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Lackluster Metals Trading


While gold and silver prices are slightly lower to start the new trading week, they remain near the recovery highs forged over the prior 2 trading sessions. Obviously, thin trading conditions because of the partial global holiday have restricted ranges but the gold market should see some fundamental support flowing from news that India’s gold imports in March reached a record 160 tons, with retail interest recovering and stimulated by reduced taxes and gold prices nearly $300 below the early 2021 highs


With the platinum market forging a 3-week this morning and diverging with the rest of the precious metal markets early on the bull camp appears to have initial control. However, the rally off last week’s low of $64 was forged on very light trading volume and therefore today’s action will be critical with respect to the level of trade interest at higher price levels. While the net spec and fund long in the palladium market is very modest in size, the positioning is clearly understated by the post report rally of $68.


While it might appear to be a delayed reaction, copper prices should be benefiting from last week’s much stronger than expected US nonfarm payroll report as that provides a lift to non-Chinese copper demand prospects. It is also possible that focus on the US infrastructure package is adding to the lift this morning, as that subject dominated the weekend headlines flowing from Washington.

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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