Precious Metals and Base Metals Market Update (July 30,2024-August3,2024).


Tuesday, July 30, 2024:

Three-Month Copper: The London Metal Exchange (LME) reported a 0.7% decline in three-month copper prices, which fell to $9,045 per tonne by 11:06 GMT.

Wednesday, July 31, 2024:

Spot Gold: The price of spot gold increased by 0.3%, reaching $2,391.14 per ounce.

US Gold Futures: Gold futures saw a 0.4% increase, climbing to $2,387.89 per ounce. The rise in futures suggests positive sentiment about gold's future performance.

Silver: Silver prices were up 0.1%, reaching $27.90 per ounce.

Platinum: The price of platinum increased by 0.3%, reaching $950.98 per ounce.

Palladium: Palladium prices remained stable at $903.75 per ounce, suggesting a balanced supply and demand scenario or investor caution.

Friday, August 2, 2024:

Spot Gold: The spot price of gold fell by 0.7% to $2,432.29 per ounce.

US Gold Futures: Gold futures firmed 0.1% to $2,476.10 per ounce.

Three-Month Copper: Copper prices on the LME slipped by 1.1%, reaching $9,126 per tonne.

Saturday, August 3, 2024:

Three-Month Copper: Copper prices on the LME recovered slightly, rising by 0.5% to $9,100.50 per tonne by 10:15 GMT.

In conclusions, it is highlighted that:

1. Copper Market Volatility: The price of three-month copper on the LME demonstrated notable volatility over the week. The initial decline on July 30 and the further drop on August 2 indicate persistent bearish sentiment or weakening demand.  However, the slight recovery on August 3 suggests some stabilization or a possible correction.

2. Gold and Precious Metals Trends: Gold prices exhibited mixed movements throughout the week. The rise on July 31 indicates increased investor interest. The subsequent drop on August 2, despite the firmness in futures prices, may be suggestive of profit-taking or reaction to changing market conditions. The other precious metals like silver, platinum, and palladium indicates stability.

Overall, the metals market experienced fluctuations influenced by economic signals and investor sentiment, with copper showing volatility and precious metals reflecting mixed responses to market conditions.

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