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Down Trend For Metals


We are not surprised that precious metal markets are under pressure again this morning, but we are surprised that gold prices are not sharply lower as the dollar  appears to be poised to return to this week’s highs, investors continued to flee from gold and silver ETF’s and the fear of higher rates remains omnipresent.


The PGM markets retain a bearish bias into today’s action with charts negative, dollar pressure returning and negative outside market pressure flowing from the weak action in gold and silver.


The magnitude of the overnight knockdown in the copper market is surprising from longer-term fundamental supply and demand perspectives, but is not surprising given short-term bearish developments, which include severe chart damage, a rising dollar, rising interest rate fears, a pattern of soft Chinese economic data, a significant 5725 ton single day increase in LME copper warehouse stocks overnight and a report circulating in Asia that copper pricing might have “overshot” fundamental levels.

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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