Copper Edges Up From Early-Week Losses

By Christopher AlessiFeaturesDow Jones Newswires

Copper prices gained slightly Thursday morning, as the market consolidated after losing since the start of the week.

The price of copper was up 0.21%, at $6,773 a metric ton, on the London Metal Exchange in midmorning trade.

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"It's a rebound following the past days' weakness," said Carsten Menke, commodities research analyst at Julius Baer.

Lackluster economic data out of China--the world's largest metals market--had weighed on copper earlier in the week.

"The market is really getting concerned about a slowdown in China, in terms of both property and infrastructure" growth, Mr. Menke said. "We think there is more downside for prices going forward."

Gold prices, meanwhile, were mainly flat, at $1,277.97 a troy ounce, having given up gains Tuesday due to a strengthening dollar. Gold tends to have an inverse relationship with the U.S. currency.

"Gold initially climbed to $1,290 a troy ounce yesterday...ignoring not only good U.S. economic data but also a slightly higher core inflation rate" before retreating as the dollar gained, according to analysts at Commerzbank.

The U.S. data "suggests that the U.S. Federal Reserve will raise interest rates" when it convenes in December. Analysts widely expect a rate increase to weigh on the price of gold in the long run.

Among other precious metals, silver was up 0.35% at $17.06 a troy ounce, platinum was up 0.13% at $932.50 a troy ounce and palladium was up 0.27% at $988.85 a troy ounce.

Among base metals, aluminum was up 0.90% at $2,123 a metric ton, lead was down 0.06% at $2,424.50 a metric ton, tin was down 0.69% at $19,335 a metric ton, zinc was mainly flat at $3,151 a metric ton and nickel dropped 0.17%, to $11,635 a metric ton.

Write to Christopher Alessi at

(END) Dow Jones Newswires

November 16, 2017 07:10 ET (12:10 GMT)