Matthew Zeman News
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Copper rose in New York, rebounding from the biggest drop in seven weeks, on renewed concern that the world’s mines will fail to keep pace with demand in China, the largest global buyer of the metal.
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Silver prices, already outperforming gold and copper, will extend a rally to a 30-year high, according to technical analysis by Matthew Zeman , a trader at LaSalle Futures Group in Chicago.
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Gold, which capped the biggest two- day drop in 11 months yesterday, may extend declines to the lowest price since September, according to technical analysis by Matthew Zeman , a trader at LaSalle Futures Group.
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Commodities fell for the second straight session on concern that European leaders will struggle to contain the region’s debt crisis, eroding prospects for the global economy and raw-material demand.
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Copper futures fell on signs of ample supplies as inventories rose to the highest in at least nine years in China, the world’s biggest consumer of industrial metals.
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Gold slumped the most in more than four weeks after minutes from the Federal Reserve’s latest policy meeting showed bankers may refrain from announcing further monetary stimulus unless economic growth slows.
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Gold fell from a record as declining energy prices and a rebound by the dollar eroded the appeal of the precious metal as an alternative asset and inflation hedge.
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Gold approached $1,570 an ounce, extending a rally to a record, on bets that the dollar will extend a slump, enhancing the allure of the metal as a store of value. Silver posted for the biggest monthly gain in 28 years.
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Copper futures rose to a two-week high as pending sales of previously owned U.S. homes rose more than forecast, bolstering prospects for metal demand.
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Gold futures had the biggest drop in almost three weeks as U.S. equities rose, eroding demand for the precious metal as an alternative investment.
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