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India Imports Gold

GOLD / SILVER

Despite the fact that India is usually the world’s second-largest gold importer, the gold market did not see lift overnight from news that Indian August gold imports came in almost twice the amount seen one year ago. It should be noted that the Indian gold imports were also the highest in 8-months, but the jump was thought to be the result of restocking by jewelers after prolonged shutdowns.

PLATINUM / PALLADIUM

Like the gold and silver markets, the PGM markets today are showing corrective action because of the strong allure of equity market gains but also because of strength in the dollar. Relatively speaking, the palladium market outperformed the rest of the precious metals complex on Tuesday with a sustained rally that could finally signal the markets acknowledgment of the progressive recovery in the Chinese economy. The platinum market also joined palladium with an upside breakout to a 9-day high yesterday but showed significant retrenchment from that high of $23.00 into the close on Tuesday.

COPPER

The copper market extended yesterday’s reversal slide with a test of the psychologically important $3.00 level early today and forged that slide in the face of news that all base metals have regained all the losses posted earlier in the year. The copper market also discounted a 2-year high in steel prices overnight, another noted decline in daily LME copper warehouse stocks and a bullish Citibank copper price projection.

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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