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Rally in Copper Extends

GOLD / SILVER

Gold and silver have backed off from yesterday’s gains as traders have grown cautious ahead of Jerome Powell’s testimony before Congress this week. The dollar was up overnight after making a new low, and this was a bit negative for gold.

PLATINUM / PALLADIUM

Platinum and palladium were both lower overnight, as a stronger dollar and weakness in the stock market pulled support from these metals. They have been garnering strength from expectations of stronger demand once the economic recovery is fully underway.

COPPER

Copper was able to overcome lukewarm global risk sentiment to climb even further into multi-year high territory overnight, but it has since fallen back into negative territory. The market is seeing historic volatility. On Monday, copper was able to extend its rally despite a pullback in Chinese equity markets that normally would have been a source of pressure.

 

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