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Bears Retain Edge in Metals


In retrospect, the metals markets were put under pressure from the beginning of this week by a recovery in the dollar and by surging interest rates. While the dollar has fallen back from its high from yesterday and treasury yields have softened a but, it would not appear as if those negative outside forces have completely dissipated.


With a 2-day trading range in April platinum of $127 and the last net spec and fund long at a lofty 43,151 contracts, the platinum market was due some corrective volatility.  As indicated earlier in the week, we think palladium will continue to be dragged around by platinum prices but as in the gold and silver trade, the palladium market currently has more bullish charts than the primary PGM complex bull market of platinum.


Clearly, the copper market is not held back by the doubts of reflation, unending virus inspired economic headwinds and a severe overbought technical condition as prices this morning have exploded on the upside.

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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