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On Tuesday, copper prices tumbled in Asia, as a strike at a major Indonesian mine has ended.
Reuters informed that Freeport McMoRan's Indonesian unit has already resumed its copper production at its Grasberg mine. Currently, traders are paying attention to a weeks-long strike in Chile at the Escondida copper mine owned by Australia's BHP Billiton.
In New York, May delivery copper futures dipped 1.02%, trading at $2.628 a pound on the news.
Additionally, April delivery gold futures sagged 0.46%, trading at $1,228,35 a troy ounce.
Overnight, gold dipped, backed by a tumble in the greenback, which is on track for the fourth session of drops, after G20 financial leaders didn’t manage to make a case for open and free global trade. Besides this, more dovish than expected Fed comments as for rate lifts kept backing the number one precious metal.
By the way, a tumble in the greenback also backed gold, as this commodity is dollar denominated.
On Monday, market participants were selling metals as well as other assets, which are traditionally referred to as "safe havens" due to the weakening fears of a trade conflict between the United States and China…
On Friday, demand for gold slumped in the face of the growth of the evergreen buck…
On Thursday, gold dived, getting back to a minimum since December in the face of the diving American currency as well as the yield of US government bonds…
America’s on the verge of starting an investigation into whether thermoplastic components utilized in some Japanese as well as German vehicles sold in the country violate its patent laws or not…
On Monday, gold headed south in European trade, making its way toward a three-week minimum after American congressional leaders came to an agreement to fund the government via the fall, thus easing worries as for a shutdown of the federal government…
On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…
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