Written Commentary
GOLD / SILVER
A break below the key $1700 level overnight in nearby gold sets the market up for more selling today. Gold traders are abandoning bullish bets on the metals as the dollar and long-term interest rates increase. The reflation theme appears to be picking up steam, based on the number of articles covering that issue in the last 24 hours, and this is supporting the dollar and sending gold lower.
PLATINUM / PALLADIUM
Platinum was near unchanged overnight and palladium clawed back some of its losses from Monday. Platinum was the one metals market that avoided a major selloff on Monday, managing to close higher on the day. The steep selloff in palladium may have sparked some spread unwinding, lending support to platinum.
COPPER
Copper continues to see coiling price action, but it may have a positive finish to the month and quarter if global risk sentiment improves. May finished Monday with a moderate loss after it bounced back from two different pullbacks, but it was lower overnight.
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.
