NEW YORK: US gold futures steadied on Thursday after recent sharp losses, while copper edged up as the dollar weakness and better global economic sentiment helped stabilize the industrial metals market.
FUNDAMENTALS
US gold futures steadied after the producer prices and weekly jobless claims data.
Analysts said a strong dollar and fading expectations of more monetary easing in the United States made the yellow metal vulnerable to more selling.
US copper futures edged up, recovering after a 1 percent drop in the previous session, but concerns about the outlook for demand from top consumer China weighed on sentiment and kept prices within a tight trading range.
LME copper stocks continued to fall, down 2,875 tonnes to 267,750 tonnes, the lowest level since July 2009. The ratio of canceled warrants - material earmarked for delivery - to the total stocks at 33.47 percent.
ECONOMY
New US claims for unemployment benefits fell back to a four-year low last week, a government report showed, suggesting further strengthening in the labor market.
The US February producer price index rose 0.4 percent.
MARKETS
European shares traded near eight-month highs on a brighter global economic outlook, greater risk appetite, a strong dollar and rotation out of government debt.
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