EUR/USD 1.17244
0.032%
Gold 4704.49
-0.754%
Oil 94.041
3.021%
USD/JPY 159.296
-0.006%
GBP/USD 1.35346
0.010%
GBP/JPY 215.607
-0.059%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Chart: Precious metals market data for Industrial and Commercial Bank of China accounts on Monday, April 27, 2026.On April 27th, the Ministry of Culture and Tourism held a media promotion conference in Beijing for the 2026 National May Day Cultural and Tourism Consumption Week, officially launching the nationwide event. The conference announced plans to organize various regions to launch a series of affordable products, engaging activities, convenient services, and preferential measures for the May Day holiday, aiming to meet the travel and cultural tourism consumption needs of residents and tourists. It is understood that the May Day Cultural and Tourism Consumption Week will run from the end of April until the end of the May Day holiday. The Ministry of Culture and Tourism, in collaboration with relevant enterprises and institutions, will launch a series of diverse and beneficial cultural and tourism measures during the consumption week.On April 27th, Vishnu Varathan of Mizuho Securities stated that the Bank of Japan (BOJ) is expected to hold its policy steady this week, as the oil price shock triggered by the Middle East war could both damage demand and further exacerbate existing inflation risks. The BOJ is facing a dilemma, as it remains unclear which risk will prevail and what corresponding countermeasures should be taken. High inflation levels prior to the Middle East crisis and the sharp depreciation pressure on the yen limit the BOJs ability to ease policy prematurely to offset potential growth shocks. At the same time, the BOJ cannot raise interest rates too quickly or too drastically, as this could undermine the prospects for sustainable and healthy reflation.April 27 - According to data from the National Bureau of Statistics, from January to March, the mining industry achieved a total profit of 256.33 billion yuan, a year-on-year increase of 16.2%; the manufacturing industry achieved a total profit of 1,238.43 billion yuan, an increase of 19.1%; and the electricity, heat, gas and water production and supply industry achieved a total profit of 201.28 billion yuan, a decrease of 3.2%.Chinas industrial profits above the designated size rose 15.8% year-on-year in March.

Copper Decreases Due to COVID Unrest in China, While Gold Decreases

Aria Thomas

Nov 28, 2022 16:15

123.png


Copper prices fell significantly on Monday as a result of rising social discontent in China over more COVID-19 lockdowns, while gold prices dipped as investors awaited fresh hints of U.S. monetary policy from this week's big economic statistics.


Copper futures expiring in March declined 1.3% to $3.5835 a pound by 18:50 ET (23:50 GMT) on Tuesday as traders predicted further demand destruction in China.


China is seeing a wave of civil disobedience in reaction to its strict zero-COVID policy, with protests and police clashes in a number of major cities as popular discontent with lockdown measures increases.


In the last three years, the zero-COVID policy has resulted in a number of lockdown measures that have severely impeded business activity and the mobility of individuals.


This also lowered China's appetite for imports of raw materials, resulting in a decline in copper prices in expectation of a decline in demand. The country's potential for violent demonstrations is a new hindrance to economic progress.


Copper prices are down more than 20% so far this year, as the global economy has slowed owing to rising inflation and interest rates, and as a result, metal demand has declined.


The markets largely overlooked signs of a declining copper supply, as major copper producers in Chile and Peru lowered output.


In anticipation of this week's lectures by numerous Federal Reserve speakers, including Chairman Jerome Powell, gold prices decreased modestly as the dollar strengthened.


However, Friday will be overshadowed by crucial nonfarm payroll data from the United States. Due to the continued strength of the labor market, the Fed has ample room to continue raising interest rates, which is bad for metal markets.


Gold on the spot market fell 0.2% to $1,752.08, while gold futures fell 0.2% to $1,181.85. As the December contract expiry date approaches, gold prices saw a minor backwardation, where spot prices were higher than futures prices.


In reaction to Federal Reserve suggestions that it will raise interest rates at a slower rate in the coming months, the price of gold has increased dramatically during the previous two weeks.


Notwithstanding, uncertainty about where U.S. interest rates may peak led some profit-taking in bullion prices, especially as U.S. inflation continued to move well over the Fed's objective.

Suggestion