Written Commentary
SILVER
December silver futures advanced in light of the unchanged September producer price index report when up 0.2% was expected.
Earlier this week silver prices were pressured by a briefing from China’s National Development and Reform Commission, which provided limited information on potential additional stimulus plans. Industrial demand for silver in China, especially for renewable energy technologies and solar panel production, remains a major factor influencing the price of silver.
GOLD
December gold futures advanced to above the 2670 level after the U.S. September producer price index report was released.
In India, physical gold dealers have started charging premiums for the first time in two months due to increased jewelry purchases ahead of the festival season.
COPPER
December copper futures are higher in light of the supportive interest rate impact of the September producer price index report. In addition, there are hopes that top copper consumer China will announce more stimulus measures at a finance ministry press conference scheduled this Saturday.
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