Last week’s attack of nerves on Thursday saw gold down, copper down, silver weak, iron ore down, but up for the week, the US dollar a bit stronger ahead important production, investment and retail sales (and property) data to come out of China later today.
That’s despite the steadying tone on Wall Street on Friday that left no one convinced as COVID-19 cases continue rising in around half the 50 states of the USA in a worrying sign of the long-feared second wave.
Oil ended the week on a weak note with West Texas Intermediate crude for July delivery easing 8 cents, or 0.2%, to settle at $US36.26 a barrel in New York—the lowest finish for a most-active contract since June 1.
The contract lost 8.2% on Thursday for the sharpest one-day fall since April 27 and accounted for almost all the 8.3% slump for the week.
In Europe, the global benchmark contract, Brent oil for August delivery, however, added 18 cents, or 0.5%, to end at $US38.73 a barrel after the 7.6% slide on Thursday.
That also accounted for most of the week’s fall of 8.4%.
And the long and large fall in the number of active oil rigs in the US slowed to just 7 last week to a new low of 199. It had been double-digit for most of the previous 10 weeks.
According to energy services group, Baker Hughes the total active US rig count fell by five to 279, which was also a new low. That means two extra rigs started drilling for gas.
Meanwhile, gold futures finished with a modest loss on Friday, pressured by the tentative bounce on Wall Street stocks and strength in the dollar and bond yields.
However, earlier worries (which re-emerged late on Friday) about the economic impact of a resurgence in COVID-19 cases left gold higher by the close.
The US dollar, however, was up 0.7%.
Comex August gold eased by $US2.50, or 0.1%, to settle at $US1,737.30 an ounce on Comex, after surging 1.1% on Thursday.
As a result gold saw a weekly gain of 3.2%.
Among other metals, July silver shed 41 cents, or 2.3%, at $US17.482 an ounce, with the metal almost unchanged from last Friday’s $US17.479 finish.
Comex July copper tacked on 0.5% to $US2.60 a pound, ending around 1.7% higher for the week.
Iron ore prices ended the week still over the $US100 a tonne level for 62% Fe fines delivered to northern China.
Metal Bulletin figures showed iron ore ended the week around $US103.74, down 7 cents for the day but up 3.7% for the week.
Iron ore prices have now been above $US100 a tonne since May 29.
