Metals News August 05, 2024
5 thg 8, 2024
The dollar sank Friday on the weaker-than-expected US Jul payroll report that showed the Jul payrolls rose less than expected and the Jul unemployment rate rose to a 2-3/4 year high. Also, wage pressures eased after Jul average hourly earnings grew at the slowest annual pace in 3 years.
US Jul nonfarm payrolls rose +114,000, weaker than expectations of +175,000, and Jun nonfarm payrolls were revised lower to +179,000 from the previously reported +206,000. The Jul unemployment rate unexpectedly rose +0.2 to a 2-3/4 year high of 4.3%, showing a weaker labor market than expectations of 4.1%.
US Jul average hourly earnings eased to +3.6% y/y from +3.8% y/y in June, weaker than expectations of +3.7% y/y and the slowest pace of increase in 3 years.
The commercial division of Chinese private smelter Henan Jinli Gold and Lead Group Co. is looking to expand its commodities trading team in Singapore, as the industry turns increasingly bullish on copper, aluminum and other metals.
The division, which handled about half of China’s silver exports last year, is aiming to hire more physical and derivative traders for industrial and precious metals, said Eric Hu, general manager of the trading arm, in an interview in Singapore on Friday.
The September Silver Futures continued to decline. The settlement price on August 2 was $28.392 per troy ounce, down 0.3% from the previous session.
The October Platinum Futures continued to retreat. The settlement price on August 2 was $967.6 per troy ounce, down 0.3% from the previous session.
The September Copper Futures rebounded. The settlement price on August 2 was over $4.1 per pound, up 0.5% from the previous session.
Source: Barchart, Bloomberg
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