What Are Copper Prices Telling Us?
Gold demand was 977 tons in Q1,
according to the World Gold Council, up 26% from a year ago. Jewelry demand grew
19% from a year ago.
The ECB left all key interest rates unchanged. The dollar is at 8-month
lows vs. the euro.
Jobless claims for the week ending 5/28 rose 25K to 350K. Non-farm
productivity for Q1 rose 2.9%, slightly better than expected. continuing
claims. Challenger reported layoffs in May were 82,283 vs 57,861 in
April.
The EIA said crude inventories rose 1.49 mm barrels–more than
expected–while gas inventories rose 1.3 mm barrels. Distillate inventories rose
by 700K barrels. Russia’s oil production was 9.33 mm in May.
Cocoa rose again as ethnic fighting
continued in the Ivory Coast. July cocoa rose $26 to $1420.
July copper made a contract high at 1.5165
on talk the Fed rate increase may be done.