WTI oil retreated to $84.50 per barrel. Gold fell below $1650 per ounce. After the recent decline, traders took some profits off the table and the price of natural gas rose. Precious metals fell as Treasury yields increased. Copper retreated following an abortive attempt to settle over $3.50.
On the heels of positive data from China, copper prices are anticipated to resume their upward trend. China’s Industrial Production has turned positive, rising to 0.7% from -2.9% previously reported. The higher CPI announced last week supports the anticipation of a 75-bps rate rise by the Fed.