четверг, 1 декабря 2016 г.
Comex copper resumes downturn, investors await US jobs data
Comex copper prices consolidated Thursday, December 1 despite data showing that the US and China are growing at a multi-year high pace in manufacturing and jobs creation.
Copper for March delivery on the Comex division of the New York Mercantile Exchange declined 0.65 cents or 0.3% to $2.6265 per pound. Trade has ranged from $2.6130 to $2.6685.
Comex gold for December settlement fell $2.0 or 0.2% to $1,171.90 per oz. Trade has been narrow between $1,163.80 to $1,178.40.
Overnight, China’s official manufacturing PMI of 51.7 for November was the highest reading in two years. The figure was better than the forecast of 51 and October’s reading of 51.2.
The Caixin manufacturing PMI for November at 50.9 was in line with expectations but lower than October’s reading of 51.2. Throughout the year, the People’s Bank of China (PBoC) has injected billions of yuan into the economy to stabilize growth and and ensure the country expands at a clip of 6.5-7%.
“The Purchasing Managers’ Index points to rising inflation expectations, which suggests an upward trend in market interest rates.,” Commerzbank said. “This reduces the scope for further monetary policy easing on the part of the Chinese central bank.”
Investors are now awaiting tomorrow’s US employment report, which is the final major data announcement before the Federal Reserve convenes and decides whether to raise rates or not. Prediction markets are essentially pricing-in a 100% chance that chairwoman Janet Yellen and colleagues raise rates for the first time in a calendar year.
Yesterday’s ADP non-farm employment change – a precursor to Friday’s blockbuster US jobs report – surprised on the upside at 216,000. A reading of 161,000 had been expected.
“Overall sentiment in the market is buoyant and supportive of risky assets,” Metal Bulletin analyst Andy Farida said. “In light of this, the precious metals are likely to remain under selling pressure while funds continue to rotate out of safe-haven assets.”
Turning to European markets, Germany’s DAX and France’s CAC-40 were down 0.9% and 0.6% respectively, while the dollar softened by 0.4% to 1.0624 against the euro.
In other commodities, light sweet crude (WTI) oil futures on the Nymex continued to rise 98 cents or 2% to $50.42 per barrel, while Comex silver for December settlement was recently trading at $16.510 per oz., up $2.8 cents.
(Editing by Tom Jennemann)
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PALLADIUM TODAY – New 2016 price highs but looking overstretched
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Gold price slips on US rate rise bet; palladium holds at 17-mth highs
The gold price edged lower still on Thursday December 1 after a run of positive US data raised the likelihood that the US will raise interest rates later this month.
Spot gold was recently quoted at $1,169/1,170.15 per oz, down $2.75 on Wednesday’s close.
“Given all the political uncertainty that lies ahead, we expect gold to pick up further safe-haven demand but the market is for now no doubt focused on a December 14 US interest rate rise. It may need to get that out of the way before finding a base,” Metal Bulletin analyst William Adams said.
Yesterday’s ADP non-farm employment change – a precursor to Friday’s blockbuster US jobs report – surprised on the upside at 216,000. A reading of 161,000 had been expected.
Elsewhere, China is mulling curbs on gold imports to stem capital leaving the country, according to reports.
“Interest in China is keeping the on-shore premium over loco London gold buoyant around $23; however, the Chinese influence on the broader market looks to be waning as dollar flows continue to dictate price action,” MKS noted.
In currencies, the dollar index was last at 101.42, down 0.15%.
The spot palladium price hit $776.50 per oz, its strongest since June 2015, and was recently quoted at $769/775 per oz, up $3. The spot silver price was just $0.005 higher at $16.480/16.515 per oz while spot platinum at $906/916 per oz was $3 higher.
(Editing by Mark Shaw)
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