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Mixed Metals Market Outlook


The rallies in gold and silver on Wednesday were very impressive especially with the Dollar not making a fresh low for the week. However, it should be noted that the dollar index overnight did make a new low for the week and hit the lowest price since September 28th.


The PGM markets yesterday showed significant divergence, with the platinum market strong, and the palladium market weak. The palladium market was undermined because of news that Russian Norilsk nickel projected its 3rd quarter palladium output to have increased by 9% on quarter over quarter basis. Anglo-American platinum LTD overnight indicated that refined PGM production and sales volumes were likely to be unchanged from their initial Outlook of 4.825 million ounces which leaves the supply condition in the PGM markets neutral to slightly negative.


The main story operating in the copper trade is the potential that the London metal exchange may not have enough copper in warehouses to meet warrant/delivery commitments. In fact, with a 6,100 ton decline in LME copper warehouse stocks again overnight total LME copper warehouse stocks have fallen to the lowest level since May 2009.

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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