METALS MORNING VIEW – LITE EDITION
The sell-off in precious metals stole the light yesterday – the metals had looked vulnerable to stale long liquidation and it finally unfolded yesterday.
Key will be whether this sell-off prompts bargain hunting and unleashes pent-up physical demand – in which case the sell-off could end up being a downward spike with prices rebounding soon. The base metals consolidated in lower ground with the stronger dollar acting as a headwind.
| Yesterday’s performance basis yesterday’s close | |||
| Monday’s Closes | Tuesday’s Close | ||
| Cu | 4833.5 | 4790 | -0.9% |
| Al | 1678 | 1669 | -0.5% |
| Ni | 10315 | 10050 | -2.6% |
| Zn | 2409 | 2379.5 | -1.2% |
| Pb | 2093.5 | 2072.5 | -1.0% |
| Sn | 19970 | 19905 | -0.3% |
| Average | -1.1% | ||
| gold | 1312.85 | 1267.95 | -3.4% |
| silver | 18.87 | 17.78 | -5.8% |
| plat | 1005 | 985 | -2.0% |
| Pall | 710 | 694 | -2.3% |
| Average | Avg | -3.4% | |
Overnight the base metals have consolidated in light volume.
The precious metals have already picked up some bargain hunting, buit we would wait to see if there is another wave of selling.
| Overnight Performance | ||||
| BST | 06:04 | +/- | +/- % | Lots |
| Cu | 4799 | 9 | 0.2% | 447 |
| Al | 1670 | 1 | 0.1% | 169 |
| Ni | 10080 | 30 | 0.3% | 93 |
| Zn | 2381 | 1.5 | 0.1% | 60 |
| Pb | 2068 | -4.5 | -0.2% | 302 |
| Sn | 19850 | -55 | -0.3% | 21 |
| Average | 0.0% | 1,092 | ||
| Gold | 1275.06 | 7.11 | 0.6% | |
| Silver | 17.985 | 0.205 | 1.2% | |
| Platinum | 992 | 7 | 0.7% | |
| Palladium | 698.2 | 4.2 | 0.6% | |
| Average PM | 0.8% | |||
The economic agenda is busy mainly with services PMI data but we also get the start of the US employment data with ADP non-farm employment change.
| Economic Agenda | |||||
| BST | Country | Data | Actual | Expected | Previous |
| 12:01am | UK |
BRC Shop Price Index y/y
|
-1.8% | -2.0% | |
| All Day | China |
Bank Holiday
|
|||
| 8:15am | Spain |
Spanish Services PMI
|
54.8 | 56 | |
| 8:45am | Italy |
Italian Services PMI
|
52.1 | 52.3 | |
| 8:50am | France |
French Final Services PMI
|
54.1 | 54.1 | |
| 8:55am | Germany |
German Final Services PMI
|
50.6 | 50.6 | |
| 9:00am | EUR |
Final Services PMI
|
52.1 | 52.1 | |
| 9:30am | UK |
Services PMI
|
52.1 | 52.9 | |
| 10:00am | EUR |
Retail Sales m/m
|
-0.1% | 1.1% | |
| Tentative | Germany |
German 10-y Bond Auction
|
-0.11|1.1 | ||
| 1:15pm | US |
ADP Non-Farm Employment Change
|
166K | 177K | |
| 1:30pm | US |
Trade Balance
|
-41.1B | -39.5B | |
| 2:45pm | US |
Final Services PMI
|
51.9 | 51.9 | |
| 3:00pm | US |
ISM Non-Manufacturing PMI
|
53.1 | 51.4 | |
| 3:00pm | US |
Factory Orders m/m
|
-0.4% | 1.9% | |
| 3:30pm | US |
Crude Oil Inventories
|
1.1M | -1.9M | |
The post Gold prices consolidate after yesterday’s sell-off, base metals quiet appeared first on The Bullion Desk.
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