METALS MORNING VIEW 20/04: Metals witness unsurprising profit-taking

Base metals traded on the London Metal Exchange have come under downward pressure this morning, Friday April 20, with the complex posting an average loss of 1.1% amid healthy trading volumes.

Nickel (-2.9%) and aluminium (-1.1%) have been hit the most, which is not surprising after the substantial gains both metals made earlier this week. They remain the star performers in the week to date, with aluminium up around 8% and nickel up about 6% on the week. Zinc, largely flat, is the most resilient of the base metals complex.

Today’s downward pressure across the industrial metals reflects some healthy profit-taking – conservative traders are inclined to lock in some profits by the end of the trading week.

This also coincides with a weaker risk-taking appetite in Asia, as the fall of 1.5% in the Shanghai Composite index indicates. Ongoing trade disputes between the United States and China continue to weight on market sentiment.

Equities in the rest of the world have also come under downward pressure, in part owing the significant acceleration in bond yields – the yield on US 10-year treasuries is above 2.90%, which has forced some portfolios managers to de-risk.

The base metals on the Shanghai Futures Exchange are also under selling pressure this morning, with nickel (-3.3%) and aluminium (-2.1%) the worst performers, while tin (-0.3%) is the most resilient. SHFE base metals prices are underperforming slightly against LME prices in spite of a stronger dollar versus the yuan.

The USD/CNY is at 6.29, up for a second day in a row. The recent weakness in the yuan has been driven by the recent dovish move by the People’s Bank of China earlier this week, that is, a cut in the reserve requirement ratio (RRR) for some banks by 1%, effective April 25.

Copper prices in Changjiang are down by 0.5% at 51,350-51,660 yuan ($8,180-8,229) per tonne and the LME/Shanghai copper arb ratio stands at 7.40, up from 7.37 at the start of the week.

Turning to the precious metals, the complex is marginally lower, with gold (-0.3%) and silver (-0.3%) underperforming the platinum group metals (PGMs), with platinum up by 0.2% and palladium down by 0.1%. This can be attributable to two factors. First, gold and silver tend to be more sensitive to the fluctuations in (real) yields than PGMs. Second, the recent US sanctions against Russia pose a stronger supply risk to PGMs (especially palladium) than gold and silver.

In this vein, it is not surprising that palladium, up nearly 7% on the week, outperforms the rest of precious metals complex. Silver also looks strong, up roughly 4% since Monday, which is primarily attributable to a powerful bout of short-covering (evident in the steep decline in open interest) after speculators became too aggressively bearish on the metal.

The macroeconomic calendar is fairly light today – investors will watch consumer confidence for April in Europe and pay attention to some US Federal Reserve speeches, including San Francisco Fed President John Williams. This could have implications for the dollar and risk sentiment and therefore, on the metals complex.

Base metals may experience more profit-taking today because most investors will be induced to secure some gains by the end of the trading week. Given the substantial gains made recently, industrial metals are likely to see more volatility in the near future. But overall strong fundamentals across various base metals should keep the market in a “buy on the dips” mentality.

Bulls have come back with a vengeance this week after a disappointing absence. In this context, we expect the complex to be much more sensitive to bullish news rather than bearish news. The uptrend is therefore due to continue for longer.

Precious metals may be undermined by the negative macro backdrop characterized by a stronger dollar and higher US real rates over the very short term. PGMs could continue to outperform their complex due to their lower sensitivity to real rates and stronger correlation to base metals.

Silver could also withstand this negative macro environment in so far as its speculative positioning is in process of being normalized so shorts keep covering their positions. Over the longer term, however, we expect real rates to push lower on rising inflation expectations, which should underpin the rally across the precious metals complex.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

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METALS MORNING VIEW 19/04: Metal prices higher on broad-based commodity rally

After the eventful rally on Wednesday April 18, both the base and precious metals prices have continued their upward momentum this morning. Broad-based commodity rally has supported all metals prices higher, with an average gain of 1.2% in base and a 0.3% rise in precious as of 06:27 London time.

Trading volume on the London Metal Exchange is significantly higher than previous day, with 14,776 lots already traded at the time of writing. The high trading volume indicate an active market that are supporting the current bullish trend.

