понедельник, 30 апреля 2018 г.

METALS MORNING VIEW 30/04: Quiet start to the week with China on holiday

Base metals prices on the London Metal Exchange were for the most part little changed this morning, Monday April 30. Lead, zinc, tin and copper were slightly firmer, with the latter at $6,815 per tonne, while aluminium and nickel were slightly weaker.

With Chinese and Japanese markets closed, volume has been light with 2,195 lots traded as at 07.36 am London time.

This follows a generally weak day on Friday that saw copper, aluminium and nickel prices all fall by more than 2%, tin off by 1.4% and lead and zinc bucking the trend with gains of around 0.2%.

Precious metals prices were broadly weaker this morning with gold ($1,318.25 per oz), silver and platinum prices down by an average of 0.5%, while palladium prices are little changed.

In wider markets, spot Brent crude oil prices were weaker, with prices off by 1.36% at $73.39 per barrel, the yield on US 10-year treasuries was at 2.96%, and the German 10-year bund yield was easier at 0.58%.

The equity markets in Asia that are open are firmer with the Kospi up by 0.92%, the Hang Seng up by 1.46% and the ASX 200 up by 0.49%. Positive developments between North and South Korea have helped boost sentiment. This follows a mixed performance in western markets on Friday, where in the United States the Dow Jones closed off by 0.05% at 24,311.19, and in Europe where the Euro Stoxx 50 closed up by 0.36% at 3,518.78.

The dollar index remained firm at 91.51 and it looks as though the dollar is now heading higher having spent most of the year, up until recently, in a sideways base formation. This is likely to prove another headwind for metals prices. The euro seems to have found some support, it was last at 1.2138, sterling remained under pressure at 1.3766, the yen was consolidating at 109.19, as was the Australian dollar at 0.7560. The weakness in the emerging market currencies we follow appears to have halted for now.

The economic agenda is busy today: data already out shows a mixed picture in China with the official manufacturing purchasing managers’ index (PMI) slipping to 51.4 from 51.5, although it was expected to dip to 51.3. The non-manufacturing PMI climbed to 54.8 from 54.6. Meanwhile, Germany’s retail sales fell by 0.6%, against an expected increase of 0.8%, having fallen by 0.7% previously.

Data out later includes German and Italian consumer price index (CPI), EU money supply and private loans and there is an Ecofin meeting. In the US, there is data on personal income, spending and prices, Chicago PMI and pending home sales.

The base metals are looking weak, although lead and zinc prices have found some dip buying, while the rest continue to look vulnerable as they test support levels. We expect the markets to now take their next direction from the manufacturing PMI data that will emerge over the next two days. If there are signs that growth is slowing further then the metals may well have further to fall. Conversely, better PMI data may help to underpin support levels. Overall we remain quietly bullish, but think it will take a new run of bullish economic data before prices react.

Precious metals are on a back footing, the positive talks between North and South Korea have helped to reduce haven demand, while the firmer dollar is a headwind. For now, the path of least resistance for the precious metals seems to be to the downside.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 30/04: Quiet start to the week with China on holiday appeared first on The Bullion Desk.



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воскресенье, 29 апреля 2018 г.

Another May Of Dismay For Gold



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Zinc’s Zig-Zags Reflect Growing Volatility Ahead



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Silver: Outlook For The Week Of April 29th, 2018



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Gold: Outlook For The Week Of April 29th, 2018



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пятница, 27 апреля 2018 г.

Gold: Pricing Vs. Value And Fundamental Look On Technicals



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METALS MORNING VIEW 27/04: Metals prices continue to see volatility

Base metals prices on the London Metal Exchange were broadly down this morning, Friday April 27, with only aluminium in positive territory – up by 0.8% at $2,289 per tonne. The rest were all lower by an average of 0.3%.

Volume is up from this time on Thursday, but at 4,449 lots as of 06.16 am London time is still below average.

Thursday’s trading started on a weak footing, but most of the metals ended the day in positive territory, which suggested dip buying and support are features of the market.

Precious metals prices were little changed this morning, with gold and silver prices off by 0.1% – with the former at $1,316.54 per oz. Meanwhile, the platinum group metals were both up by 0.1%.

