Base Metal Prices Slip But Set to End Week Higher
1217 GMT – Base metal prices fall, with LME three-month copper down 0.2% at $9,535.50 a metric ton and LME three-month aluminum down 1.3% at $2,695 a ton. However, the base metals complex is set to end the week higher on mounting concerns of trade wars and a generally weaker U.S. dollar, with copper up 0.7% on week and aluminum up 2.3% on week. Among North American copper miners, 2024 copper production was on average 5% below original guidance, and 2025 guidance was 5% below consensus estimates, RBC Capital Markets analysts say in a note. This likely reflects more conservatism on guidance from miners and more challenging mining. Some recent positive signs around U.S.-China relations are constructive for metals and the fundamentals for copper look solid, though uncertainty remains short-term, RBC adds. (joseph.hoppe@wsj.com)
1140 GMT – Gold futures slip, but remain close to record highs. Futures are down 0.25% at $2,948.70 a troy ounce after a fresh high of $2,973.40/oz in the prior session. The precious metal is set to finish the week higher on safe-haven demand and attention from U.S. President Trump's administration, SP Angel analysts say in a note. Trump insisted he would 'make sure the gold is there' when asked about concerns over the Fort Knox gold supply and the rally gained steam after Treasury Secretary Scott Bessent mentioned monetizing the U.S. balance sheet, SP Angel says. However, Bessent dismissed revaluing U.S. gold reserves, and ruled out gold as an asset for a new U.S. sovereign wealth fund, SP Angel writes. Consistent central bank purchases and Chinese consumer buying also continue to support gold, SP Angel adds. (joseph.hoppe@wsj.com)
Celsius to Buy Rival Energy-Drink Maker Alani Nu for $1.8 Billion
How Tariffs Could Shock America's Power System
What Is Quantum Computing, and Why Does It Matter?
Amazon MGM Studios Gains Creative Control of James Bond Franchise From Broccoli Family
Ryan Cohen Boosts Alibaba Stake to $1 Billion
0917 GMT – Gold futures slide but remain on-track for weekly gains on safe-haven demand. Futures are down 0.6% at $2,939.70 a troy ounce, but remain up 1.4% on week. The precious metal set a fresh record high of $2,973.40/oz in the prior session, and a test of $3,000/oz is starting to look like a question of 'when' rather than 'if,' Pepperstone's Michael Brown says in a note. The $3,000 mark might give the bulls a point to reassess gold's momentum and perhaps take some profit, but upward momentum should continue with safe-haven demand continuing to linger, Brown writes. President Trump's tariff threats, lingering trade and economic uncertainty and persistent geopolitical tensions are supporting the flight to safe-haven assets like gold. (joseph.hoppe@wsj.com)
0704 GMT – Comex gold futures are likely extending consolidation, based on the daily chart, RHB Retail Research's Joseph Chai says in a research report. The relative strength index is now moving sideways, indicating that momentum remains neutral, the analyst notes. Hence, the commodity is likely trading sideways for consolidation. Gold is also maintaining a bullish technical setup, trading above 20- and 50-day simple moving averages, the analyst says. As long as the precious metal stays above support at the $2,800/oz level, RHB will retain a positive trading bias for the commodity. Spot gold is 0.3% lower at $2,929.74/oz. (ronnie.harui@wsj.com)
Starbucks CEO Tells Us His Plan to Turn Around the Company
Walmart Warns of Slower Sales Gains After a Bumper Year
Rio Tinto Has Backup Plan If U.S. Imposes Tariffs on Aluminum Imports
Apple Keeps iPhone From Going Too Downmarket
Schneider Electric Beats Market Views
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
Asian shares climb, dollar eases ahead of US-China talks
By Rocky Swift TOKYO (Reuters) - Shares jumped and the dollar pared recent gains on Monday as Asian markets reacted to better-than-expected U.S. jobs data ahead of talks in London aimed at mending a trade rift between the United States and China. Wall Street stocks had closed sharply higher on Friday after the jobs data eased concerns about damage to the world's biggest economy from President Donald Trump's unpredictable tariff regime. Safe-haven assets such as gold remained lower after steep selloffs. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5% in early trade on Monday. Hong Kong's Hang Seng Index surged 1.3%, touching the 24,000-point level for the first time since March 21. Japan's Nikkei stock index rose 0.9%. At the same time, a standoff in Los Angeles that led to Trump calling in the California National Guard to quell demonstrations over his immigration policies weighed on sentiment. The dollar slid 0.3% against the yen to 144.39, trimming its 0.9% jump on Friday. The European single currency was up 0.2% on the day at $1.1422. Top trade representatives from Washington and Beijing are due to meet for talks expected to focus on critical minerals, whose production is dominated by China. The discussions follow a rare call last week between Trump and Chinese President Xi Jinping. "Trade policy will remain the big macro uncertainty," said Kyle Rodda, a senior financial market analyst at "Signs of further momentum in talks could give the markets fresh boost to kick-off the week." U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent Washington in talks with China, Trump said in a social media post. China's foreign ministry said Vice Premier He Lifeng will be in Britain for the first meeting of the China-U.S. economic and trade consultation mechanism. U.S. employers added 139,000 jobs in May, data showed on Friday, fewer than the 147,000 jobs added in April, but exceeding the 130,000 gain forecast in a Reuters poll of economists. Attention now turns to inflation data on Wednesday that will feed into expectations for the timing of any rate cuts by the Federal Reserve. Markets are facing "mixed fortunes" on Monday as they balance optimism over trade and the U.S. economy against the potential for social unrest in California, said Jeff Ng, Head of Asia Macro Strategy at SMBC. "The trade talks, if there's any progress, may help as well, but markets may not have priced in a lot of breakthrough for that," Ng said. "In the meantime, we are also quite cognizant that in the U.S. there are protests in L.A. and the National Guard is also being sent in, so we have to be on the watch for event risk as well." Spot gold fell 0.2% to $3,303.19 an ounce. U.S. crude was little changed at $64.56 a barrel after a two-day gain.