The LME three-month nickel price is up 3% followed by sanctions-hit aluminium at 2.3%, while the rest of its peers are up 0.5% this morning. Aluminium prices continue to rise and remain well bid amid on-going concern over a supply crunch due to US sanctions against Russian aluminium producer Rusal. But nickel on the other hand, has outshined the light metal after the price surged 6.9% on Wednesday April 18 amid sanction hysteria. The metal has been subjected to panic buying and wild (potentially baseless) speculation that fresh US sanction is imminent against Norilsk which is partially owned by Russian tycoon Oleg Deripaska.

Palladium is on the same page, with a sharp U-turn from April 6 low at $897 per oz and it is now trading comfortably at $1,037.50 per oz, up 0.2% this morning. The bullish vibe runs in platinum too, up 0.8% while gold is unchanged at $1,351.25 per oz and silver traded higher, perhaps on short-covering rally towards $17.23 per oz. The weak dollar index has languished at 89.60 for a while and provided the metals complex with sufficient tailwind to continue higher.

In other currencies, the Euro and Sterling are down 0.1% while the Japanese yen weakened to 107.21 as geo-political tensions eased between the US and Russia over the alleged chemical attack in Syria. Currencies in developing economies such as Brazilian real, Indonesian rupiah and South African rand are a touch higher too as outlook on trade friction between the US and China has lightened up.

Similarly, with the outlook and prospect of an improved macro-economic backdrop, this has fuelled global equity market higher. Both the European and US equity indexes secured gains, with the UK FTSE 100 up 1.26% while US S&P500 gained 0.08% and settled above 2,700 points yesterday. In the early Asian trading session, the Hang Seng lead the rest of its peers after it rose 0.98%, ASX 200 up 0.33% and Nikkei gained 0.15%.

Metals prices on the Shanghai Futures Exchange made strong gains, with the base metals prices up an average 2.2%. Leading the gains are nickel and aluminium at 3.1%, followed by zinc and lead at 2.6% and 2% while copper managed to rise by 1.9% and tin, struggled to replicate similar gains, is up a modest 0.2%. The positive Q 1 Chinese GDP number, strong retail sales and the surprise cut by China central bank in bank reserve ratio requirements have fuelled metals demand. Rebar prices on the SHFE has also risen strongly, up 1.4% at 3,494 rmb. On other metals, September 2018 iron ore contract rose 4.9% and currently trade at 468 rmb.

Economic data overnight is light, with employment numbers from Australia coming below market consensus but overall unemployment rate is stable at 5.5%. Later today, market focus will turn to UK retail sales, US Philly Fed manufacturing index and unemployment claims. Several Fed members are due to speak, with Brainard, Quarles and Mester.

The sharp swing higher in aluminium and nickel prices are dragging the rest of the base metals higher too. Recent economic data from both China and the US remained robust, which suggest that the health of the global economy is truly well and expanding on the back of a co-ordinated concerted growth. This has supported risk appetite and drown out previous uncertainties such as trade frictions and geo-political tensions in the Middle-East as mere market noises. Even though we continue to see higher prices, the current rally in both aluminium and nickel could get volatile and vulnerable to bouts of profit taking.

Precious metals prices should continue to consolidate higher, with silver the preferred choice among risk-averse investors. This is evident as the gold/silver ratio declined to 78.28 from April high at 82.55. Meanwhile, the PGMs are holding up well and continue to benefit from the broad-based commodity rally.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

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METALS MORNING VIEW 09/04: Gold, silver and PGM prices moving sideways

Precious metals are mixed this morning with gold prices off by 0.4%, silver prices are unchanged, while the platinum group metals (PGM) are up either side of 0.5%.

Gold prices are stuck sideways, as are silver prices, while the flight in PGM prices of late has halted with some bargain hunting seen. The fact gold prices have not been more bullish, suggests the markets are still reducing risk, but the situation is not so critical to attract safe-haven buying.

Base metals prices on the London Metal Exchange are for the most part stronger this morning, Monday April 9. Zinc is the exception with a 0.6% decline, while the rest are up between 2.8% for aluminium ($2,113 per tonne) and 0.2% for tin. Copper prices are up by 1.1% at $6,831 per tonne.

Volume has been extremely high at 24,925 lots – the bulk of that has been seen in aluminium (11,180 lots) where trading has been active in response to the United States’ latest sanctions on Russia.

