Written Commentary
GOLD / SILVER
While the action in the dollar has not been a primary influence in the direction of daily gold and silver prices recently, an upside breakout in the dollar overnight to the highest level since December 20th contributes to what appears to be a profit-taking setback.
PLATINUM / PALLADIUM
With platinum rallying sharply with silver yesterday it is not surprising to see platinum under pressure this morning because of the reversal in silver prices. Palladium should see some support from news last week that a key Russian miner “Nornickel” reduced its 2020 palladium output forecast by 3% and that combined the market’s capacity to trade positive in the face of weakness in other precious metals prices.
COPPER
A-number-of banks & brokerage research analysts have turned bearish toward copper in the near term, with expectations for softer demand given added credence by the looming extended Chinese New Year holiday.
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.
