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GOLD PRICES CONSOLIDATE AS HIGH PRICES ATTRACT PROFIT-TAKING
FastMarkets
Gold and silver prices are little changed this morning, Thursday April 20, with spot gold prices at $1,279.60 per oz, although the PGMs are up an average of 0.4%, but this comes after a generally weaker day on Wednesday that saw the complex closed down an average of 0.6%. With gold prices already having run higher in recent weeks on the back of political and geopolitical uncertainty, we are not surprised that there is some profit-taking to be absorbed and the market is likely to remain volatile as we pass through the French presidential elections.
Base metals prices were weaker again this morning, with three-month prices on the London Metal Exchange down an average of 1% as of 06:38 BST, with zinc and lead prices off the most with losses of 1.6% and 1.5%, respectively, copper prices are off 0.7% at $5,557 per tonne, while aluminium prices are off the least with a 0.2% drop to $1,908.50 per tonne. Prices have since started to rebound.
Volume has been above average with 7,311 lots traded. This morning’s earlier weakness came after a generally stronger day on Wednesday that saw prices closed up an average of 1.1% – so the series of up down days with an overall downward bias continues.
Sentiment in China remains bearish as seen by the persistent retreat across the metals, both base and industrial. That said, not all base metals prices on the Shanghai Futures Exchange are weaker this morning, zinc and lead that have been some of the weaker metals are up 0.4% and 1.2%, respectively, which suggests a degree of bargain hunting. The rest of the metals are, however, continuing to show weakness with aluminium prices falling 1.2%, tin prices are down 0.7%, nickel prices are down 0.5% and copper prices are off 0.9% at 45,200 yuan per tonne. Spot copper prices in Changjiang are down 0.9% at 45,470-46,670 yuan per tonne and the LME/Shanghai copper arb ratio was trading around 8.11. There were reports of some arb trading on Wednesday, which is another early sign that some bargain hunting may be materialising.
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