Written Commentary
COPPER
In the overnight trade, March copper futures advanced to their highest level since November 11. However, prices are lower today as some longs took profits. Copper, along with other commodities, also gained support from strong expectations that the Federal Reserve will reduce interest rates next week.
Underlying support remains due to anticipated increased stimulus measures from Beijing after a crucial political meeting.
GOLD
After trading at the highest level since November 6, February gold futures are lower today.
SILVER
After trading at the highest level yesterday since November 5, March silver futures are lower today. Recent strength is linked to ideas that there is an increasing probability that the Federal Open Market Committee will lower its key interest rate on December 18.
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