Copper futures fell to a one-week low after manufacturing shrank more than estimated in China and some Federal Reserve officials advocated further curbing of U.S. economic stimulus.
The additional costs paid by buyers for delivery of aluminum “soared to unimaginable highs” and are expected to rise higher amid demand from consumers and financiers, according to Commerzbank AG.
Gold advanced in London and New York on speculation a global rout of emerging markets will spur demand for precious metals as a safe haven.
Copper fell in London amid speculation Chinese holidays next week will sap demand in the world’s biggest consumer of the metal at a time when reports suggest the nation’s economy is slowing.
Copper rose in London, capping the first weekly gain since December, amid speculation that demand for the metal will strengthen as economies accelerate.
Copper fell in London after economic growth slowed in China, the world’s biggest consumer of the metal. Nickel slumped the most in four months.
Palladium imports by China, the world’s largest auto market, rebounded last year as manufacturers delivered a record number of cars, increasing demand for catalytic converters.
Gold rose for the first time this week on speculation that demand for bars, coins and jewelry increased and as investors awaited a U.S. jobs report tomorrow.
Sales of American Eagle silver coins by the U.S. Mint since the start of the year surpassed the annual record as the futures market rallied from the lowest in 34 months.
Turkey’s silver imports climbed in December to the highest since at least 1999 and inbound shipments of gold rose to the most since July as the metals capped their biggest annual decline in more than three decades.
"Indonesia will remain a headache for the metals markets for quite some time yet."
- Daniel Briesemann on Feb 28, 2014