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Futures News, March 4th: 1. Snowfall is expected in central and northern North China and southern Northeast China. From March 4th to 6th, light to moderate snow is expected in central and northern North China, southern Northeast China, western mountainous areas of southern Xinjiang, and the Ili River Valley, with heavy snow in some areas. 2. Over the next three days, influenced by a deepening low-pressure system and upper-level trough, heavy snow is expected in parts of western Norway, northern Sweden, most of Finland, Iceland, southern East European Plain, northern Iran, Kyrgyzstan, Tajikistan, central and eastern Afghanistan, and northern Pakistan, with blizzards or heavy blizzards in some areas. Accumulated precipitation in some of these areas will be 10-20 mm, with some areas exceeding 40 mm. Most of these areas will also experience winds of force 5-6, with gusts of force 8-9. 3. Over the next three days, influenced by a low-pressure system and an upper-level trough, moderate to heavy snow or sleet is expected in parts of high-altitude coastal and central Canada, the western mountainous regions of the United States, the eastern Great Lakes region, and southern Labrador Peninsula, with localized blizzards or heavy snowfalls. Accumulated precipitation is expected to be 10-20 mm, with some areas exceeding 40 mm. Temperatures in most of these areas will drop by 6-10°C, with some areas experiencing a drop of over 14°C. 4. Over the next three days, influenced by multiple low-pressure systems and an upper-level trough, moderate to heavy rain is expected in parts of northern Western Australia, the Northern Territories, northern Queensland, Papua New Guinea, and the Solomon Islands, with localized torrential rains. Accumulated precipitation in these areas is expected to be 30-50 mm, with some areas exceeding 80 mm.Market news: Israeli and/or US airstrikes are targeting Iranian-backed Popular Mobilization Forces (PMF) targets in Iraq.The worlds largest gold ETF, SPDR Gold Trust, saw its holdings decrease by 2.29 tons from the previous day, with its current holdings at 1099.05 tons.The Saudi cabinet issued a statement saying it will take all necessary measures to safeguard national security.Key Futures Data and Events to Watch Today (March 4, 2026), Wednesday: 1. Chinas official February manufacturing PMI; 2. Chinas February RatingDog services PMI; 3. UK LME non-ferrous metal inventory change to March 4; 4. US February ADP employment change; 5. US February S&P Global Services PMI final reading; 6. US February ISM non-manufacturing PMI; 7. US EIA crude oil inventories for the week ending February 27.

Gold and copper hardly change in response to economic worries

Aria Thomas

Sep 28, 2022 10:49

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Wednesday gold and copper prices were relatively unchanged as the dollar stayed near 20-year highs due to fears of an economic slowdown.


At 19:39 EDT, spot gold was $1,628.67 per ounce, while gold futures were $1,639.0 per ounce (23:39 GMT). On Tuesday, both surged momentarily as the dollar slid from 20-year highs, alleviating the pressure on gold.


Continuing stock market declines and fears of a recession pushed funds back into the currency. This year, rising interest rates and the Fed's aggressive stance have made the dollar a safer refuge than gold.


In 2022, during the Russia-Ukraine conflict, the price of gold plummeted by 27 percent. Prices have breached two important support levels, and additional declines are anticipated.


The dominance of the U.S. dollar has harmed commodities, particularly gold. ING analysts found that higher rates raise the opportunity cost of owning gold.


The bank expects gold to end the year near $1,650 per ounce, with significant respite coming when the Fed modifies its hawkish stance.


Copper prices remained elevated as traders anticipated a near-term fall in demand.


Copper futures prices dropped to $3.2920 per pound.


Copper prices have declined this year due to concerns that a recession will diminish industrial demand and activity.


Investors are concerned about weakening economic statistics from China, the world's largest copper importer, and slow industrial activity in Europe and the United States.


The Chinese manufacturing data released on Friday is expected to reveal a further decline.