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Dollar Pressuring Metals Markets


The precious metals are finding moderate pressure coming into this morning’s action, but they remain clear of their recent lows in front of Fed Chair Powell’s Jackson Hole Fed Symposium speech on Friday. If global markets can regain a risk on mood before then, gold and silver could be in a good position to climb back to the upside.


The PGM sector is finding moderate pressure this morning, but palladium has seen a two-day gain of more than $165 and remains on track for a positive weekly reversal. A sustained rebound in risk appetites could lead to improved global auto catalyst demand, particularly for China, where there were no new COVID cases reported on Tuesday, the first time this has happened since July.


Copper has risen nearly over 30 cents from last Thursday’s spike low, but it has only risen back into its June/August consolidation. Nonetheless, December copper is on track for a fourth daily gain in a row. Dovish commentary by the People’s Bank of China, news that China did not have a new COVID case on Tuesday, and reports that the Ningbo port has reopened should help strengthen that nation’s demand outlook.

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