ECM: US gold up above $1,430/oz, copper heads higher
NEW YORK: US gold futures climbed above $1,430 an ounce on Monday, supported by rising crude oil prices and a weaker dollar , and improved risk appetite at the start of the week gave copper a boost.
FUNDAMENTALS
Gold rose back above $1,430 an ounce on the back of higher crude oil prices and a weaker dollar.
Speculators in gold futures and options raised their net long positions as prices rose to fresh records last week, data from the US Commodity Futures Trading Commission showed.
Copper up at the start of the new trading week, buoyed by improved risk appetite in the aftermath of last week's positive employment data in the United States .
London Metal Exchange (LME) copper warehouse stocks fell by 950 tonnes to 437,900 tonnes, latest data showed.
Abnormally high Chinese copper stocks need to be watched carefully -- Codelco [CODEL.UL] Chief Executive Diego Hernandez said Monday at the start of CESCO's exploration forum in Santiago.
ECONOMIC DATA
Conference Board releases employment trend index for March. 10 a.m. The index read 101.7 in the prior report.
OUTSIDE MARKETS
US and Brent crude oils rose on unrest in the Middle East and Iran's comment that OPEC need not hold an extraordinary meeting.
World stocks rose on signs of growth in the global economy. The euro rose against the yen. Prices at 8:13 a.m. EDT