China's gold investment market is active, but gold jewelry retail sales are under pressure due to high prices. Copper stockpiles surge, raising concerns about demand. Gold dropped 3% as China curtailed purchases, while copper fell almost 5%, indicating gold's upper hand. Base metals prices, including copper, corrected due to a strong dollar and lackluster demand in China. Precious metals futures in China opened down after a holiday, with silver and gold prices falling. Bonded copper futures in Shanghai decline to the weakest level since April. Copper prices are expected to remain under pressure due to weak Chinese equities, a strong dollar, and cautious sentiment ahead of key Fed decisions. China's gold ETF gaps lower by 3%. Major steel prices in China remain weak due to lackluster demand. Precious and base metals prices retreated as traders turned cautious ahead of the FOMC meeting. China is stockpiling copper at a high rate, leading to copper prices hitting a seven-week low.
CHART OF THE DAY 📉 @KeithMcCullough's Take On Copper $CPER https://t.co/dR2T9iVIWO
LME base metals prices down across the board ahead of Wednesday's US Fed meeting https://t.co/wYMB2OIDhI
China is stockpiling Copper at an unusually high rate https://t.co/IRNQeYsoG1
#Copper prices hit seven-week low on weak #yuan, rising #inventories
Key highlights of the Day 🔸Precious metals retreated after rallying on Monday as traders turned cautious ahead of this weeks key FOMC meeting. 🔸Base metals traded lower today as weak demand from #China and higher inventories weigh on the metal prices.
#China's major #steel prices remain weak amid lackluster demand - Mysteel https://t.co/OXGJE7A2uT
China Gold ETF gaps lower -3% https://t.co/0PErflUXny
#Copper prices all expected to remain under pressure as weak #Chinese equities, elevated dxy, and cautious sentiment ahead of key Fed policy decisions and #China #CPI data.
⚡The bonded copper futures extend decline to 2,000 yuan or 2.74% in Shanghai, to the weakest since April 24. #China #copper https://t.co/UF84ppWAZD https://t.co/6Zfq2rnKwb
⚡Precious metals futures opened down in #China on Tuesday after the 3-day holiday. Shanghai #silver -4.76%, and #gold -2.93%. Energy futures are leading the rise. INE crude oil rises by 2.87% to 598.7 yuan per barrel. #OOTT #Zinc -1.65%, #nickel -1.57%, #copper -1.5%, #aluminum… https://t.co/hZUGSA20XN
LME #zinc prices rise 3%; rest of complex mixed ahead of US economic data amid China's absence https://t.co/lVfDVH93Rg
Base Metals 🔸#Copper prices corrected by more than 2.5% in the previous week and fell below $10,000 a metric ton on LME for the first time in 3 weeks due to strong dollar and lackluster demand in #China.
LME base metals prices mixed; Chinese markets closed for national holiday https://t.co/jHuEZZ9V38
What's Next in Gold vs. Copper, 600 or 400? Retaking a Threshold - #Gold dropped about 3% on June 7 on news that #China was curtailing its purchases, but #copper fell almost 5% -- which may show the precious metal's upper hand. Recovering above the threshold of 500 pounds of… https://t.co/efc4pMU0Vq
China's copper stockpiles are surging, causing concerns about demand from the world's largest copper consumer https://t.co/tFVth1092A
🇨🇳#China's #gold investment market remains active, but the retail market for gold jewelry has experienced pressure on sales due to high gold prices for the first time in recent years. In the last week of May, the total trading volume of gold decreased by 22.81% compared to the… https://t.co/7Um7rA1o9h