On the Shanghai Futures Exchange this morning, aluminium and copper prices are up by 0.9% and 0.2% respectively, with the latter at 50,480 yuan ($8,005) per tonne, while the rest of the metals are down by an average of 1%.

Spot copper prices in Changjiang are down by 0.3% at 50,330-50,530 yuan per tonne and the LME/Shanghai copper arbitrage ratio has eased to 7.40, from 7.42 on Wednesday last week.

In wider markets, spot Brent crude oil prices are up by 0.4% at $67.27 per barrel and the yield on US 10-year treasuries is lower at 2.79%, as is the German 10-year bund yield at 0.49%.

Equity markets in Asia are for the most part firmer: Nikkei (+0.51%), Kospi (+0.6%), the ASX 200 (+0.34%), Hang Seng (1.26%), although the CSI 300 is weaker (-0.21%), but it had been closed last Thursday and Friday. What is interesting is that Asia’s markets have avoided following last Friday’s weaker performance in western markets, where in the US the Dow Jones dropped 2.34% to 23,932.76, and in Europe where the Euro Stoxx 50 closed down 0.64% at 3,408.10.

The dollar index at 90.17 has slipped back into its sideways trading range following last Thursday’s attempt to move higher. It would take a move above 90.94 to suggest an upside break. The euro is consolidating (1.2272), as are the yen (107.10) and the Australian dollar (0.7676), while sterling is firmer (1.4101). The yuan is weaker at 6.3105, before the holiday it was at 6.3007, while the emerging market currencies we follow remain on a back footing.

Data out already shows Japan’s consumer confidence was unchanged at 44.3 and its economy watchers sentiment climbed to 48.9 from 48.6. Data out later includes German trade balance, EU Sentix investor confidence and UK house prices and retail sales monitor.

Aluminium prices are surging higher on the back of concerns that US sanctions against Russia and key Russian firms, including aluminium producer Rusal, will disrupt supply. The rest of the base metals are for the most part consolidating within recent ranges. The fact Asian equity markets are not following US equities lower suggests traders may be shrugging off that latest rhetoric on US-China tariffs, but we do expect trading to remain nervous. Any let-up in trade tensions may well spark another round of buying from consumers and investors alike, especially as we are now in the second quarter, which is seasonally a stronger period for demand.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

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METALS MORNING VIEW 06/04: More Trump rhetoric, more nervousness in metals markets

Base metals prices on the London Metal Exchange are for the most part weaker this morning, Friday April 6, following further announcements from the White House of increased tariffs against China.

The main movers are nickel (-1.2%), copper (-0.9%) at $6,755 per tonne, lead (-0.7%) and zinc (-0.5%), while tin and aluminium are little changed.

Volume remains light with 2,931 lots traded as of 07.31 am London time, this as China remains on holiday to mark the Qing Ming Festival, or tomb-sweeping day.

This morning’s performance follows a day of recovery on Thursday that saw the base metals complex close with gains averaging 0.9%.

Precious metals are down across the board this morning, which seems odd considering the overnight sell-off in metals and equities. Gold, platinum and palladium prices are all down by 0.2%, with gold at $1,326.04 per oz, while silver prices are down by 0.4% at $16.32 per oz. This follows a generally bearish day on Thursday that saw gold prices drop by 0.4%, platinum fall by 0.5% and palladium weaken by 2.5%, while silver bucked the trend with a 0.4% rise.

In wider markets, spot Brent crude oil prices are down by 0.85% at $67.89 per barrel and the yield on US 10-year treasuries is firmer at 2.82%, while the German 10-year bund yield remains at 0.51%.

Equity markets in Asia are for the most part weaker: Kospi (-0.33%), Nikkei (-0.36%), the ASX 200 (flat), while the Hang Seng is up by 1.09% – but having been closed on Thursday, it had some catching up to do. Thursday saw a strong rebound in western markets, where in the United States the Dow Jones climbed 0.99% to 24,505.22, and in Europe where the Euro Stoxx 50 closed up by 2.68% at 3,429.95.

