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Gold Drops, Copper Pops

COMMODITIES

Copper futures cleared the 2017 highs this morning to mark the best level for the metal since 2013. Stops appear to have been triggered on the way through 2017's 332.20, with support stemming from further evidence of Chinese demand, as Shanghai stockpiles continue to deplete, falling to their lowest levels in over 5 years.

Meanwhile, sizeable sell orders amid a thin market put spot gold prices under pressure. Gold slipped through major support at the 200-dma of 1799.83 which succeeded in propping up prices earlier in the week, pressing the metal to its lowest levels since July.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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