European markets are expected to open on a negative note.
The British Pound was under pressure against its major counterparts. Chanceller of the Exchequer George Osborne said the UK economy should grow by 2.7% this year vs a previous forecast of +2.4%. Still in UK, unemployment rate was flat at 7.2% for the November-January period, as expected. Jobless claims were down by 34.6K in February vs -33.9K the month before. Economists anticipated them to be down by 25K.
Gold was down $26.6 to $1329.2. The precious metal was below its 20D MA (@ $1344) and above its 50D MA (@ $1297).
Copper Future (MAY 14) on Comex was up 2.7c to 297.85c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). The 14d RSI below 30 (24.01) indicates Copper Future (MAY 14) contract was oversold. In Europe, the London Metal Exchange reported its copper inventories decreased 2025 tons to 269725 tons.
Conference: New Energy Husum, Filing Variations Conference
Today's Economic Events
US 12:30: W10 Initial Jobless Claims (Thsd): 322
US 14:00: FEB Existing Home Sales (Mln): 4.6
US 14:00: MAR Philadelphia Fed.: 3.2
US 14:00: FEB Leading Indicators: 0.2%