RTRS: US gold and copper fall on worries over China, Greece
NEW YORK, March 5 (Reuters) - U.S. gold and copper
futures fell Monday, tracking weaker equities, pressured by
lingering worries about Greece's debt problems and China's
growth.
FUNDAMENTALS
* U.S. gold futures slipped as concerns over Greece's
progress on completing a debt restructuring deal and poor euro
zone data lifted the dollar versus the euro, and as appetite for
assets seen as higher risk, like commodities.
* Commodities and equities fell broadly after Chinese
Premier Wen Jiabao cut his country's growth target to 7.5
percent for 2012, from the 8 percent set in the previous eight
years.
* Commodities' price performances will increasingly diverge
this year, with supply and demand fundamentals in each market
exerting a stronger role, as economies start to recover and more
than three years of monetary stimulus come to an end.
* Copper futures fell around 1 percent, undermined by news
that top copper consumer China has shaved its economic growth
outlook for this year, and by concerns over Greece's progress on
completing a huge debt restructuring deal.
ECONOMY
* HSBC's China Services PMI climbed to a seasonally adjusted
53.9 in February from January's 52.5.
* Markit revised down its February Eurozone Composite PMI to
49.3 from a preliminary 49.7, below January's 50.4.
* U.S. January Factory Orders at 1000 EDT (1500 GMT) are
seen down 1.5 percent after December's 1.1 percent rise.
MARKETS
* Stocks fell and the euro hit a two-week low on a weak euro
zone PMI, and news that China will accept a slower growth rate.
* Brent crude inched up and U.S. oil eased as worries over a
supply crunch eased after China lowered its economic growth
target for 2012 and Iraq boosted production.