[MARKET ANALYSIS] Copper underpinned by early European positive, spot gold uneventful amid light macro news flow
Importance
Level 1
- Spot gold has been lacklustre thus far throughout the European morning, with the yellow metal trading around the USD 5,075/oz mark at the time of writing, still within yesterday's USD 5,019.71-5,119.35/oz range, with fresh catalysts on the lighter side. Alongside news flow, the Dollar remains relatively muted following yesterday's NFP-driven volatility, which proved to be short-lived. Both the Dollar and XAU have been moving sideways since awaiting the US CPI tomorrow.
- Copper prices were indecisive during the APAC session, reflecting mixed sentiment in China, with the Hang Seng and Shanghai Composite diverging overnight. However, early positive sentiment from Europe keeps prices underpinned, and offsets some of the weakness from the APAC session, providing support to the red metal. 3M LME Copper is currently trading around USD 13.3k/t in a narrow 13,2k-13.339k/t range.
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