Silver / Copper futures - next weekly outlook
New York (Dec 8) Silver prices fell to USD18.89 a troy ounce on December 4, the lowest since July 8. March silver futures dropped 2.54% on the week. The precious metal is down approximately 36% this year.
Meanwhile, copper for March delivery rose 0.59% on Friday to close the week at USD3.248 a pound. Earlier in the session, prices of the industrial metal rallied to USD3.260 a pound, the highest since November 24, amid growing optimism over the health of the U.S. economy.
On Thursday, copper futures shed 0.6% to settle at USD3.229 a pound. On the week, Comex copper prices advanced 1.32%.
Official data released on Sunday showed that China’s trade surplus widened unexpectedly in November as exports rose more-than-expected, easing concerns over global growth prospects.
China’s trade surplus widened to USD33.8 billion last month from a surplus of USD31.1 billion in October, compared to estimates for a surplus of USD21.7 billion.
Chinese exports climbed 12.7% from a year earlier, beating expectations for a 7.1% increase and following a 5.6% gain in October. Imports rose 5.3%, missing forecasts for a 7.2% increase.
Market players now looked ahead to a raft of Chinese economic data later in the week, including reports on inflation, industrial production and retail sales.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.