Rubber climbed as European car sales expanded for the first time in 19 months, easing concern that ailing economies in the region will curb demand for the commodity used in tires.
Steel reinforcement-bar futures headed for a weekly loss as the price of iron ore, the main ingredient in steelmaking, fell to the lowest in five months.
Copper declined, poised for the first weekly drop in four, after data showed U.S. jobless claims rose and housing starts slumped, raising concern that demand from the second-biggest user is slowing.
China’s gold demand jumped to a record in the first quarter as sentiment regarding the country’s economy underpinned consumption during the Lunar New Year, according to a report today by the World Gold Council.
Strict quality checks of scrap copper shipments to China and a slowdown in U.S. recycling are boosting demand for ore at refiners in the biggest user of base metals.
Steel reinforcement-bar futures traded near the lowest level in more than five months amid rising output in China and as iron ore fell into a bear market.
Copper declined for a third day in London on concerns that demand from China, the U.S. and Germany, the largest users, is weakening.
Rubber fell to a one-week low on speculation that decreasing oil prices would cut the cost of synthetic products, decreasing the appeal of the natural variety.
Copper is poised to drop 16 percent by end of September to the lowest level in three years as it completes an Elliott Wave correction, according to technical analysis by Shanghai Cifco Futures Co.
Rubber inventory in Qingdao, China’s main hub for the commodity used to make tires, fell from a record as users drew down stocks amid a season lull in supply from Southeast Asia.