This follows a mixed performance for the precious complex on Thursday when gold, silver and platinum prices were weaker, while palladium prices climbed by 1.2%.

On the Shanghai Futures Exchange this morning, zinc and copper prices were off by 0.1% and 0.3% respectively, with the latter at 51,560 yuan ($8,144) per tonne, while the rest of the complex saw gains of between 0.3% for tin prices and 0.8% for lead prices.

Spot copper prices in Changjiang were off by 0.3% at 51,560-51,710 yuan per tonne and the LME/Shanghai copper arbitrage ratio had firmed to 7.44 from 7.42 on Thursday.

In wider markets, spot Brent crude oil prices were weaker, with prices off by 0.29% at $74.47 per barrel and the yield on US 10-year treasuries had dipped back below 3% at 2.97%, with the German 10-year bund yield also easier at 0.59%.

Equity markets in Asia were generally stronger on Friday with the Nikkei (+0.53%), Kospi (+0.75%), ASX 200 (+0.58%), Hang Seng (+0.37%) all up, while the CSI 300 is weaker by 0.85%. This follows a stronger performance in western markets, where in the United States the Dow Jones closed up by 0.99% at 24,322.34, and in Europe where the Euro Stoxx 50 closed up by 0.58% at 3,506.03. The meeting between North and South Korea and the dip in the US treasury yield below 3%, seemed to provide some support.

The dollar index remained firm at 91.56, whether it will continue to trend higher remains to be seen now that the yield is back below 3%. For now, while the dollar remains strong, the other major currencies remain on a back footing: euro (1.2109), yen (109.26), sterling (1.3925) and the Australian dollar (0.7547). The yuan was also weaker at 6.3335, but the recent weakness across the emerging market currencies we follow appears to have halted for now.

The economic agenda is busy today – data already out in Japan is showing weakness with the consumer price index (CPI) dipping to 0.6% from 0.8%, the unemployment rate holding at 2.5%, industrial production easing to 1.2% from 2%, retail sales falling to 1% from 1.7% and housing starts falling 8.3% after a 2.6% drop previously.

Data out later includes German data on import prices and unemployment; French data on gross domestic product (GDP), consumer spending and CPI; Spanish data on CPI and GDP; UK data on GDP and index of services as well as US data which includes GDP, employment cost index, and revised University of Michigan consumer confidence and inflation expectations. In addition, there is a Eurogroup meeting and Bank of England governor Mark Carney is speaking.

Volatility in aluminium and nickel continues as sanction concerns remain, while zinc prices have become volatile on the back of recent large stock inflows. The rest of the metals seem to be content consolidating. With economic data pointing to softer growth, consumers probably feel in no need to be too active, while lack of upside price progress is likely to be leading to stale long liquidation.

On balance, while the shifting stance on sanctions is likely to keep aluminium, nickel and palladium prices on edge, we expect the other metals to remain rangebound, with a possible downward bias, although we are not bearish per se.

Precious metals are on a back footing, talks between North and South Korea have potential to make the world a safer place, although that could change if the US pulls out of the Iran nuclear deal. A firmer dollar is also a headwind for gold prices. For now, the path of least resistance for the precious metals seems to be to the downside.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 27/04: Metals prices continue to see volatility appeared first on The Bullion Desk.



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четверг, 26 апреля 2018 г.

Silver In Bullish Consolidation Zone Amid Growing Volatility



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Gold Bulls Look For A Comeback



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METALS MORNING VIEW 26/04: Metals prices under pressure from stronger dollar, 3% yields

Base metals prices on the London Metal Exchange were weaker across the board by an average of 0.6% this morning, Thursday April 26.

Aluminium, nickel and zinc led the decline with losses ranged between 0.7% and 1%, while the rest were all down by 0.3%, with the three-month copper price at $6,955 per tonne.

This follows a mixed performance on Wednesday when consolidation set in following recent weeks of volatility that has revolved around the United States’ spat with Russia over sanctions.

Volume has been exceptionally low at 1,609 lots traded as of 05.56 am London time.

Precious metals prices were firmer this morning, with gains ranged between 0.1% for gold ($1,323.55 per oz) and 0.4% for platinum ($11.80 per oz). This follows a day when most prices were weaker on Wednesday, with the complex closing down with average losses of 1%.

