Written Commentary
GOLD / SILVER
From a fundamental perspective, the bull camp in gold still lacks bullish buzz, at the same time the market is being presented with currency related selling pressure to start the US trading week.
PLATINUM / PALLADIUM
Extreme volatility has returned to the palladium market to start the new trading week with a 3-day spike low forged early. While not a front seat issue, the market should be undermined as-a-result of news that palladium ETFs on Friday saw a noted outflow of 12,656 ounces, with some traders suggesting investors might have used the aggressive rally as an opportunity to bank profits. With the lack of upside action in platinum last week in the face of the historic rally in palladium.
COPPER
Fortunately for the bull camp Chinese equity markets tracked higher overnight, as another large daily inflow to LME copper warehouse stocks and the market was presented with 7-week lows in Singapore iron ore prices. As indicated in a-number-of other markets recently, the economic buzz flowing from China has become neutral to slightly disappointing and that clearly appears to have coincided with copper’s setback from the February highs and persistent interest in trading around the $4.00 level on the charts.
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