Written Commentary
GOLD / SILVER
Apparently, the gold and silver markets are not cheered by a sweep of global equity market gains to start the new trading week. In fact, gold and silver are tracking despite a softer dollar and higher PGM pricing.
PLATINUM
While we concede to the bull track from last week’s rally action, seeing US infections over 110,000 creates the potential for headwinds against the PGM markets. Apparently, the trade is not overly optimistic toward near term prices, as a Reuters poll last week predicted the average price for palladium this year to be only $2,694 and current prices are basically trading around that level.
Set of copper pipes of different diameter lying in one heap
COPPER
Apparently, the developing supply threat in South America more than offsets a very disappointing Chinese manufacturing PMI reading for July as copper prices this morning are tracking higher. However, the bull camp should take solace from the potential strike at the world’s biggest copper mine in Chile (BHP Escondida Mine) and from talk that real progress might be seen on a $1 trillion US Infrastructure bill this week.
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2021 ADM Investor Services International Limited.
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.
