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Copper Gains on Tuesday, Gold and Silver Prices Fall

Val Kensington

How Did the Upbeat Home Sales Data Affect Commodities on May 24?

(Continued from Prior Part)

Copper gains on Tuesday

Due to better-than-expected US homes sales data released in the morning, copper surged higher on Tuesday. At 2:20 PM Eastern time, the Comex copper futures contracts for July delivery were trading at $2.06 per pound, a gain of 0.34%. The uncertainty over the stronger dollar and the upcoming demand from China are keeping the pressure on copper prices.

Decline in net long positions

On Tuesday, the LME (London Metal Exchange) reported a decline in the net long positions in copper. According to the weekly COT (Commitments of Traders) report, net long positions in copper declined 17% to 24,919 lots in the last week from the 30,023 lots reported the week prior. The 16.6% increase in US home sales supported copper prices on Tuesday. Almost one-third of the copper demand comes from the construction sector, and the boost in new home sales sparked hopes of growth in the demand for copper. At 2:35 PM Eastern time, major copper producer Freeport-McMoRan (FCX) fell by 2.2%, whereas Glencore (GLNCY), BHP Billiton (BHP), and Rio Tinto (RIO) rose by 2.0%, 0.39%, and 1.3%, respectively. The SPDR S&P Metals & Mining ETF (XME) fell by 1.1%.

Gold and silver fall on Tuesday

Gold drifted above its one-month low due the stronger dollar and the growing likelihood of an interest rate hike in June. At 2:45 PM Eastern time, the Comex gold futures contracts for June delivery were trading at $1,228.85 per ounce, a fall of 1.8%. Silver was trading at $16.26 per ounce, a decline of 0.99%. The upbeat US home sales data kept the pressure on gold prices, as the strong US economic data is expected to increase chances of an interest rate hike. At 2:50 PM Eastern time, precious metal producers Barrick Gold (ABX), Silver Wheaton (SLW), Newmont Mining (NEM), and Royal Gold (RGLD) fell by 4.9%, 3.2%, 5.4%, and 2.6%, respectively. The SPDR Gold Trust ETF (GLD) fell by 1.6%.

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