U.S. copper futures added to moderate losses on Friday after second quarter U.S. GDP growth slowed a bit more than forecast, but the downside was limited by the dollar's weakness against the euro following the economic report, traders said.
Weakening prospects for cocoa supplies from the Ivory Coast, the world's biggest producer, have prompted ABN Amro to slice one-third from its forecast for the global production surplus.
London: The London Metal Exchange merged its two regional steel futures contracts to create a global one, aiming to generate more business in Asia, where metals trading is on the rise.
Spot gold was bid at $1,164.10 an ounce at 1514 GMT, against $1,162.55 late in New York on Wednesday, recovering from a three-month low of $1,156.90 reached that day.
Andean American Mining Corp. reports that for the year ended March 31, 2010, it incurred a loss of $691,552 or $0.01 per share compared to a loss of $5,738,809 or $0.07 for the same period in 2009.
U.S. copper futures posted its strongest close in 12 weeks on Thursday after last week's filings for U.S. unemployment benefits showed an unexpected decline, prompting investors to take on riskier assets like metals as month end nears, traders said.
Copper hit three-month highs on Thursday as a weaker dollar and inventories data re-ignited investor buying interest, despite worries about recovery in the United States, the world's largest economy.
U.S. copper futures added to early gains after filings for U.S. unemployment benefits dropped last week also lifted U.S. stocks, oil prices and the euro on the view that an improving economic scenario will boost demand for the industrial metal, traders said on Thursday.
