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Copper Rises on Supply Concerns While Gold Falls

Aria Thomas

Oct 28, 2022 14:59

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Copper prices were poised for a third consecutive week of gains due to supply concerns in the coming months. Gold prices dipped modestly on Friday as the dollar rebounded on stronger-than-expected third-quarter U.S. gross domestic product numbers.


As Thursday's statistics revealed that the U.S. economy was performing better than expected under the rate increase regime, sentiment toward industrial metals improved. Nonetheless, the prognosis remains cloudy.


Indicators of economic robustness give the Federal Reserve greater space to continue rapidly hiking interest rates. This increased the currency and Treasury yields, putting downward pressure on the price of metals.


The data issued on Thursday increased traders' expectations for a 75 basis point (bps) hike, which decreased expectations that the Federal Reserve will slow its rate of interest rate increases in December. The gold price trend may be bearish, particularly in light of positioning for higher U.S. interest rates.


Next week, it is largely expected that the central bank would hike interest rates by 75 basis points, its fourth increase of this nature this year.


This year, rising interest rates dramatically increased the opportunity cost of owning a non-yielding asset, which weighed on the price of gold.


As of 19:59 E.T., spot gold fell 0.1% to $1,661.86 per ounce, while gold futures stayed unchanged at $1,665.80 per ounce (23:59 GMT). Due to a sinking dollar, it was anticipated that both assets would finish the week with moderate gains.


This week, copper prices dramatically improved and were poised for their third consecutive week of gains with a 1.5% increase.


The red metal's prices have largely shrugged off concerns over China's sluggish demand, with the focus now shifting to a potential supply bottleneck. Copper supply is expected to tighten in the coming months due to a decrease in Chilean output and U.S. sanctions against select Russian producers.


In addition, the red metal's demand is expected to increase as a result of a global push for electrification, with certain nations aiming to shift away from fossil fuels. Copper consumption is predicted to increase alongside the demand for electric vehicles.


Recently, Trafigura, a major commodities trader, issued a warning that current copper supply is insufficient to support such an increase in demand.


On Friday, copper futures fell 0.2% to $3.5215 per pound.

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