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Bias Remains Down For Metals


The gold and silver markets start the new trading week out under pressure likely the result of a firmer US dollar. In retrospect, the gold and silver trade discounted a wave of global inflation news last week in a fashion that suggests the expectation of self-perpetuating inflation is not being embraced yet. Instead, the gold and silver trade focus is usually on a combination of the ebb and flow of physical demand views and the impact from the dollar.


While last week’s massive washout leaves a heavy weight hanging over palladium, over palladium market overnight has aggressively rejected the market overnight has aggressively rejected a sharp range down move to $2050 and as of this writing was trading $87 above the overnight low. While the platinum market avoided tracking down with the palladium market last week, and prices this morning remain near the Friday spike low that suggests the fundamental and technical outlook has shifted decisively negative.


While the copper market has fell back from a new high for the move early today, prices have respected the $4.40 level in the early going as if that could be a plateau of support. However, LME copper warehouse stocks are negative to prices with a 6,400-ton daily increase from Friday.

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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