The dollar index at 90.53 has moved up through the first (90.45) of the resistance levels we have been watching, the next is at 90.94 – a move above this would suggest an upside break. As the dollar strengthens, most of the majors are weaker: euro (1.2227), sterling (1.3987), yen (107.40), although the Australian dollar at 0.7668 is firmer. The yuan is giving flat at 6.3007, we wait to see how it reacts when the China’s back from holiday. The emerging market currencies we follow are on a back footing.

The economic calendar is focused on the employment report from the United States; non-farm employment is expected to rise by 188,000 and the unemployment rate is expected to drop to 4%. Data already out showed Japan’s average cash earnings rise 1.3%, up from 1.2% previously, and Japan’s leading indicators climb to 105.8% from 105.6%. Meanwhile, German industrial production dropped 1.6% – it was expected to rise 0.2%. Data out later includes France’s government budget and trade balance, the European Union’s retail purchasing managers’ index (PMI) and the United Kingdom’s housing equity withdrawals. As well as the US employment report there is also data on US consumer credit. In addition, the US Federal Reserve’s chair Jerome Powell and Bank of England governor Mark Carney are speaking.

The base metals are reacting to the trade rhetoric, having started to find some support in recent days, prices are weaker again this morning, but overnight trading will have been more pronounced as volumes have been light with China on holiday.

We wait to see if follow-through selling emerges, or whether traders shrug off the latest comments as more rhetoric. While the trade tensions last, i.e. until an agreement is reached – if one is, we would expect prices to consolidate further. Any let-up in trade tensions may well spark another round of buying from consumers and investors alike, especially as we are now in the second quarter, which is seasonally a stronger period for demand.

The fact gold prices have not reacted positively to the latest escalation in trade tariffs, while industrial metals and equities have sold off, suggests another round of risk-off. We wait to see if there is a secondary reaction – one of haven buying, which we may well see ahead of the weekend if trade tensions are not calmed by then.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

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METALS MORNING VIEW 05/04: Precious metal prices are mostly weaker as the haven market calms down

Precious metals are for the most part weaker this morning, with gold down by 0.4% at $1,329.16 per oz, silver and platinum both off by 0.3%, while palladium is up by 0.1%. This follows on from Wednesday when gold was little changed, while the more industrial precious metals closed down between 0.4% and 0.9%.

With trade officials leaving the door open for further negotiations, the market seems to have calmed down and that has reduced demand for haven assets. Gold prices have as a result eased (so has the yen). Gold prices are back in the middle of the recent range which runs between $1,310-1,360 per oz. We expect choppy trading ahead until a clearer direction on trade emerges. The platinum group metals are suffering harder and trending lower, while silver prices are not holding up as well as gold prices, but they have yet to break into a downward trend.

Base metals prices on the London Metal Exchange are mixed this morning, Thursday April 5. The main movers are nickel, with prices up by 0.6% at $13,230 per tonne, and zinc where prices are down by 0.5% at $3,237 per tonne. Copper prices are up by 0.1% at $6,721 per tonne.

Volume has been light with 2,187 lots traded as of 06.46 am London time, this because China is off for the rest of the week to mark the Qing Ming Festival, or tomb-sweeping day.

This morning’s performance follows a down day on Wednesday, when prices fell by an average of 1.3%, led by a 2.6% fall in nickel prices.

In wider markets, spot Brent crude oil prices are up by 0.08% at $68.31 per barrel and the yield on US 10-year treasuries is firmer at 2.81%, as is the German 10-year bund yield at 0.51%.

Equity markets in Asia are firmer this morning: Kospi (+1.24%), Nikkei (+1.9%) and the ASX 200 (+0.54%). This follows a mixed performance in western markets on Wednesday, where in the United States the Dow Jones rebounded with a 0.96% to 24,264.30, and in Europe where the Euro Stoxx 50 closed down by 0.20% at 3,340.35.

The dollar index at 90.20 is little changed but it is looking stronger – each move above 90.45 and 90.94 would improve the currency’s outlook. The euro at 1.2271 is looking potentially top-heavy, sterling is consolidating at 1.4064, as is the Australian dollar at 0.7691, while the yen is looking weaker at 106.89. The yuan is giving back more of its recent gains – it was recently quoted at 6.3045. Most of the emerging market currencies we follow are split into two groups with the rupiah, rupee and real on a back footing, while the ringgit and peso are showing strength and the rand is giving back some of its recent gains.

