Copper prices furthered the gaining momentum on Monday amid expectations of a potential supply disruption from top producer Chile after reports that the labor union at Collahuasi, the world’s No 3 copper-mine, may stage a one-day stoppage on September 2. However, the upside chances for the red metal prices were limited by the lingering worries over global economic slowdown, which could adversely impact the commodity’s demand prospects. Copper for three-month delivery on the London Metal Exchange gained or 0.3% to $8,848 a tonne.
A session after the free fall, Copper prices recovered some lost ground on last trading session of the week after investors resorted to some short covering on expectations that top consumer China may take advantage of the prevailing lower prices and rebuild stockpiles amid speculations of supply constraints. The depreciation in American greenback against a basket of currencies also underpinned hefty buying in the red metal futures which pulled the prices above the $4 per lb levels, as it made the dollar denominated commodity move lucrative for holders of other currencies.

Copper prices got butchered by over one and half a percent on Thursday amid escalating jitters over global economic growth prospects and Europe’s financial stability which dissuaded investors and triggered risk aversion from asset classes like commodities and equities. A flurry of tumultuous economic reports from the US showing a rise in inflation in July, manufacturing sharply weakened in the Mid-Atlantic States, housing sales fell and jobless benefit claims rose, exacerbated investors’ worries amid the crisis of confidence and dragged the red metal prices below the psychological $4 a pound mark.

Asian markets headed higher with technology shares in the lead as investors were heartened by extended gains on Wall Street and Google’s $12.5bn bid for Motorola Mobility. Asian markets headed higher with technology shares in the lead as investors were heartened by extended gains on Wall Street and Google’s $12.5bn bid for Motorola Mobility.

Asian markets headed higher with technology shares in the lead as investors were heartened by extended gains on Wall Street and Google’s $12.5bn bid for Motorola Mobility.Asian markets headed higher with technology shares in the lead as investors were heartened by extended gains on Wall Street and Google’s $12.5bn bid for Motorola Mobility.

Asian markets headed higher with technology shares in the lead as investors were heartened by extended gains on Wall Street and Google’s $12.5bn bid for Motorola Mobility.

Gold prices not only furthered their gaining momentum for the fourth session in a row on Thursday, but also scaled the unprecedented $1,800 an ounce levels as marketmen grew increasingly jittery amid the uncertainty looming over the financial markets. The yellow metal prices got buttressed by a slew of disappointing US macroeconomic data which painted an uglier picture of the economy, inflaming expectations of a catastrophic double-dip recession.

Gold futures for December delivery jumped $28.20 or 1.6%, to settle at $1,822 an ounce, after trading as high as $1,829.70 and as low as $1,786.80, on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices garnered $32.30 to $1,822.60 an ounce.

Gold prices demonstrated a breathtaking rally, jumping to yet another record peak and sailing beyond the $1,700 an ounce levels on Monday. The yellow metal prices got the underpinning following the unprecedented US credit rating downgrade by S&P which has also kept its outlook as negative. The traders overlooked Group of Seven financial chiefs’ vow to stabilize financial markets and continued to take refuge under the safe haven amid amplifying worries over the global economic outlook.

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