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Platinum Market Outperforms


With another liquidation from a second favorable vaccine trial, we suggest gold and silver prices are getting closer to a more balanced (less vulnerable) flight to quality positioning. However, it is possible that some buyers on Monday were buying the break off the idea that US infection issues might become very precarious in the days ahead and some additional buying might be seen this morning off action in the Dollar which is starting to show signs of breaking down.


The PGM markets outperformed the gold and silver markets on Monday with the platinum market surprisingly outperforming all precious metals markets to start the trading week. While it would seem premature for the platinum market to begin a long slow recovery against palladium prices and it would also seem premature to look beyond non-Chinese slowing because of the dual vaccine reports, that can’t be ruled out considering the 60 day upside breakout in platinum on Monday.


Given that copper prices have been driven higher almost exclusively by signs of ongoing Chinese copper demand improvement, the sharp rally to start the trading week appears to be justified by fresh Chinese data. In fact, the Chinese economic data was from heavy industrial activity which suggests a broad sector of the Chinese economy is indeed active. On the other hand, US manufacturing data Monday was disappointing, and traders are consistently ratcheting up their fears of a return to severe slowing in parts of Europe and the US.

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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