On the Shanghai Futures Exchange this morning, metals prices were for the most part weaker – the exception is tin where prices were up by 0.2%. The rest of the base metals were down by an average of 0.8%, although that was skewed by a 2.7% fall in zinc prices. Copper prices were off by 0.2% at 51,640 yuan ($8,170) per tonne.

Spot copper prices in Changjiang are little changed at 51,690-51,890 yuan per tonne and the LME/Shanghai copper arbitrage ratio is at 7.42.

In wider markets, spot Brent crude oil prices remain strong, with prices up by 0.54% at $74.44 per barrel and the yield on US 10-year treasuries is holding above 3% at 3.03%, with the German 10-year bund yield at 0.63%.

Equity markets in Asia were mixed with the Nikkei (+0.46%) and Kospi (1.13%) firmer, while the rest were weaker: ASX 200 (-0.26%), Hang Seng (-0.7%) and CSI 300 (-1.41%). This follows a mixed performance in western markets, where in the US the Dow Jones closed up by 0.25% at 24,083.83, and in Europe where the Euro Stoxx 50 closed down by 0.71% at 3,485.83. We wait to see if the above 3% US treasury yields shake market confidence.

The dollar has been lifted by the stronger bond yields with the dollar index at 91.16, it having broken above the previous peak at 90.94 from March 1. The stronger dollar combined with softer economic growth numbers are likely to remain headwinds for metals prices.

Dollar strength is undermining the earlier strength in other major currencies that are looking weaker: euro (1.2174), yen (109.33), sterling (1.3942) and the Australian dollar (0.7574). The yuan is also weaker at 6.3255 and the tide has turned across the emerging market currencies we follow, which are all showing weaker trends now. This weakness may be an alarm bell we should be listening to.

Data out today includes Germany’s GfK consumer climate, Spanish unemployment, UK high street lending and CBI realized sales and the European Central Bank (ECB) rate decision and press conference. US data includes durable goods orders, initial jobless claims, goods trade balance, wholesale inventories and natural gas storage. With the European Union showing signs of slower growth, the market is likely to listen carefully to what ECB President Mario Draghi has to say.

Ignoring the sanction-induced volatility for now, it does look as though the base metals prices are drifting lower while traders adjust to the strong gains seen in 2016 and 2017. With economic data pointing to softer growth consumers probably feel in no need to be too active, while lack of upside price progress is likely to be leading to stale long liquidation. In addition, those metals that saw prices ramp higher in recent weeks have been met by forward selling judging by the forward price spreads. The 3/27-month spread on LME aluminium averaged $64 per tonne contango in the first quarter, a week ago it had moved out to $135 per tonne backwardation, although it has since fallen to $18 backwardation.

There are now likely to be more cross currents for the markets to come to terms with. Reduced trade tensions could boost confidence in global growth again, but countering that higher bond yields could raise concerns of strong headwinds for global growth as debt servicing becomes more expensive.

Gold and the other precious metals prices are correcting and we put that down to the stronger dollar, with palladium reacting to developments over the Russian sanctions. Silver seems to be continuing to follow gold’s lead, while platinum prices are once again looking the weakest. For now we expect the stronger dollar to remain a headwind, but we expect support levels to hold.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 26/04: Metals prices under pressure from stronger dollar, 3% yields appeared first on The Bullion Desk.



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среда, 25 апреля 2018 г.

Gold: All Eyes On 100-DMA



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Aluminum Prices Drop Sharply After Announcement Of Potential U.S. Easing



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вторник, 24 апреля 2018 г.

The Gold Bull Era: Key Tactics



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METALS MORNING VIEW 24/04: Metals jumpy with prices reacting to strong dollar, latest sanction developments

Base metals prices on the London Metal Exchange are for the most part firmer this morning, Tuesday April 24. The exceptions are aluminium (-0.8%) and tin (-0.1%), while the rest are up by an average of 0.4%, with three-month copper prices up by 0.5% at $6,963 per tonne.

On Monday, the United States Treasury’s decision that it will not impose secondary sanctions on non-US market participants for doing business with Russian supplier Rusal, helped to deflate the recent sanctions bubble.

Volume has been above average with 9,114 lots traded as of 07.46 am London time.

