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Moderate Gains in Copper


Yesterday the December copper contract discounted negative Chinese equity market action and a significant single day increase in LME copper warehouse stocks of 29,500 tons and in turn managed a moderate net gain to start the trading week.


While it is difficult to ascertain the real driving force behind gold and silver prices so far this week, it appeared as if the markets yesterday were paying attention to positive physical commodity market demand developments.


While the palladium market has forged a 4 day high early today the magnitude of the gains are not large enough yet to give the bull camp definitive control. In the platinum contract, the market has failed to take out yesterday’s highs in the early going today and the market might be under some pressure given a slightly negative vibe toward physical commodity markets this morning.


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