Copper rises for second day, dollar ekes out gains

Economies.com
2018-08-08 13:48PM UTC

Copper futures tilted higher in American trade while the dollar index traded mostly flat with a tilt higher, following earlier trade data from China, the world's largest metals consumer. 

 

As of 01:38 GMT, copper futures due in September rose 0.18% to $275.70 a pound, while the dollar index climbed 0.07% to 95.25 against a basket of major rivals. 

 

Earlier Chinese data showed the trade surplus fell to 177 billion yuan, or $28.1 billion in July, compared to 262 billion yuan in June, and missing estimates of 229 billion, as imports outpaced exports last month. 

 

Federal Reserve Bank of Richmond President Thomas Barkin spoke earlier today at a town hall event, in Virginia, where he lauded the the strong performance and outlook for the economy, with stellar growth, unemployment numbers, while wages are growing quickly.

 

Barkin believes that inflation is heading firmly towards the Federal Reserve's 2% target, while both business and consumer confidence continue to improve, in turn all allowing for the Fed to increase interest rates and tighten policy in a gradual manner.  

 

Last week, the Federal Open Market Committee voted to hold overnight interest raters unchanged at 1.75% to 2.0% as expected by analysts, while laying the groundwork for further policy tightening and normalization of the balance sheet in the months to come. 

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Technical Analysis

Commodities

Wheat price returns to the bullish correction – Forecast today - 29-03-2024
2024-03-29 01:50AM UTC
Wheat Price Analysis Expected Scenario: Continuing Bullish Momentum Wheat price rallied ...
Technical Analysis

Commodities

Sugar price completes the positive pattern – Forecast today - 29-03-2024
2024-03-29 01:49AM UTC
Sugar Price Analysis Expected Scenario: Continuing Bullish Trend Sugar price managed to breach ...
Technical Analysis

Commodities

Soybean price keeps the positive stability – Forecast today - 29-03-2024
2024-03-29 01:49AM UTC
Soybean Price Analysis Expected Scenario: Continuing Bullish Trend Soybean price attempted to ...