Precious metals prices are firmer this morning, with gains averaging 0.4% – led by a 0.8% rise in palladium prices to $987.50 per oz. This after a sharp correction on Monday following the latest developments on US sanctions against Russia. Gold prices also appear to have found support after their recent correction.

On the Shanghai Futures Exchange this morning, metals prices are split between being little changed and weaker with aluminium and nickel prices catching up with yesterday’s developments, with prices falling by 3.2% and 0.6% respectively, although tin prices are also down by 1.3%. Lead, zinc and copper prices are little changed, with the latter off by 0.1% at 51,650 yuan ($8,186) per tonne.

Spot copper prices in Changjiang are down by 0.4% at 51,560-51,800 yuan per tonne and the LME/Shanghai copper arbitrage ratio is at 7.42.

In wider markets, spot Brent crude oil prices are firmer, up by 0.1% at $75.07 per barrel and the yield on US 10-year treasuries is at 2.96%, with the German 10-year bund yield at 0.62%.

Equity markets in Asia are for the most part considerably stronger after geopolitical tensions seem to have eased between the US and Russia: Nikkei (+0.86%), the ASX 200 (+0.6%), Hang Seng (0.82%), and CSI 300 (1.83%), although the Kospi is bucking the trend with a 0.4% decline. This follows a mixed performance in western markets, where in the US the Dow Jones closed off 0.06% at 24,448.69, and in Europe where the Euro Stoxx 50 closed up 0.54% at 3,513.06. What is interesting is that the equities are not putting a negative spin on the stronger treasury yields.

Recent increases in geopolitical tensions and rising commodity prices, especially oil, seem to have spurred inflationary concerns that have led to stronger bond yields and in turn that has lifted the US dollar, with the dollar index at 90.97. This has broken above the previous peak at 90.94 from March 01.

This rise in the dollar seems to be weighing on gold and is likely to be a headwind for metals’ prices generally. With the dollar stronger, other major currencies are weaker: euro (1.2205), yen (108.85), sterling (1.3932) and the Australian dollar (0.7604). The yuan is also weaker at 6.3155 and the emerging market currencies we follow are all weakening, which may well be a warning sign rising concern about higher US treasury yields. So equities may be benefitting from the short-term relief of weaker currencies, but the weaker currencies may be an alarm bell we should be listening too.

Data out already shows Japan’s core consumer price index (CPI) came in at 0.7%, slightly down from 0.8% previously. Later there is data on German Ifo business climate, UK public sector borrowing and CBI industrial order expectations, with US releases that include data on house prices, consumer confidence, new home sales and the Richmond manufacturing index.

In recent weeks the focus has been on aluminium, nickel, tin, palladium and the oil price, all of which have been affected by the possibility of sanctions and secondary sanctions. The other metals have largely been consolidating, albeit with an upward bias, while they wait for signs of a resumption of concerted global growth. With the sanction bubble somewhat deflated, at least for now, the outperforming metals are correcting and it seems the complex as a whole remains in a sideways trading pattern. There are now likely to be more cross currents for the markets to come to terms with. Reduced trade tensions could boost confidence in global growth again, but countering that higher bond yields could raise concerns of strong headwinds for global growth as debt servicing becomes more expensive.

Gold and the other precious metals prices are correcting and we put that down to the stronger dollar, with palladium reacting to developments over the Russian sanctions. For now we expect the stronger dollar to remain a headwind, but we expect support levels to hold.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 24/04: Metals jumpy with prices reacting to strong dollar, latest sanction developments appeared first on The Bullion Desk.



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понедельник, 23 апреля 2018 г.

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METALS MORNING VIEW 23/04: Bullishness over US sanctions eases; metals prices consolidate

The base metals traded on the London Metal Exchange have kicked off the new trading week with a broadly positive performance this morning, Monday April 23.

Sanction-hit aluminium leads on the upside with a gain of 0.8%, followed by lead, copper and zinc, which are up by 0.7%, 0.6% and 0.4% respectively. Nickel and tin are bucking the uptrend, however, with losses of 0.8% and 0.1% respectively.

With no imminent sign of Rusal-style US sanctions being imposed on Russian nickel producer Nornickel, common sense has seemingly prevailed in the nickel market after the alloying metal got caught in the sanction crossfire, with nickel now unwinding its bullish excess.

