Metals

Metals prices this morning are weaker with Apr gold -2.6 (-0.20%), Mar silver -0.051 (-0.31%), and Mar copper -0.020 (-0.63%) at a fresh 1-3/4 month low. Thursday's closes: Apr gold +4.4 (+0.33%), Mar silver +0.103 (+0.63%), Mar copper -0.0055 (-0.18%). Metals on Thursday settled mixed with Mar copper at a 1-3/4 month low. Metals prices were undercut by concern that near-term Chinese copper demand will drop with the start of the week-long Chinese Lunar New Year holidays next week. Copper prices were also undercut by increased copper supplies after LME copper inventories surged +21,125 MT to a 6-3/4 month high. Gold and silver closed higher as the plunge in stocks boosted safe-haven demand for precious metals.