Written Commentary
GOLD / SILVER
With a bullish physical commodity market buzz early, a fresh downside breakout in the dollar early and news that Chinese buying of gold rebounded aggressively in the first quarter, news that global gold demand fell to a 13-year low has been discounted. Apparently, global ownership of gold has shifted from investors in Europe and North America to consumer buying in Asia.
PLATINUM / PALLADIUM
The palladium market remains very resilient, and the record run looks to continue. However, Chinese PMI data out tonight could be a major influence on palladium prices to end the trading week. With a significant failure on the platinum charts yesterday, the bear camp regains control.
COPPER
With another new contract high rally overnight the track towards all-time high prices continues in earnest. Obviously, the copper market is being fueled by improving demand as overnight headlines showed increased production from 2 major producers (KAZ minerals and Glencore). On the other hand, LME copper warehouse stocks continue to decline in a sign that non-Chinese copper demand might be recovering.
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.
