[MARKET ANALYSIS] XAU trades firmer, whilst copper trades lower due to weaker risk sentiment in China
Importance
Level 1
- Precious metals are trading mixed this morning, with spot gold trading firmer and silver lower. XAU and XAG trades within a narrow range of USD 5155.59-5205.58/oz and USD 86.33-90.34/oz, respectively. Similar to the crude complex, focus will also be on the development of the Iran and US talks for precious metals, as further tension could spark increased demand for the yellow metal as a haven.
- Base metals are lower this morning, tracking headwind from its largest buyer, China, which saw mixed to weak sentiment, pinning down price action for base metals. Sentiment in Europe has done little to shake off sentiment in the base metal complex, with European equities trading mixed this morning. 3M LME copper trades within the lower range of USD 13.23-13.35k/t.
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