A tough night for precious metals, with gold down 1.2% and silver off 2.5%. Diesel futures were up 7% in Europe as traders price in continued shortages.
European bond yields also rose, putting pressure on non-yielding assets such as gold and silver. European natural gas also remains at a two-week high.
Industrial metals were more resilient as supply concerns kept prices supported. Strikes in Chile helped copper gain 0.4%, while tin, zinc, and lead all remained in positive territory.
Brent crude oil remains around US$101 ($145) a barrel, with ships in the Strait of Hormuz increasingly willing to risk attacks.
US stocks were mildly down, with the S&P 500 and Nasdaq down 0.2%. Australian futures are also down, with the Share Price Index (SPI) down 53 points.
Copper is up 17% this year and remains one of the ‘hottest’ themes in the market. The Wall Street Journal recently cautioned that there is no current shortage of the metal in the US and, in fact, inventories are notably high because of tariff-related concerns.
Source: The Wall Street Journal
Write to Callum Newman at Mining.com.au
Main image: Unsplash
