Copper & Gold Bounce Back on Improved Sentiment (GLD, GDX, IAU, SIVR, SLV, GG, NGD, KGC, PAAS, SLW, FCX, TGB, HBM, SCCO)
Published on Monday, 28 November 2011 08:45 Written by Paul Oldrini
New York, November 28th (TradersHuddle.com) – Copper prices were posting the biggest intra-day gain in the past one month on hopes that Europe is working actively to resolve its ongoing debt crisis and on a report on record U.S. holiday retail sales, which lead for the broader commodities complex to rally. Gold prices also were jumping the most in two weeks.
U.S. consumers helped boost sentiment, after sales in the Thanksgiving weekend surged 16% to a new record, while speculation that the International Monetary Fund was working on a rescue plan worth up to 600 billion euros for Italy also improved investor sentiment, despite the IMF denying the report.
Three-month copper on the London Metal Exchange soared 2.90 to $7,436.25 a tonne, after climbing as much as 3.50% earlier, its largest single-day gain since October 27. Over the past one month, copper has slumped over 12%.
Spot gold rose 1.65% to $1,706.85 an ounce, its biggest single-day gain since November 11. Other precious metals tracked bullion's gains, with silver surged over 2%, palladium gained over 3% and platinum surging around 2%.
Finance ministers from the euro zone are all set to meet tomorrow where they are likely to approve complete operational rules for the euro zone's bailout fund, which will clear the way for the 440 billion euro facility to attract cash from private and public investors to its co-investment funds in coming weeks.
SPDR Gold Trust (ETF) (NYSE:GLD) soared 2.05% to $166.75 in the pre market session. Market Vectors Etf Trust (NYSE:GDX) rose 2.40% to $56.10, iShares Gold Trust(ETF) (NYSE:IAU) gained 2.07% to $16.73. ETFS Silver Trust (NYSE:SIVR) surged 2.10% to $31.36 and iShares Silver Trust (ETF) (NYSE:SLV) also increased 3.31%.
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) is gaining 5.44% to $33.82 in the pre-market session, followed by Taseko Mines Limited (USA) (AMEX:TGB) surged 2.11% and Southern Copper Corporation (USA) (NYSE:SCCO)is trading with a gain of 2.75%. HudBay Minerals Inc Ord Shs (NYSE:HBM) surged 3.20%.
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