GOLD / SILVER
Precious metals appear to have found their footing following their Monday/Tuesday downdraft, but they remain in close proximity to their fourth quarter lows early in today’s action. While gold and silver prices managed to bounce on Wednesday, we attribute those gains to profit-taking by shorts from the oversold compacted washout of the prior two trading sessions.
PLATINUM / PALLDIUM
The PGM metals have seen a change in fortune over the holiday break with palladium regaining the upper hand on platinum as it broke out of its recent consolidation zone to reach a 2-week high. Global risk sentiment has seen modest improvement early today but remains lukewarm at best, and that may weigh on both PGM metals going into the weekend.
Copper prices have held onto their upside momentum over the holiday break as they have reached 5 1/2 year highs early in today’s action. China continues to be the “engine” for global demand with this year’s unwrought copper imports running more than 41% ahead of last year’s pace.
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.