rose 5.7%, accelerating from 5.4% and beating estimates of 5.5%. 

 

Earlier US data showed consumer prices rose 0.3% m/m in October as expected, above September's 0.1% increase. 

 

Core prices, excluding food and fuel, rose 0.2% as expected as well, above September's 0.1% increase. 

 

On a yearly basis, prices rose 2.5% as expected, while core prices rose 2.1%, slowing down from 2.2%. 

 

Otherwise, Federal Reserve Governor Randal Quarles is due to testify on banking supervision and regulation before the House Financial Services Committee, in Washington DC, later today. 

 

Commodities News

Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...
Gold News

Commodities

Gold climbs as dollar stabilizes ahead of important data
2024-03-27 21:29PM UTC
Gold prices rose on Wednesday as markets await important US data this week while the dollar trades ...
Oil News

Commodities

US crude stocks rise unexpectedly
2024-03-27 15:39PM UTC
The Energy Information Administration reported a buildup of 3.2 million barrels in US crude stocks ...

Commodities Technical Analysis

Brent oil Analysis

Commodities

Brent oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Brent Oil Price Analysis Brent oil price fluctuates within tight track since morning, settling ...
Oil Analysis

Commodities

Crude oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Crude Oil Price Analysis Crude oil price settles around 82.00$ level since morning, and ...
Silver Analysis

Commodities

Silver price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Silver Price Analysis Silver price faces expected negative pressure to test the key support ...