In contrast to oil’s chaos, we saw what was a ‘normal’ day for Comex commodities – gold and silver rose, copper dipped without too much fuss.
The negative prices for the near by May WTI contract on Nymex had no impact on metals.
Comex gold futures on Monday ended modestly higher, reclaiming the $US1,700 mark, as an early rise for the greenback faded on the confusion and historic trading in the oil market.
What is worrying traders in metals is the continuing rise in COVID-19 cases and deaths despite more noise about treatments for the virus.
Investors are bracing however for bad news from this week’s spate of weak quarterly earnings reports. About 20% of the S&P 500 will report earnings this week and the results are expected to be the worst on a year on year basis for 11 years (since the depths of the GFC).
That saw Comex gold for June delivery rise $US12.40, or 0.7%, to settle at $US1,711.30 an ounce, but had traded at an intraday low at $US1,685. Last week, gold fell 3.1%.
Comex May silver meanwhile, jumped 31 cents, or 2%, to end at $US15.610 an ounce after a weekly loss of 4.7%.
And Comex copper fell 2% to around $US2.29 a pound.
