Copper stronger than gold

GOLD hit an 8½-year high earlier this week but copper, again, was the standout performer as the gold price weakened.
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Dr Anthony Fauci

Staff Reporter

At midweek, copper rose another 0.8% in London to $6050.75 per tonne. Its 2020 high is $6270/t, set on January 14.
 
Gold was weaker, dropping to $1780 an ounce as manufacturing data released in the US was better than expected.
 
"A reading of 52.6 points for the ISM Manufacturing Index indicates the US economy is rapidly recovering," ANZ Research said. 
 
"The 9.5 point lift was the largest monthly rise since August 1980. New orders lifted sharply lifting to 56.4 points from 31.8, while production increased from 33.2 points to 57.2. The employment sub-index was not so rosy, with jobs still being shed but at a slower rate." 
 
Despite a continued rise in coronavirus cases and warnings from America's top medical official Dr Anthony Fauci that the US could eventually see 100,000 new cases a day, the S and P 500 rose 0.5%.
 
The NASDAQ jumped 1% to a record high on hopes of a COVID-19 vaccine from Pfizer and BioNtech, which reported positive results from trials.
 

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