The economic calendar is busy today with data out already showing Germany’s factory orders rising 0.3%, which was an improvement on the previous 3.9% decline, but was short of the 1.6% gain expected. Data out later includes services purchasing managers’ index (PMI) data out across Europe and United Kingdom, along with data from the United States that includes Challenger jobs cuts, initial jobless claims, trade balance and natural gas storage. In addition, US Federal Open Market Committee Member Raphael Bostic is speaking.

Heightened trade tensions pulled the rug from under the industrial metals prices on Wednesday, which saw prices give back varying degrees of the gains seen last week and on Tuesday. Wednesday’s sell-offs did leave underlying tails on the day’s candlestick charts which suggested there was further dip buying around. That said, sentiment in the metals remains weak and given weaker economic data and the potential for trade disputes, it is not surprising consumers are waiting on the side-lines to see how events pan out. Overall, we remain bullish on the outlook for the global economy, so we see the correction as temporary and are on the lookout for buying opportunities – any let-up in trade tensions may well spark another round of buying from consumers and investors alike.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

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METALS MORNING VIEW 04/04: Continuing trade tensions weigh on sentiment

Base metals prices on the London Metal Exchange are down by an average of 0.4% this morning, Wednesday April 4. Tin is the only metal showing any gains, while the rest are down between 0.4% and 0.7%, with copper off by 0.4% at $6,783 per tonne.

Volume has been average with 7,996 lots traded as of 07.36am London time.

This follows a general day of gains on Tuesday when the complex closed with average gains of 0.4%. Aluminium was the only one to close lower and indeed it broke below $2,000 per tonne to set a low of $1,978 per tonne, the lowest since August last year.

Precious metals are little changed this morning with gold and silver prices both up by 0.1% – with spot gold recently quoted at $1,334.37 per oz, while platinum and palladium prices are down by 0.1% and 0.2% respectively. This follows gains in bullion prices on Tuesday of around 0.5%, while platinum prices weakened by 0.6% and palladium prices sank by 2.1%

On the Shanghai Futures Exchange this morning, the base metals are showing weakness across the board with prices down between 0.1% for copper at 50,330 yuan ($8,002) per tonne and 1% for zinc.
Spot copper prices in Changjiang are up by 0.1% at 50,480-50,650 yuan per tonne and the LME/Shanghai copper arbitrage ratio has edged out to 7.42, from 7.40 on Tuesday.

In other metals in China, iron ore prices are down by 3.6% at 441 yuan per tonne on the Dalian Commodity Exchange. On the SHFE, steel rebar prices are down by 0.8%, silver prices are off by 0.5% and gold prices are unchanged.

In wider markets, spot Brent crude oil prices are down by 0.43% at $67.85 per barrel and the yield on US 10-year treasuries is firmer at 2.77%, as is the German 10-year bund yield at 0.50%.

Equity markets in Asia are mixed this morning: CSI 300 (-0.09%), Kospi (-1.41%), Hang Seng (-1.13%), Nikkei (+013%) and the ASX 200 (+0.16%). This follows a mixed performance in western markets on Tuesday, where in the United States the Dow Jones rebounded 1.65% to 24,033.36, and in Europe where the Euro Stoxx 50 closed down by 0.43% at 3,346.93.

The dollar index at 90.21 is looking stronger, each move above 90.45 and 90.94 would improve the currency’s outlook. The euro at 1.2267 is looking potentially top-heavy, sterling is consolidating at 1.4062, as is the Australian dollar at 0.7692, while the yen is looking weaker at 106.56. The yuan is giving back some of its recent gains, it was recently quoted at 6.2933. Most of the emerging market currencies we follow are split into two groups with the rupiah, rupee and real on a back footing, while the rand, ringgit and peso are showing strength.

The economic calendar is busy today with data out already showing China’s Caixin services purchasing managers’ index (PMI) dropped to 52.3, from 54.2 previously. Later there is the Italian and European Union unemployment rates, the United Kingdom’s construction PMI, EU consumer price index (CPI) along with a host of data from the US including ADP non-farm employment change, services PMI, factory orders and crude oil inventories. In addition, US Federal Open Market Committee Member Loretta Mester is speaking.

