21-02-2025
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. (
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. (
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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. (
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. (
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