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Mostly Lower Metals Prices

GOLD / SILVER

With a slightly softer price track early, slightly stronger dollar action and a lack of global economic optimism, the bear camp has the edge in gold and silver to start today. In a sign that investment interest in gold and silver continues to be soft, gold ETF’s yesterday added a mere 12,599 ounces, while silver ETF’s reduced holdings by 768,929 ounces.

PLATINUM / PALLADIUM

Obviously, chart action in the platinum market to start the trading week favors the bear camp, with bullish buzz toward platinum seemingly missing early this week. The palladium charts suffered fresh damage yesterday and in the event the rest of the precious metals complex remains under pressure we see a slide to consolidation low support targeting of $2,307.50.

COPPER

While the copper market showed little direction yesterday with an inside day range, prices this morning are sliding lower and a return to consolidation low support is likely unless a surprisingly positive shift in global sentiment is seen.

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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