LIVE FUTURES REPORT 03/08: Comex copper retreats for third straight day; gold price also lower

Comex copper was trading around a one-week low on the morning of Thursday August 3, dipping for the third consecutive day but largely maintaining this week’s theme of consolidation.

The copper price for September delivery on the Comex division of the New York Mercantile Exchange slipped 0.65 cents or 0.2% lower to $2.8780 per lb.

“Copper prices corrected in the second quarter following the temporary increase in supply prompted by higher prices between November and February,” Metal Bulletin head of research William Adams. “The correction ran its course until mid-May but, since then, prices have been heading higher again, suggesting tighter fundamentals.”

The dollar index remains weak, most recently trading at 92.94. It hit a new one-year low of 92.78 on Monday.

Comex gold for August settlement fell $6.80 or 0.5% to $1,265.0 per oz. Trade has ranged from $1,256.60 to $1,267.40 so far today.

Oil and data

  • In other commodities, the Texas light sweet crude oil spot price was recently up 0.63% at $49.90 per barrel.
  • In data, China’s Caixin services PMI for July at 51.5 missed the expected 51.9 and was below June’s reading of 51.6 while the European final services PMI was in line with forecasts at 55.4.
  • Here in the USA, Challenger job cuts year-over-year in July were down 37.6%, while weekly unemployment claims stood at 240,000, a touch below economic consensus of 242,000. Later, the US final services PMI, the ISM non-manufacturing PMI, factory orders and natural gas storage numbers are all due for release.

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