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Palladium Outperforming Platinum


We see the gold and silver markets vulnerable to lower action with the dollar seemingly poised to forge a minor upside breakout, money continuing to flee from gold ETF holdings and a US treasury International capital flow report yesterday afternoon showing Japan and China pouring significant capital into US treasuries. Like the gold market, the silver market has an upward track on its charts, but gains have been measured and hard-fought of late.


The charts in the PGM markets clearly favor the bull camp, with the palladium market reaching the highest level since the major washout down day on February 26th. With the palladium market clearly outperforming the platinum market on the charts yesterday, it appears as if the trade is embracing the prospect of an improvement in global auto sales and prices should see additional lift from the looming US Federal Reserve meeting.


While the copper market did manage to forge an 8-day high yesterday, the magnitude of the rally was disappointing considering the very favorable Chinese economic data presented to the market. In addition to that disappointing chart action yesterday, the copper market is confronted with a very significant jump in daily LME copper warehouse stocks of 11,250 tons this morning which in turn is the 9th daily increase in stocks over the last 11 sessions.

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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