Copper spikes through $8,000, lead at new high

(Reuters) - Copper for three month delivery on the London Metal Exchange ended up at $7,990 a tonne from $7,840 on Friday. Earlier it touched $8,015, the highest level since May 9 and a gain of more than 10 percent since late May.




In New York, copper for September delivery settled up 3.50 cents to $3.6295 a lb at the New York Mercantile Exchange's COMEX division, its best settlement since May 9. Trading ranged from an overnight low at $3.5890 to a session peak at $3.6650.


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U.S. gold declines with oil

(Reuters) - Most-active gold futures for August on the COMEX division of the New York Mercantile Exchange slipped $4.80 to $659.90 an ounce, pulling off an early high at $665.40. On Tuesday, August gold extended its rally up to a 10-day high at $665.80 which nearly matched the June 8 high of $665.90.




"Gold got up to $665 and just stalled. And the ring was a little bit long at that point. So with the lower oil and unwinding long positions that put a little crimp in the rally," a trader said, referring to the August contract.


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Gold turns higher with bond price rise

(Reuters) - As bond prices rise, yields fall. But gold traders generally fear that a higher interest rate scenario will slow the investment demand for gold.




Most-active gold futures for August on the COMEX division of the New York Mercantile Exchange rose $2.40 to $655.50 an ounce, in a range from $647.00 to $656.90.


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