SG:US gold steadies and copper edges up on better sentiment
Reuters reported that US gold futures steadied after recent sharp losses, while copper edged up as the dollar weakness and better global economic sentiment helped stabilize the industrial metals market.
Fundamentals
1. US gold futures steadied after the producer prices and weekly jobless claims data.
2. Analysts said that a strong dollar and fading expectations of more monetary easing in the United States made the yellow metal vulnerable to more selling.
3. US copper futures edged up recovering after 1% drop in the previous session but concerns about the outlook for demand from top consumer China weighed on sentiment and kept prices within a tight trading range.
4. LME copper stocks MCUSTX-TOTAL continued to fall down 2,875 tonnes to 267,750 tonnes, the lowest level since July 2009. The ratio of canceled warrants material earmarked for delivery to the total stocks at 33.47 percent.
