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Metals Mostly Lower


While gold and silver made new highs for the move (new record high for gold) overnight both markets fell back from those spike highs enough to dent enthusiasm in the bull camp to start today. Nonetheless investment into gold continues with ETF’s garnering inflows for the 30th straight day (longest streak since early 2019), with silver seeing a return of investment with a large 6.59 million ounce inflow.


With a slight two-sided chop in gold and silver early today, softer global equity market action and a higher US dollar it is not surprising to see palladium under pressure and seemingly pointed in a downward direction. Like palladium, the platinum market has not shown notable benefits of signs of strengthening in the global economy from German and Chinese trade data overnight.


Apparently, the copper trade is unimpressed with favorable Chinese import and export data and is also unimpressed with strong German export data as prices are under pressure to start the Friday US trade. Even more surprising is the fact that copper is under pressure despite news that Chinese July copper imports posted a 2nd straight month of record 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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