Gold Costs Got A Haven Boost, Failed To Hold Gains
Spot gold is up to 0.1% last Monday, April 10, 2017 it was at $1,254.44/oz, this follows a 0.2% gain last week, palladium costs are off 0.4% at $797.80/oz, whereas silver and platinum costs are very little modified. Zinc and lead costs are up marginally, whereas copper and nickel costs lead with declines of 0.6% and 0.5%, severally. Three-month copper costs were quoted at $5,813 per metric ton as of 06:45 BST and volume across the bottom metals has been on top of average with seven,105 tons listed.
Base metals costs on the London Metal Exchange stay struggling this morning with three-month costs down a mean of 0.2%.
Today in Shanghai, base metals costs are for the foremost half weaker, nickel costs are bucking the trend with a 0.3% gain, whereas the remainder are down a median of 1.6% ranged between a 3.8% fall in lead costs and a 0.1% fall in aluminum costs. Copper costs are off 1.3% at 47,030 yuan per metric ton. Spot copper costs in Changjiang are off a 1% at 46,920-47,120 yuan per metric ton and also the LME/Shanghai copper arbitrageur ratio has relieved to 8.02.
Equities were firmer in Europe last week with the Euro Stoxx 50 closing up 0.2% however dissatisfactory non-farm employment numbers saw the Dow closed slightly lower. Asia this morning is mixed with the Nikkei up 0.8%, the Hang Seng is changed a little, the ASX 200 is up 0.8%, the Kospi is down 0.8%, whereas the CSI 300 is off 0.1%.
The dollar index is rising once more, it had been recently set at 101.20, the euro is modified a little at 1.0590, sterling is weaker at 1.2390, the yen is robust at 111.38, whereas the dollar is weak at 0.7493. In rising markets, the yuan is weaker at 6.9066 and most different rising market currencies are either flat, or weaker.
The firmer tone within the base metals that was seen on last week attracted merchandising over the last 2 days of the week and costs are struggling once more today, with lead and metal costs trying the weakest, whereas the others appear to be in consolidation mode. One amongst the options of the base metals markets in recent months has been capped which appears to stay the case. The opposite feature has been that dips are supported which currently appearance set to be tested once more.
Gold costs got a haven boost early Friday following the United States missile strike against Syria, however costs failed to hold on to the gains. As such, spot gold costs are trading sideways, whereas silver and metallic element costs are correcting lower and platinum costs stay subdued. On balance, we can expect gold costs to stay well supported as attention focuses on the French election.