Yahoo
29 minutes ago
- Yahoo
China's factory-gate deflation worst in 22 months as economic headwinds mount
BEIJING (Reuters) -China's producer deflation deepened to its worst level in almost two years in May while consumer prices extended declines, as the economy grappled with headwinds from trade tensions and a prolonged housing downturn. Uncertainties from a tariff war with the United States and weak consumption at home have rattled sentiment and fuelled expectations of more policy stimulus to combat deflationary pressures. The producer price index fell 3.3% in May from a year earlier, worse than a 2.7% decline in April and the deepest contraction in 22 months, National Bureau of Statistics data showed on Monday. That compared with an estimated 3.2% fall in a Reuters poll. Cooling factory activity highlights the impact of U.S. tariffs on the world's largest manufacturing hub, dampening faster services growth as suspense lingers over the outcome of U.S.-China trade talks set to resume in London on Monday. In a phone call on Thursday, U.S. President Donald Trump and Chinese leader Xi Jinping discussed trade tensions and critical minerals, leaving key issues for further negotiations. The consumer price index dipped 0.1% last month from a year earlier, after falling by the same amount in April and slightly better than a Reuters poll forecast of a 0.2% decline. CPI slid 0.2% on a monthly basis, compared with a 0.1% increase in April, and matched economists' predictions of a 0.2% decline. Retail sales growth slowed last month as spending continued to lag amid job insecurity and stagnant new home prices despite a recent raft of support measures. With households cautious about spending due to income pressures, some companies have resorted to price discounts to boost sales, prompting the authorities to urge an end to the auto industry's bruising price wars. The core inflation measure, excluding volatile food and fuel prices, registered a 0.6% year-on-year rise, slightly faster than a 0.5% increase in April
CNN
39 minutes ago
- CNN
Tanks arrive in DC ahead of US Army parade
Tanks arrive in DC ahead of US Army parade As the 250th anniversary celebration for the US Army approaches, a freight train of tanks was seen making its way into the nation's capital. The long-planned celebration in Washington will coincide with Trump's 79th birthday and include thousands of troops. The Army had said it has no plans to recognize the president's birthday. 00:40 - Source: CNN Why China doesn't need the US auto market If there is one thing to be learned from Auto Shanghai - China's largest automobile show - it's that China has dozens of car brands that can rival Western ones. BYD surpassed Tesla's profits, but other EVs like those made by Zeekr, Xiaomi and Chery are quickly joining the race. CNN's Marc Stewart took a rare test drive of Zeekr's new 7GT. 00:44 - Source: CNN Analysis: Trump is in a crisis of his own making Trump tells President Vladimir Putin to stop after Russia launched its deadliest wave of attacks on Kyiv in nine months. This comes days after Trump said the US would walk out on efforts to make a peace deal in Ukraine if it didn't see progress. CNN's Nick Paton Walsh breaks down the latest. 01:03 - Source: CNN Russia launches strikes across Ukraine Russia launched waves of drones and ballistic missiles at multiple targets across a broad swath of Ukraine overnight killing at least four people in the capital Kyiv and wounding around 40 across the country. 00:32 - Source: CNN German leader on 'terrible' impact of Trump's tariffs In an interview with CNN's Jake Tapper, German Chancellor Friedrich Merz talks about the impact President Trump's tariffs are having on the auto industry. 01:13 - Source: CNN Greta Thunberg sails to Gaza Greta Thunberg has set sail with eleven other activists to Gaza. The activist group they're part of, The Freedom Flotilla Coalition, is attempting to bring aid and raise international awareness over the ongoing humanitarian crisis in the territory. 00:59 - Source: CNN Record rain floods Mexico City, traps people Mexico City was hit with record rainfall that didn't relent for more than five hours Monday night, marking the heaviest rain since 2017, according to water management officials. CNN's Valeria León walks a flooded avenue of the nation's capital after emergency crews worked through the night to rescue several trapped drivers. 00:43 - Source: CNN Gaza aid distribution turns deadly for third consecutive day For a third consecutive day, Palestinians came under fire while trying to receive aid from a distribution site in Gaza. According to the Palestinian Ministry of Health and Nasser hospital, at least 27 people were killed and dozens injured on June 3. 