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Copper prices surge to three-month high after positive U.S. GDP data

News Date: 26/2/2016 10:02:44
 
Industrial metals prices rose sharply on Friday after positive data from the U.S., which showed fourth quarter GDP growth jumping by 1.0%, compared to analysts' expectations of a 0.4% growth, and the previous estimate of a 0.7% rise, which raised confidence in the American economy and improved the risk sentiment.

Also supporting the morale in the markets, the Group of 20 is meeting today in Shanghai to figure out the best ways to support the global economy and accelerate growth in a time when developing economy are hemorrhaging due to slumping commodity prices, especially oil and metals, as China's economy slowed down sharply in 2015, while Europe is disappointing investors.

Copper futures soared 3.17% to trade at $2.132 a pound, after touching a three-month high earlier in the session at $2.155, while conversely, gold futures lost nine dollars to hover around $1,229 an ounce, and silver futures similarly glided 14 cents, or more than one percent to trade at $15.02 an ounce, threatening to go below $15 again.

Oil prices gained ground after reports about meeting between major crud producers in March, as traders hope for some kind of a deal to cut production and ease the global supply glut, with estimates pointing to a daily oversupply of between one and two million barrels compared to actual demand, which puts long-term pressure on global prices.

Brent crude futures jumped $1.44, or 4.11% to trade at a nearly two-month high at $36.70 a barrel, while U.S. West Texas Intermediate (WTI) crude futures similarly climbed more than a dollar, or 3.40% to hover around $34.09 a barrel.

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