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Metals Trending Higher


While the gold market did not hold all of the overnight gains (as of this writing it sits $14 below its overnight high) the August gold contract did reach up to the highest level since May 18th off growing fears of a return to economic uncertainty because of a resurgence of virus cases. Therefore, the infection situation is likely to be the focal point of the trade this week, especially if there appears to be the potential for a return to lockdowns.


The palladium market continues to miss out on the strength in the gold and silver markets which in turn suggests it is trading classic demand fundamentals. Therefore the trend looks to remain down especially with the renewed surge in global infections leaving the threat against demand in a front and center position.


The path of least resistance continues to point upward in copper with the market apparently unconcerned about a new record global daily infection count. A decline in Shanghai copper warehouse stocks at the end of last week keeps the Chinese demand outlook positive especially if China issues another scrap copper import quota this week.


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