00:56 - Source: CNN Analysis: Why Ukraine's drone attack on Russia just changed the world CNN's Jim Sciutto explains why Ukraine's large-scale drone attack on Russian air bases thousands of miles behind the front lines struck fear into the heart of every global superpower 01:05 - Source: CNN Tomatoes fly at Colombia's largest food fight Around 20,000 revellers gathered in Sutamarchán, Colombia, to throw over 45 tonnes of tomatoes at each other. The Gran Tomatina festival, now in its 15th year, is hosted to celebrate the economy of Sutamarchán, which is centred around tomato production. Mayor Miguel Andrés Rodríguez said "between 70 and 80 percent of families [in Sutamarchán] live off tomatoes. This is a tribute to them." The festival uses tomatoes which are overripe, or otherwise not suitable for consumption. 00:30 - Source: CNN Palestinians shot dead near Gaza aid hub The Palestinian health ministry, hospital officials and multiple eyewitnesses say deadly gunfire killed dozens of Palestinians near an aid distribution site in Gaza on Sunday, with Israel's military denying that its troops fired 'within or near' the aid site. CNN Jerusalem correspondent Jeremy Diamond brings you up to speed on what we know about the weekend chaos. 02:31 - Source: CNN Palestinians describe deadly shooting near aid center in Gaza CNN spoke to multiple witnesses who recounted the deadly chaos that unfolded near a US-backed aid center in southern Gaza after more than 30 Palestinians were killed and dozens injured on Sunday, according to the Palestinian Ministry of Health. The health ministry blamed the Israeli military for the deaths while other witnesses claimed that local security personnel had also opened fire. Gaza Humanitarian Foundation, which runs the aid center, said there had been no gunfire at the site and Israel Defense Forces denied firing on civilians at or close to the site, calling such accusations 'false reports.' 00:55 - Source: CNN Palestinian UN envoy breaks down talking about Gaza's children The Palestinian ambassador to the UN made an emotional address, saying more than 1,300 children have been killed in Gaza since Israel ended the ceasefire in March. 01:19 - Source: CNN Political candidate wears body armor daily CNN's David Culver met César Gutiérrez Priego as he was readying to campaign for office in Mexico City. Gutiérrez Priego, who is running for a seat on the Supreme Court in Mexico, shows Culver the safety precautions he takes with political violence in Mexico at an all-time high. See Culver's full reporting on CNN. 00:53 - Source: CNN Harvard students and faculty speak out against Trump Harvard students and faculty spoke to CNN ahead of commencement as Donald Trump said the university should cap foreign enrollment. The Trump administration has recently sought to cancel $100 million in contracts with the school. 02:03 - Source: CNN Palestinians desperate for food rush US-backed aid site Scores of people rushed over fencing and through barricades in southern Gaza on the first day a US-Israeli-backed aid site was opened. CNN's Jeremy Diamond explains the desperate humanitarian situation that remains in the region. 01:22 - Source: CNN Journalists spit on at Jerusalem Day flag march Ultra-nationalist Israeli Jews chanted anti-Arab slogans as they marched through Jerusalem's Old City to mark Jerusalem Day. CNN's Oren Liebermann describes heavy police presence on the ground. Members of the crowd were seen spitting on journalists, including a CNN producer. 01:50 - Source: CNN Finland's president responds to Russian military activity along border CNN's Erin Burnett speaks with Finland's President Alexander Stubb about his country ramping up its military to deter potential Russian aggression. 02:16 - Source: CNN King Charles stresses Canada's 'self determination' amid pressure from US King Charles III delivered the ceremonial Speech from the Throne in the Canadian Senate. The address marks only the second time in Canadian history that the reigning sovereign has opened parliament, and the third time that the British monarch has delivered the address. 00:42 - Source: CNN Huge ship refloated after nearly crashing into house A larger container ship has been refloated after nearly crashing into a house in Norway. According to local police, the navigator had fallen asleep at the helm. 00:42 - Source: CNN Vehicle plows into crowd in Liverpool Police in the United Kingdom say a man has been arrested after a car plowed into Liverpool fans celebrating during the soccer club's Premier League trophy parade. 01:14 - Source: CNN
