LIVE FUTURES REPORT 30/11: Comex copper rebounds, dollar weakens

Comex copper prices inched higher Thursday November 30 morning in the US, after collapsing to a two-week low amid improved Chinese and US data.

Copper for March settlement on the Comex division of the New York Mercantile Exchange gained 0.65 cents or 0.2% to $3.0465 per lb.

“It seems as though there something of a stand-off in the market, which fits in with our view that prices will remain rangebound, albeit in quite a wide range,” Metal Bulletin senior analyst William Adams said.

Concerns about the growth of the Chinese economy and the tight credit situation there had been pressuring the broader base metals for most of this week. China’s November purchasing managers’ index (PMI) reading beat forecasts at 51.8, however.

Yesterday, there was also positive data out of the United States, with the country’s third-quarter gross domestic product growth coming in at 3.3% from 3% previously. Additionally, progress on US tax overhaul is also lifting spirits with a major corporate tax expected to be passed before Christmas.

Comex gold for February settlement fell $3.90 or 0.3% to $1,278.20 per oz. Trade has ranged from $1,275.50 to $1,284.50.

Currency moves and data releases

  • The dollar index fell 0.31% to 92.98.
  • In commodities, Texas light sweet crude oil spot prices stood at $57.69 per barrel, up 0.67%.
  • Meanwhile in data, personal income and spending during October both came in above forecasts at 0.4% and 0.3%, respectively. Initial weekly jobless claims also improved at 238,000 compared to the previous figure of 240,000. Finally, the core personal consumption expenditures (PCE) price index was in-line with expectations at a 0.2% increase.
  • Later, Chicago PMI and natural gas storage figures are due.
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