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Copper Prices Remain High


Yesterday gold and silver ETF’s saw outflows with gold posting the 4th straight day of declines and the largest Gold ETF seeing its holdings fall to the lowest levels in 4 months.


It would appear as if leadership in the PGM markets has shifted to the platinum market, with the trade recently presented with a series of dramatic deficit forecasts, which if fulfilled would mean the platinum market will see deficits in 7 over the last 10 years. Palladium prices appear to have lost direction with a 4-day consolidation pattern perched just above last week’s major spike low. In retrospect, the bull camp should be discouraged given that palladium prices have shown very little “bounce” from a 3-day high to low slide of $215.


The importance of China in the copper market has been magnified even further with copper futures at the Shanghai International energy exchange beginning trade. Clearly, the copper market is mostly undeterred by the escalation of virus problems in the US, as prices remain near this year’s highs and the bull case is getting additional assistance from very strong zinc and aluminum price action.

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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