Metal trends are diverging, silver rebounds, gold's gains significantly narrow, London copper rises nearly 4%, and London nickel hits a 14-month high
Spot silver rose nearly 5.6% to $76.16 per ounce, after plummeting 9% in the previous trading day. Spot gold briefly rose over 1.5%, but fell back after reaching the 200-hour moving average, with the increase further narrowing after the Federal Reserve's meeting minutes, approaching yesterday's New York closing price of around $4,335. Base metals saw a broad increase, with London copper rising about 3.7%, London nickel rising over 6%, London tin rising 3.56%, and London zinc rising over 1%
At the end of the year, the metal market continues to exhibit extreme volatility, with previous strong upward trends experiencing reversals. Investors remain closely focused on the price movements in this sector.
On the 30th, spot silver rose nearly 5.6% to $76.16 per ounce. It had previously plummeted by 9% in the prior trading day. This round of selling occurred after speculative trading and concerns over supply shortages drove silver prices to historic highs.
Spot gold briefly rose over 1.5%, but fell back after reaching the 200-hour moving average, with gains further narrowing after the Federal Reserve's meeting minutes, approaching the previous day's New York closing price of around $4,335. This metal had dropped over 4% on Monday. The significant fluctuations in the precious metals market highlight the uncertainty in trading as the year comes to a close.
Base metals saw a broad increase, with London copper rising about 3.7%, and copper prices are expected to record the longest consecutive increase since 2017. The rally in December was boosted by expectations of increased pressure on supply chains. London tin rose 3.56%, and London zinc increased by over 1%.
London nickel surged over 6%, reaching a 14-month high of $16,780 per ton, continuing the rebound that began in mid-December. Indonesia, the world's largest nickel producer, has signaled plans to cut production in an effort to boost prices and drive nickel prices higher.
