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Copper rises as dollar turns lower

Economies.com
2020-10-09 14:30PM UTC

Copper prices rose on Friday, as the US dollar fell against most of its peers, while risk assets continued to attract investors.

 

Copper was lifted by concerns about production disruptions in Chile after workers in one of biggest mines rejected the terms of their proposed work contracts, which might lead to their strike.

 

The dollar index fell against a basket of currencies by 0.4% to 93.2 points as of 15:12 GMT, after hitting a high of 93.5 and a low of 93.1.

 

Hopes were renewed about the possibility of a second Covid-19 aid package in the US, despite US President Trump's decision to stop the stimulus talks with Democrats.

 

Copper December futures rose 0.8% to $3.06 per pound as of 15:16 GMT, with a day high of $3.09 and a low of $3.03.

Oil heads for largest weekly gain since June on Hurricane Delta

Economies.com
2020-10-09 12:50PM UTC

Oil prices continued to drop as the US market opened on Friday, to give up a 3-week high on profit-taking, but still on the cusp of the largest weekly gain in four weeks, after around 90% of offshore oil production in the Gulf of Mexico were suspended due to Hurricane Delta hitting the east coast of the US, in addition to the suspension of 25% of the Norwegian oil output due to a workers' strike.

 

US crude fell 1.2% to $40.68 a barrel, after opening at $41.35, and hit a session-high and the highest since September 18 at $41.44, and Brent fell 1.1% to $42.86, after opening at $43.33, and hit a high and the highest since September 18 at $43.50. 

 

US crude gained 3.4% yesterday, and Brent futures rose 3.1%, posting their fourth straight daily gain, on global supply fears.

 

Oil prices have gained 10% so far during this week, to head for the first weekly gain in 3 weeks, and the largest since early June.

 

Hurricane Delta approached the Gulf of Mexico region near the east coast of the US, amid expectations the hurricane will increase to a category 3 storm with winds rising to 193 kilometers per hour.

 

This led to the suspension of 183 offshore facilities in the Gulf of Mexico, more than 1.5 million barrels per day, which is the equivalent of  90% of the total offshore production.

 

The Gulf of Mexico output is 1.65 million bpd, according to official data, equivalent to 17% of the total US crude production that has reached 11 million bpd during the week ending October 2.

 

While multiple offshore oil and gas platforms in Norway were shutdown, due to workers' strike for wages, which suspended about 1 million bpd of the Norwegian oil output, which is around 25% of the total output.

European stocks rise near 3-week high after US stimulus talks resume

Economies.com
2020-10-09 11:17AM UTC

European stocks rose in morning trading on Friday, to extend gains for the second straight day, near a 3-week high, amid positive market sentiment, after talks about the new US fiscal stimulus were renewed.

 

The Stoxx Europe 600 index rose more than 0.1% as of 10:30 GMT, after it closed higher by 0.8% yesterday, and hit the highest since September 18 at 368.28 points.

 

The Stoxx Europe index rose in morning trading on Friday in the last session of the week, extending its gains for the second consecutive session, with most of the major European exchanges and sectors in positive territory.

 

The pan European index opened higher today, to extend gains for the second straight day, with most of the major European markets and sectors seeing green today.

 

The mining sector saw the largest gains in Europe today, rising more than 1.2%, as metals and commodity prices rose today.

 

Talks for the new Covid-19 aid package resumed in the US on Thursday between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin, two days after President Donald Trump suspended the talks and postponed them until after the presidential election.

 

S&P 500 futures rose 0.25%, and hit a 5-week high, after the index closed higher by 0.8% yesterday at Wall Street, posting the second straight daily gain.

 

Back to Europe, the Euro Stoxx 50 index rose 0.2%, France's CAC 40 added 0.4%, Germany's DAX rose 0.1%, and the UK's FTSE 100 rose 0.6%.

Silver targets second straight weekly gain

Economies.com
2020-10-09 11:25AM UTC

Silver prices jumped more than 2% in European trade on Friday, to extend gains for the third straight day, while on the cusp of the second weekly gain in a row, as the US dollar fell against a basket of major currencies. 

 

Silver prices rose rose 2.4% to $24.40 an ounce, after opening at $23.82, with a session-low of $23.82.

 

The metal rose 0.2% yesterday, posting its second daily gain, as most dollar-denominated metals rose.

 

Silver prices have gained more than 3% so far this week, to head for the second weekly gain in a row, as the US dollar fell, in addition to growing safe-haven ahead of the US presidential election.

 

The US dollar index fell by 0.25% today, to deepen its losses for the third day against a basket of major currencies, which lifts the prices of dollar-denominated metals.

 

Hopes were renewed about an agreement on a second US stimulus package, especially after talks for the new Covid-19 aid package resumed between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin.