- Copper falls to psychologically-significant 3.000 level
- Gold dips as NFP upside surprise aids USD recovery
- “Taper talk” and emerging markets concerns on the radar this week
Copper steals the spotlight in today’s commodities report as the metal continues to collapse and has edged out a fresh 2014 low in Asian trading. Meanwhile gold has fallen from the key $1,351 mark as the US Dollar recovers some lost ground.
Copper Drops to $3.000 on China Concerns
Copper has suffered its largest drop since 2011 with newswires attributing the declines to concerns over future demand for the commodity from China, the world’s largest copper consumer. Following Friday’s declines, the commodity has continued to fall in Asian trading today as the market reacts to a disappointing set of trade figures from China. Exports from the East Asian giant unexpectedly declined by 18.1 percent which was the lowest reading since 2009.
With few economic releases scheduled for China over the week ahead, traders may be left wanting for a fresh catalyst to push the commodity lower. However, the growth-sensitive metal remains vulnerable to surprise negative-economic news