Copper Trades Nearest to its Highest Value in a Month

Copper Trades Nearest to its Highest Value in a Month
Copper Trades Nearest to its Highest Value in a Month

With a third weekly advance, copper traded near its highest level in a month based on speculations by investors, whether the demand for this metal will persist in the largest consuming country, which is China. Meanwhile, nickel, aluminum, zinc, and lead traded little higher, in the early part of the Monday trading session.

Metal for delivery in the London Metal Exchange went up by 0.6% to $7,417 a metric ton, while in Shanghai it traded at $7,390.75. The metal moved up by 5.5% to $7,480 on 8 May, which is highest since April 12.

Wet weather forecast in the Midwest region of U.S., which is the largest producer of corn, led to a rise in corn for July delivery that moved up by 0.6%, trading at $6.3975 a bushel in Chicago. Wheat, falling by 2.7% on May 10, traded at $7.045 a bushel, in Chicago. Soybean on the other hand climbed 0.3% to $14.0375 a bushel.

Gold, at its nastiest start for a year, since 1982, slid into the bear market in April after falling by 14%. The ETF holdings backed by bullion plummeted to lowest since July 2011, even after the central bank’s money printing was increased in a vision to improve growth.

Comex in New York saw gold futures moving down by 1.9% to $1,436.60 an ounce last week. The S&P’s GSCI Spot index of 24 commodities slipped by 0.3%, while the MSCI All-Country World of equities, moved up by 0.9%. The USD managed to gain 1.2% against six major currencies. For June delivery, gold saw slight change and traded at $1,437.10 an ounce in Singapore.

Rebar for October delivery plunged by 0.5% in Shanghai Future Exchange and traded at 3,622 Yuan ($589) a metric ton.

WTI crude moving down for third day in a row, showed the longest run of declines in four weeks. OPEC, in contrast, showed increased output and traded at its peak since five months.

WTI futures slumped 1% in New York and the London Traded Brent moved down for the second day consecutively.

In the meantime, Silver, after falling by 0.7%, traded at $23.7075 an ounce in Tokyo.