RTRS: US gold, copper futures gain with euro, oil drop
Feb 28 (Reuters) - U.S. gold and copper futures both
firmed on Tuesday as the euro regained ground on the dollar and
as further declines in oil prices increased the appetite for
riskier assets.
FUNDAMENTALS
* Gold prices rose towards $1,780 an ounce on Tuesday,
benefiting from gains in the euro ahead of an expected injection
of cheap money from the European Central Bank this week, which
is lifting appetite for assets seen as higher risk.
* Spot gold was higher at $1,781.76 an ounce at 8:28
a.m. EST than $1,766.49 at the previous finish.
* U.S. gold futures for April delivery were up $7.90
cents an ounce at $1,782.80.
* Copper prices rallied to a two-week high, as the European
Central Bank's upcoming cash boost for banks and a
retracement in crude oil prices renewed appetite for risky
assets.
* Three month copper on the London Metal Exchange
traded at $8,645 a tonne up sharply from Monday's $8,536 a tonne
close.
* Earlier, copper rose to its highest since Feb. 10 at
$8,689. The five-month peak at $8,765 a tonne was reached
earlier in February. Copper has climbed around 13 percent so far
this year.
* U.S. copper futures for May delivery was up 3.10
cents to $3.92 after durable goods orders were released.
ECONOMY
* U.S. January durable goods orders slid 4.0 percent, much
more than the 1.0 decline forecast. It was the reading's largest
decline since January 2009. December orders were upwardly
revised to a 3.2 percent increase.
* Richmond Federal Reserve Bank's February manufacturing
survey at 1000 a.m. EST.
* U.S. February consumer confidence due at 1000 a.m. EST.
MARKETS
* The euro traded close to a three-month high against the
U.S. dollar on Tuesday ahead of an injection of cheap cash from
the European Central Bank that looked set to boost risk appetite
and fuel short-term gains in the single currency.
* Crude oil prices slipped towards $123 a barrel as
investors worried about high prices hurting demand, but ongoing
supply concerns and the expectation of further liquidity
injections from the ECB helped underpin prices at elevated
levels.