The recent rebounds across most of the metals are struggling, so it remains unclear whether recent strength was just a half-way pause in the downward correction. Given the continuing trade rhetoric and some soft economic data it is not surprising that consumers and investors feel little need to be aggressive buyers, while price weakness is prompting further stale long liquidation. Overall, we remain bullish on the outlook for the global economy, so we see the correction as temporary and are on the lookout for buying opportunities – any let-up in trade tensions may well spark another round of buying from consumers and investors alike.

Gold prices are consolidating in mid-ground, the market seems stuck in a $1,310-1,360 per oz range. Given jittery stock markets and trade tensions, it is surprising gold prices are not attracting more interest. That said, talk of summits between the US and North Korea and the US and Russia, as well constructive developments between some of the Arab majors and Israel, all point towards some easing in geopolitical tensions.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

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METALS MORNING VIEW 03/04: Metals mainly firmer – bargain hunting for Q2 emerging?

Base metals prices on the London Metal Exchange are for the most part stronger this morning, Tuesday April 03, with prices up by an average of 0.7%.

Copper, aluminium and nickel lead the advance with gains averaging 1.1% – with copper at $6,811 per tonne, followed by tin and zinc that are up by 0.7% and 0.3% respectively, while lead is bucking the trend with a 0.1% decline.

Volume has been high with 13,443 lots traded as of 07.24am London time.

This morning’s strength builds on the rebounds that started to get underway at the tail-end of last week – the exception being aluminium where prices continued to weaken last week, but has found some strength today.

In precious metals this morning, gold, silver and platinum prices are stronger by 1.1%, 1.4% and 0.6% respectively, while palladium prices are down by 1.7%.

On the Shanghai Futures Exchange this morning, the base metals are showing more divergence. Aluminium prices lead on the upside with a 1.6% gain, followed by copper prices that are up by 0.3% at 50,440 yuan ($8,023) per tonne and tin prices that are up by 0.2%. The others are weaker with lead, zinc and nickel prices off by 1.3%, 0.7% and 0.4% respectively.

Spot copper prices in Changjiang are up by 0.8% at 50,380-50,680 yuan per tonne. The LME/Shanghai copper arbitrage ratio has eased to 7.40, from 7.42 on Thursday.

In other metals in China, iron ore prices are down by 2.1% at 453.50 yuan per tonne on the Dalian Commodity Exchange. On the SHFE, steel rebar prices are down by 1.2%, while gold and silver prices are up by 0.7% and 0.6% respectively.

In wider markets, spot Brent crude oil prices are down by 2.24% at $67.78 per barrel and the yield on US 10-year treasuries is weaker at 2.74%, as is the German 10-year bund yield at 0.49%.

Equity markets in Asia are weaker this morning as they follow the sell-off in US markets on Monday: CSI 300 (-0.86%), Kospi (-0.07%), Hang Seng (-0.19%), Nikkei (-0.45%) and the ASX 200 (-0.13%). This follows a 1.9% sell-off in the Dow Jones that closed at 23,644.19.

The dollar index at 89.94 is meandering sideways below recent resistance that is positioned around 91, but well above recent lows that range between 88.25 and 88.94. The euro (1.2316) is moving sideways, the yen (106.00) is firmer, as are sterling (1.4065) and the Australian dollar (0.7703). The yuan is giving back some of its recent gains, it was recently quoted at 6.2851. Most of the emerging market currencies we follow are split into two groups with the rupiah, rupee and real on a back footing, while the rand, ringgit and peso are showing strength.

The economic calendar is busy today with data out already showing German retail sales dropped by 0.7%. Later we have Spanish unemployment change and manufacturing purchasing managers’ index (PMI) out across Europe, with US data including economic optimism and total vehicle sales. In addition, US Federal Open Market Committee member Lael Brainard is speaking.

Most of the base metals prices are rebounding, which is encouraging considering the weakness in equity markets. It also suggests that perhaps the rebounds last week were not just short-covering ahead of the Easter weekend and were the start of bargain hunting ahead of the second quarter. Overall, we remain bullish on the outlook for the global economy so we see the correction as temporary and are on the lookout for buying opportunities – any let-up in trade tensions may well spark another round of buying from consumers and investors alike.

Gold prices are holding up in high ground, prices are volatile in line with gyrations in equities and the rhetoric over trade. Silver is following gold’s lead, while the platinum group metals are still looking weak.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

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