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Metals Trending Higher


While the gold market did not hold all of the overnight gains (as of this writing it sits $14 below its overnight high) the August gold contract did reach up to the highest level since May 18th off growing fears of a return to economic uncertainty because of a resurgence of virus cases. Therefore, the infection situation is likely to be the focal point of the trade this week, especially if there appears to be the potential for a return to lockdowns.


The palladium market continues to miss out on the strength in the gold and silver markets which in turn suggests it is trading classic demand fundamentals. Therefore the trend looks to remain down especially with the renewed surge in global infections leaving the threat against demand in a front and center position.


The path of least resistance continues to point upward in copper with the market apparently unconcerned about a new record global daily infection count. A decline in Shanghai copper warehouse stocks at the end of last week keeps the Chinese demand outlook positive especially if China issues another scrap copper import quota this week.


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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