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Copper Extends Rally


With the gold and silver markets extending yesterday’s aggressive rallies and managing those gains in the face of strength in the dollar and against reports that actual vaccinations will begin within the next week, it would appear as if the markets have indeed shed the flight to quality focus.


While both platinum and palladium prices rallied hard yesterday, the platinum market continues to shine the brightest from the charts and from fundamental headline analysis. In the meantime, we suspect palladium will simply follow in the footsteps of gold and platinum with those outside markets needing very definitive gains to drag palladium prices consistently higher.


The copper market extended its record-breaking rally yesterday despite-the-fact that the market was extensively overbought as evidenced by the record spec and fund long in last week’s positioning report. In fact, since the COT report posted a fresh record spec and fund long (as of November 24th) the March copper contract forged additional gains of $0.20 and therefore the record spec long from last week, will likely be replaced with another record long this week.

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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