On average, the LME base metal prices were up by 0.3% as of 06:33 am London time. But with a relatively low volume of 4,918 lots traded across the complex so far this morning – compared with last week’s average of 8,151 lots – this indicates that the market is in consolidation mode.

In precious metals, the recent demand for the dollar has capped the advances in both gold and silver prices. This morning, gold settled lower at $1,334.80 per oz, while silver managed to hold above $17.00 per oz. With demand for haven assets diminishing, platinum prices have edged lower from last week’s high of $954 per oz and is trading at around $927 per oz. Meanwhile, palladium has so far managed to hold on to most of last week’s gains, up 0.2% at $1,031.80 per oz.

On the Shanghai Futures Exchange, generally upbeat risk appetite in the early Asian trading session provided support to the base metals with prices up by an average of 0.5%. Aluminium prices were unchanged, while nickel (-0.2%) remained under selling pressure. The rest of the metals were higher, led by copper (+1.2%) and lead (+1.2%), with zinc and tin up by 0.8% and 0.1% respectively.

Looking ahead, the seasonally stronger demand in China witnessed during the second quarter of the year is likely to underpin other metals prices too. SHFE rebar prices were up 2.2% at 3,550 yuan ($564) per tonne, while the Dalian Commodity Exchange’s September iron ore contract is up 2% at 476.50 yuan per tonne.

In equities, Asian indices were mostly lower on Monday following a weaker performance in the western markets at the end of last week. The Dow Jones lost around 201 points on Friday, while the Standard & Poor’s 500 Index edged below 2,700 points again. In Asia today, Japan’s Nikkei Index declined by 0.33% and Hong Kong’s Hang Seng Index was down by 0.35%, however the ASX 200 Index in Australia bucked the trend with a gain of 0.29%.

Overnight economic data was light with Japan’s flash manufacturing purchasing managers’ index (PMI) coming in at 53.3, compared with an expected print of 53.4. Later, the market will focus on manufacturing PMI data out across Europe and the US, as well as US existing home sales.

Based on recent price moves, the base metals are trading on the back of their own individual fundamentals. Worries over a supply-crunch in the aluminium market should continue to support the light metal prices, while the rest of the base metals will remain well supported by seasonal pick-up in Chinese demand. The pullback in LME nickel could continue until the metal can find a price equilibrium but we expect dip-buying to resume at a later stage.

With most of the negative risk events priced in, the base metals complex can take comfort that global risk appetite is on the mend. US Treasury Secretary Steven Mnuchin hinted that he is considering a trip to China and is “cautiously optimistic” that the US and China can reach an agreement over the two nations’ recent trade spat.

Easing trade and geopolitical tensions are taking its toll on the demand for haven assets. Clearly the strength in the dollar index is also a contributory factor, after most US Federal Reserve speakers last week maintained the hawkish view that the US economy is strong enough to warrant another interest rate increase. The CME Group’s FedWatch tool recently pointed to a 98.4% probability that interest rate target will move in June from the current rate of 1.5%-1.75% to 1.75%-2%.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 23/04: Bullishness over US sanctions eases; metals prices consolidate appeared first on The Bullion Desk.



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воскресенье, 22 апреля 2018 г.

Silver: Outlook For The Week Of April 22nd, 2018



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Zinc: Outlook For The Week Of April 22nd, 2018



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пятница, 20 апреля 2018 г.

Aluminum Bulls' Suspicion Attracting Bears On Every Move



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METALS MORNING VIEW 20/04: Metals witness unsurprising profit-taking

Base metals traded on the London Metal Exchange have come under downward pressure this morning, Friday April 20, with the complex posting an average loss of 1.1% amid healthy trading volumes.

Nickel (-2.9%) and aluminium (-1.1%) have been hit the most, which is not surprising after the substantial gains both metals made earlier this week. They remain the star performers in the week to date, with aluminium up around 8% and nickel up about 6% on the week. Zinc, largely flat, is the most resilient of the base metals complex.

Today’s downward pressure across the industrial metals reflects some healthy profit-taking – conservative traders are inclined to lock in some profits by the end of the trading week.

This also coincides with a weaker risk-taking appetite in Asia, as the fall of 1.5% in the Shanghai Composite index indicates. Ongoing trade disputes between the United States and China continue to weight on market sentiment.

