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Metals Cautiously Negative


Gold prices were lower overnight but held Wednesday’s lows. Precious metals traders are awaiting Fed Chair Powell’s Jackson Hole Symposium speech on Friday for hints of when the Fed will begin tapering.


Palladium fell under pressure on Wednesday after failing to move much above Tuesday’s high, and it extended that move overnight. The global economy’s recovery from Covid is eventually expected to boost demand for auto catalysts, but that is being held back by the global chip shortage. October platinum inched lower overnight after failing to test the August 13 high earlier this week.


Copper prices have lost upside momentum, as they failed to break out above their 50-day moving average for a third session in a row. September reached a new one-week high on Wednesday and posted a moderate gain, but a pullback in Chinese equities has turned prices back to the downside today action.

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