European markets are expected to start on a positive note.
Gold was down $2.8 to $1254.3. The precious metal was above its 20D MA (@ $1243) and above its 50D MA (@ $1234).
Copper Future (MAR 14) on Comex was about flat to 325.25c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). In Europe, the London Metal Exchange reported its copper inventories decreased 2825 tons to 322575 tons.
UK Market News
Antofagasta posted a 4Q production report: "Record year of copper production of 721,200 tonnes (+1.6% YoY); Group copper production in Q4 2013 was 182,900 tonnes, a 4.9% increase compared with the previous quarter as a result of strong performance across all the operations; Group gold production was 63,300 ounces in Q4 2013, a 6.4% decrease on Q3 as a result of lower gold production at Esperanza; 2013 full year gold production was 293,800 ounces compared with 299,900 ounces in 2012, reflecting lower production at Esperanza in 2013 due to lower grade, partially offset by higher throughput (...) Molybdenum production at Los Pelambres was 9,000 tonnes in 2013 compared with 12,200 tonnes in 2012 (...) Group production in 2014 is expected to be appx. 700,000 tonnes of copper, 270,000 ounces of gold and 7,500 tonnes of molybdenum."
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