GOLD / SILVER
With a bullish physical commodity market buzz early, a fresh downside breakout in the dollar early and news that Chinese buying of gold rebounded aggressively in the first quarter, news that global gold demand fell to a 13-year low has been discounted. Apparently, global ownership of gold has shifted from investors in Europe and North America to consumer buying in Asia.
PLATINUM / PALLADIUM
The palladium market remains very resilient, and the record run looks to continue. However, Chinese PMI data out tonight could be a major influence on palladium prices to end the trading week. With a significant failure on the platinum charts yesterday, the bear camp regains control.
With another new contract high rally overnight the track towards all-time high prices continues in earnest. Obviously, the copper market is being fueled by improving demand as overnight headlines showed increased production from 2 major producers (KAZ minerals and Glencore). On the other hand, LME copper warehouse stocks continue to decline in a sign that non-Chinese copper demand might be recovering.
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