Equities in the rest of the world have also come under downward pressure, in part owing the significant acceleration in bond yields – the yield on US 10-year treasuries is above 2.90%, which has forced some portfolios managers to de-risk.

The base metals on the Shanghai Futures Exchange are also under selling pressure this morning, with nickel (-3.3%) and aluminium (-2.1%) the worst performers, while tin (-0.3%) is the most resilient. SHFE base metals prices are underperforming slightly against LME prices in spite of a stronger dollar versus the yuan.

The USD/CNY is at 6.29, up for a second day in a row. The recent weakness in the yuan has been driven by the recent dovish move by the People’s Bank of China earlier this week, that is, a cut in the reserve requirement ratio (RRR) for some banks by 1%, effective April 25.

Copper prices in Changjiang are down by 0.5% at 51,350-51,660 yuan ($8,180-8,229) per tonne and the LME/Shanghai copper arb ratio stands at 7.40, up from 7.37 at the start of the week.

Turning to the precious metals, the complex is marginally lower, with gold (-0.3%) and silver (-0.3%) underperforming the platinum group metals (PGMs), with platinum up by 0.2% and palladium down by 0.1%. This can be attributable to two factors. First, gold and silver tend to be more sensitive to the fluctuations in (real) yields than PGMs. Second, the recent US sanctions against Russia pose a stronger supply risk to PGMs (especially palladium) than gold and silver.

In this vein, it is not surprising that palladium, up nearly 7% on the week, outperforms the rest of precious metals complex. Silver also looks strong, up roughly 4% since Monday, which is primarily attributable to a powerful bout of short-covering (evident in the steep decline in open interest) after speculators became too aggressively bearish on the metal.

The macroeconomic calendar is fairly light today – investors will watch consumer confidence for April in Europe and pay attention to some US Federal Reserve speeches, including San Francisco Fed President John Williams. This could have implications for the dollar and risk sentiment and therefore, on the metals complex.

Base metals may experience more profit-taking today because most investors will be induced to secure some gains by the end of the trading week. Given the substantial gains made recently, industrial metals are likely to see more volatility in the near future. But overall strong fundamentals across various base metals should keep the market in a “buy on the dips” mentality.

Bulls have come back with a vengeance this week after a disappointing absence. In this context, we expect the complex to be much more sensitive to bullish news rather than bearish news. The uptrend is therefore due to continue for longer.

Precious metals may be undermined by the negative macro backdrop characterized by a stronger dollar and higher US real rates over the very short term. PGMs could continue to outperform their complex due to their lower sensitivity to real rates and stronger correlation to base metals.

Silver could also withstand this negative macro environment in so far as its speculative positioning is in process of being normalized so shorts keep covering their positions. Over the longer term, however, we expect real rates to push lower on rising inflation expectations, which should underpin the rally across the precious metals complex.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 20/04: Metals witness unsurprising profit-taking appeared first on The Bullion Desk.



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Silver: Obvious Resistance



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4 Charts: Oil And Gold Vs. Oil And Gold Volatility Indices



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The Incredible Silver Trade: What You Need To Know



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четверг, 19 апреля 2018 г.

Gold Technicals: 04_19_18



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US Inflation Continues To Rise



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Aluminum Bulls Ready To Strike



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Watch This Ratio For Silver And Gold's Next Move



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METALS MORNING VIEW 19/04: Metal prices higher on broad-based commodity rally

After the eventful rally on Wednesday April 18, both the base and precious metals prices have continued their upward momentum this morning. Broad-based commodity rally has supported all metals prices higher, with an average gain of 1.2% in base and a 0.3% rise in precious as of 06:27 London time.

Trading volume on the London Metal Exchange is significantly higher than previous day, with 14,776 lots already traded at the time of writing. The high trading volume indicate an active market that are supporting the current bullish trend.

The LME three-month nickel price is up 3% followed by sanctions-hit aluminium at 2.3%, while the rest of its peers are up 0.5% this morning. Aluminium prices continue to rise and remain well bid amid on-going concern over a supply crunch due to US sanctions against Russian aluminium producer Rusal. But nickel on the other hand, has outshined the light metal after the price surged 6.9% on Wednesday April 18 amid sanction hysteria. The metal has been subjected to panic buying and wild (potentially baseless) speculation that fresh US sanction is imminent against Norilsk which is partially owned by Russian tycoon Oleg Deripaska.

