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Metals Complex Higher

GOLD / SILVER

We think the gold and silver trade might be in for a rough session today as fears of slowing are likely to magnify before the close as more and more restrictive rules are implemented in Chicago and in areas of the South.

PALLADIUM / PLATINUM

Like other precious metals markets, we view the PGM markets with suspicion into the last trading session of the week. Equity markets are beginning to show the strain of the unrelenting infection spread in Europe and the US and that has begun to foment fears of softening demand for physical commodities like palladium and platinum. While we doubt significant rotation will begin in manufacturing processes from palladium to platinum, a forecast from UBS this week suggested that rotation could gather significant pace next year.

COPPER

As indicated earlier in the week, it appears as if Chinese economic data has softened slightly and is in a typical monthly lull thereby leaving the copper market without fresh bullish ammunition. However, an analyst on Bloomberg overnight has broken down Chinese monthly copper trade data and has focused on the large jump in the first 9 months imports of unwrought copper and copper products suggesting the 3 month lock down in China earlier this year was only a temporary and limited negative impact on copper demand.

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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