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More Hard-Fought Gains in Metals

GOLD / SILVER

The gold and silver markets managed strength at the end of last week despite the dollar holding near an upside breakout point on its charts. Unfortunately for the bull camp in silver, the gains off last week’s lows have been less impressive than those seen in gold and the silver market has not reversed long-term downtrend channel signals on the charts like gold.

PALLADIUM / PLATINUM

All things considered, the palladium market charts are indistinct with respect to trend signals with the market in the most recent positioning report showing a new record spec and fund short. Like the palladium market, the platinum market is also locked within a sideways consolidation range but could be considered vulnerable from its spec and fund positioning and from its charts.

COPPER

While the copper market was pinned down to 30-day lows for most of last week and was drifting toward its 200-day moving average down at $4.2610, the market should find support from Chinese October export data as a 27% jump in exports should help stimulate additional manufacturing and consumption of copper. However, the October copper ore and concentrate imports fell from the prior month and in turn posted the lowest import tally since June.

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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