Mid day copperNEW YORK, Dec 16 (Reuters) - The following are New York midday prices
and market updates for precious metals and copper:
GOLD
COMEX February gold (0#GC:) at 12:01 p.m. EST down $1.60 at $408.30 an
ounce, trading from $411.40 to $408.10. Gold retreats as the dollar rises
from a fresh record low against the euro after a report of stronger
November U.S. industrial production and a slight improvement in the trade
deficit in the third quarter. Analysts say a surprise drop in consumer
prices suggested the Fed was likely to keep interest rates low,
discouraging investment in U.S. interest-rate instruments. Traders said
COMEX February gold hemmed between support at $400/401 and resistance at
last Wednesday's nearly 8-year high at $413.30. Estimated 11:00 volume was
21,000 lots. Spot gold (XAU=) was at $407.60/8.35, below Monday's last
quote in New York at $408.75/9.50. The London afternoon fix was $408.
SILVER
COMEX March silver (0#SI:) up 1.8 cents at $5.675 an ounce, moving from
$5.645 to $5.715, the market's highest level since September 1999. Volume
was 5,000 lots. Spot silver (XAG=) fetched $5.64/64 versus Monday's late
quote at $5.62/64. It was fixed at $5.66.
.
COPPER
COMEX March copper (0#HG:) maintained levels above the psychological
mark of $1.00 a lb at 1220 EST, after fund buyers took it up to a near
6-1/2 year high to chase copper rallies in Asia and Europe. A weak dollar
triggered buying in overseas markets, but a series of surprisingly strong
U.S. data, including a four-year high in industrial production and a jump
in housing starts and a 38-year low in the consumer price index, kept the
red metal at multi-year highs. March copper was up 1.00 cent at $1.0045
after hitting $1.008 earlier. Spot December was 0.90 cent higher at
$1.0070. Volume was 7,000 lots at noon. LME three-months copper (MCU3) held
above the key $2,200 a tonne. It was at $2,201, up from $2,177 at Monday's
close.