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Aussie Inflation Spike Supports Metals

GOLD / SILVER

With the dollar index holding near 7-day highs, it is not surprising to see gold start off under pressure the today apparently today. Apparently, seeing Australian consumer prices in the 3rd quarter increase by 0.8% is not an inflationary windfall for gold, as the trade instead fretted over the prospect of higher Australian interest rates.

PALLADIUM /PLATINUM

With both palladium and platinum coming under selling pressure in the wake of declines in gold and silver yesterday, it would appear as if the precious metal complex has come back into sync. Ongoing slowing concerns in China and strength in the dollar provides the bear camp with an edge into the 3rd trading session of the week.

COPPER

With a big range down extension overnight the $4.50 level has been reached and has probably become resistance! Surprisingly, the copper market did not benefit from news that Chinese industrial profit growth jumped to 16.3% in September from year earlier statistics as that should indicate good demand for commodities like copper.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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