The prices of the commodities Miners such as copper and gold fell back at the start of operations on Tuesday, October 26, due to financial and resource expectations.
Thus, the prices of red metal fell burdened by a firmer dollar and fear that a energy crisis and slower economic growth in China, the main consumer of metals, erodes demand.
Three-month copper in the London Metal Exchange (LME) was down 0.9% to $ 9,783 a tonne after rising 1.7% on Monday.
High energy prices and efforts to curb polluting emissions in China They have limited production of some metals, but analysts are concerned that manufacturers will also be affected, which will undermine consumption.
“There are many uncertainties, including the severity of the destruction of demand by the energy crisis both in China and in other parts of the world,” Wenyu Yao, senior commodities strategist at ING Bank, told Reuters.
Low inventories have also supported copper prices, which hit a five-month high of US $ 10,452.50 a week ago, but more material will be available soon, according to Antaike.
While the costs of the oro also presented a setback, due to the stability of the green ticketIn addition, investors were waiting for important meetings of central banks in search of clues about the next interest rate hikes, amid inflation concerns.
Spot gold was down 0.3% to $ 1,802 an ounce, while US gold futures were down 0.1% to $ 1,804.90.
“There is a slight recovery in the dollar and that is not the best factor for gold. However, prices are not expected to drop sharply as investors have realized that there are risks around the corner, ”said Carlo Alberto De Casa, external analyst at Kinesis Money.
Gold therefore does not have much room in the short term, De Casa said, adding that “only a cautious Fed or a slowdown in the dollar could take it to $ 1,900, otherwise there is only room for a moderate appreciation to US $ 1,820-US $ 1,830 ″.
With information from Reuters.
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