GOLD / SILVER
While gold continues to trade the ebb and flow of growth/no growth views the market overnight saw a series of negative gold demand specific headlines with the most significant story detailing the worst Indian festival sales quarter for gold since 2008 and yet gold is higher to start today.
PALLADIUM / PLATINUM
After showing immunity to the escalating infection counts/deteriorating economic conditions in the prior 2 weeks, the palladium market has given into the non-Chinese demand destruction storyline. Adding into the downward bias are indications from Impala platinum of a gain of 11% in production in their most recent quarter.
The headline from Bloomberg overnight noting that copper could forge its best monthly run-up since 2001, clearly highlights a market that has differentiated itself from the rest of the physical commodity markets. However, the coming weeks will be extremely important for copper as it recently posted a fresh all-time spec and fund long positioning, it remains $0.21 off its October lows and is seeing a very real threat of demand destruction in non-Chinese economic zones.
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