MTECHTIPS:-Copper jumps in Asia after Caixin data, gold up solidly
MTECHTIPS:-Copper jumps in Asia after Caixin data, gold up solidly on geopolitics
MTECHTIPS- Gold prices gained solidly on Tuesday and copper jumped as a private manufacturing survey out of China aided sentiment and geopolitical tension was stoked over a tweet by President-elect Donald Trump warning North Korea on testing an intercontinental ballistic missile. Gold for February delivery rose 0.49% to $1.157.35 a troy ounce on the Comex division of the New York Mercantile Exchange. Elsewhere in precious metals trading, silver gained 0.68% to $16.098 a troy ounce, while copper futures jumoed 1.36% to $2.541 a pound. “North Korea just stated that it is in the final stages of developing a nuclear weapon capable of reaching parts of the U.S. It won’t happen!” Trump then chided China on trade and its diplomatic support to North Korea. “China has been taking out massive amounts of money & wealth from the U.S. in totally one-sided trade, but won’t help with North Korea. Nice!” Earlier, the Caixin manufacturing PMI for December came in at 51.9, well above the expected 50.7 and a jump from 50.9 in November. At the weekend, data showed the official China PMI from the China Federation of Logistics and Purchasing and the National Bureau of Statistics fell to 51.4 in December, slightly weaker than expectations. “A further rise in production at Chinese manufacturers supported the higher PMI reading in December. Notably, the rate of output growth accelerated to a 71-month high, with a number of panelists commenting on stronger underlying demand and new client wins,” the Caixin data statement said.