GOLD / SILVER
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.
PALLADIUM / PLATINUM
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.
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