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Stimulus Negotiations Weigh on Metals


Despite a smattering of higher physical gold production stories overnight, the focus of the precious metal markets is likely to remain on the ebb and flow of the stimulus negotiations. However, it-is-clear that both gold and silver were undermined as-a-result of the attempts to interfere in the US election with menacing emails to voter registration lists. With negative sentiment pressuring equities and many commodities early, the path of least resistance in gold and silver looks to be down to start today


Clearly, the palladium market was short-term overbought from fundamental and technical perspectives yesterday as prices are retrenching this morning despite upbeat high-frequency data pointing to accelerating growth in China and Russia. Platinum on the other hand, has held up impressively on the charts today and appears to be getting some support from long platinum short palladium spread trading.


With the stellar low to high rally this week of nearly $0.16, a likely record spec and fund long in place and virtual euphoria toward copper from comparisons to FANG stocks, copper prices have certainly factored in a lot of positives. However, high-frequency activity data continues to show acceleration of economic activity in Russia and China combined with improvement in India and South Africa and that provides support from the international demand front.

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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