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MTECHTIPS :-Copper prices up in early Asia ahead of China PMI, gold, silver down

MTECHTIPS :-Copper prices up in early Asia ahead of China PMI, gold, silver down

Gold and silver fell in early Asia on Monday, but copper showed a bounce ahead of a China manufacturing survey and other releases. Ahead are manufacturing PMIs from Japan, seen at 51.4 in July, and China – with the Caixin/Markit China final for July seen at 48.3 in the flash estimate. Gold for August delivery on the Comex division of the New York Mercantile Exchange fell 0.10% to $1,093.80 a troy ounce. Also on the Comex, silver futures for September delivery eased 0.20% to $14.730 a troy ounce by close of trade. Elsewhere in metals trading, copper for September delivery gained 0.19% to $2.357 a pound. Market players are watching the PMI amid concern that further sharp drops in China’s stock market could spread to other parts of the economy, triggering fears that the Asian nation’s demand for the industrial metal will decline. China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Last week, gold futures inched up modestly on Friday, but still posted the worst monthly performance in more than two years in July, as ongoing expectations that the Federal Reserve will hike interest rates at its September policy meeting weighed. In July, gold prices lost $79.50, or 6.72%, the biggest weekly decline since June 2013. Futures fell to a five-and-a-half year low of $1,072.30 on July 24. Gold has been under heavy selling pressure in recent weeks amid speculation the Fed will raise interest rates for the first time in nine years in the coming months.
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