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Metals market today: Copper down to $3.5, silver plunges more than 2%

11:00, 15 August 2022

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In this article:
  • Palladium
    Palladium
    2189.12 USD
    -16.09 -0.730%
  • Platinum
    Platinum
    875.01 USD
    8.7 +1.010%
  • Silver
    Silver
    18.993 USD
    0.146 +0.780%
  • Gold
    Gold
    1668.71 USD
    7.54 +0.450%

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Copper nuggets on a black background
Copper fell more than 3% on Monday morning, following disappointing Chinese industrial output data – Photo: Shutterstock

Precious metals were distinctly downbeat on Monday morning, with gold, silver, platinum and palladium all down, following a rebound in the US dollar (DXY), as well as increased speculation of the US Federal Reserve continuing its aggressive interest rate raising plan.

Gold fell 1.2% to $1,780 per troy ounce this morning, drawing back on the gains of last week, but still boasting a monthly rise of more than 4%.

Gold pulled back on the last week’s gains as investors worried about more rate hikes

 

Metals market performance

Silver dropped 2.2% to $20.3 per troy ounce, tracking gold’s footsteps, as the precious metal also suffered due to a stronger US dollar (DXY). However, it has still risen about 9% this month.

Platinum dipped 2.8% to $935 per troy ounce, pulled down by the US Federal Reserve already having raised interest rates 4 times this year so far, with disappointing economic data from China as well. Similarly, palladium also slipped about 2.1% to $2,168 per troy ounce.

Copper dropped 3.1% to $3.5 per pound, following decreasing industrial output from China leading to resurging fears about slowing economic growth and recession. Iron ore also fell from CNY 762 per tonne in the previous trading session to CNY 757 per tonne on Monday morning. Aluminium inched lower 2.2% to $2,381 per tonne.

The US dollar (DXY) jumped from 105.8 in the previous trading session to 106.3 on Monday morning.

US Treasury yields dropped from 2.9% in the last trading session to 2.8% this morning.

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Top mining ETFs and mining stocks

The S&P Global Metals and Mining ETF (XME) rose more than 7% this week

The Van Eck Gold Miners ETF (GDX) inched up 2.3% to $27.20, with a weekly rise of 1.9%.

AMC

7.31 Price
-6.830% 1D Chg, %
Long position overnight fee -0.0308%
Short position overnight fee -0.0137%
Overnight fee time 21:00 (UTC)
Spread 0.22

NVDA

122.13 Price
-4.050% 1D Chg, %
Long position overnight fee -0.0064%
Short position overnight fee -0.0059%
Overnight fee time 21:00 (UTC)
Spread 0.15

AAPL

142.43 Price
-4.750% 1D Chg, %
Long position overnight fee -0.0064%
Short position overnight fee -0.0059%
Overnight fee time 21:00 (UTC)
Spread 0.05

TSLA

269.43 Price
-6.230% 1D Chg, %
Long position overnight fee -0.0308%
Short position overnight fee -0.0137%
Overnight fee time 21:00 (UTC)
Spread 0.33

The Van Eck Junior Gold Miners ETF (GDXJ) edged up 2.6% to $345, with a weekly gain of about 0.3%.

The S&P Global Metals and Mining ETF (XME) rose 2% to $52.50, with a weekly gain of 7%.

Glencore (GLEN) dropped 0.9% to £4.90, with a weekly rise of about 0.6%.

Rio Tinto (RIOgb) dipped 0.2% to AUD95.10, losing over 4% in the past week.

Antofagasta (ANTO) edged lower 2.5% to £11.10, with a weekly decline of almost 6%.

Anglo American (AALI) dipped 1.7% to £28.90, with a weekly decline of about 1.5%.

Today’s market moving events

China’s industrial production year-on-year for July has been announced, dropping to 3.8% from 3.9% and missing consensus targets of about 4.6%.

China’s retail sales year-on-year for July have also been released, also dipping from 3.1% to 2.7%, below consensus targets of 5%.

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