Palladium is on the same page, with a sharp U-turn from April 6 low at $897 per oz and it is now trading comfortably at $1,037.50 per oz, up 0.2% this morning. The bullish vibe runs in platinum too, up 0.8% while gold is unchanged at $1,351.25 per oz and silver traded higher, perhaps on short-covering rally towards $17.23 per oz. The weak dollar index has languished at 89.60 for a while and provided the metals complex with sufficient tailwind to continue higher.

In other currencies, the Euro and Sterling are down 0.1% while the Japanese yen weakened to 107.21 as geo-political tensions eased between the US and Russia over the alleged chemical attack in Syria. Currencies in developing economies such as Brazilian real, Indonesian rupiah and South African rand are a touch higher too as outlook on trade friction between the US and China has lightened up.

Similarly, with the outlook and prospect of an improved macro-economic backdrop, this has fuelled global equity market higher. Both the European and US equity indexes secured gains, with the UK FTSE 100 up 1.26% while US S&P500 gained 0.08% and settled above 2,700 points yesterday. In the early Asian trading session, the Hang Seng lead the rest of its peers after it rose 0.98%, ASX 200 up 0.33% and Nikkei gained 0.15%.

Metals prices on the Shanghai Futures Exchange made strong gains, with the base metals prices up an average 2.2%. Leading the gains are nickel and aluminium at 3.1%, followed by zinc and lead at 2.6% and 2% while copper managed to rise by 1.9% and tin, struggled to replicate similar gains, is up a modest 0.2%. The positive Q 1 Chinese GDP number, strong retail sales and the surprise cut by China central bank in bank reserve ratio requirements have fuelled metals demand. Rebar prices on the SHFE has also risen strongly, up 1.4% at 3,494 rmb. On other metals, September 2018 iron ore contract rose 4.9% and currently trade at 468 rmb.

Economic data overnight is light, with employment numbers from Australia coming below market consensus but overall unemployment rate is stable at 5.5%. Later today, market focus will turn to UK retail sales, US Philly Fed manufacturing index and unemployment claims. Several Fed members are due to speak, with Brainard, Quarles and Mester.

The sharp swing higher in aluminium and nickel prices are dragging the rest of the base metals higher too. Recent economic data from both China and the US remained robust, which suggest that the health of the global economy is truly well and expanding on the back of a co-ordinated concerted growth. This has supported risk appetite and drown out previous uncertainties such as trade frictions and geo-political tensions in the Middle-East as mere market noises. Even though we continue to see higher prices, the current rally in both aluminium and nickel could get volatile and vulnerable to bouts of profit taking.

Precious metals prices should continue to consolidate higher, with silver the preferred choice among risk-averse investors. This is evident as the gold/silver ratio declined to 78.28 from April high at 82.55. Meanwhile, the PGMs are holding up well and continue to benefit from the broad-based commodity rally.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 19/04: Metal prices higher on broad-based commodity rally appeared first on The Bullion Desk.



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Silver Prices On The Verge Of A Breakout



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Aluminium, Copper And Nickel Prices Rise, Other Base Metals Fall



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2018's 'Short' Of The Year



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среда, 18 апреля 2018 г.

Aluminum: Bears Ready To Shoot Down Panic-Driven Rally



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Commodities at the Crossroads



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Gartman's Missed Crude-Oil Call



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Silver Rallies And Hits 16.87 Barrier: Can Bulls Overcome That Hurdle?



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Gold: Neutral And Waiting For Volatility



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вторник, 17 апреля 2018 г.

Gold: A Thousand Dollar Rally?



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Investor Alert: How To See Through The Fog Of War



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Demand For Silver In Industry Increased Last Year



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Gold: Still Range-Bound Despite Geopolitical Risks



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Gold Resists Strikes



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Rosenberg Says Buy Gold, Buy Oil, Buy Commodities



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понедельник, 16 апреля 2018 г.

Is Palladium Rally Driving Metals?



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Gold Poised To Push Higher: April 16–20 2018



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Geopolitical Tension Could Be Catalyst For Gold’s Rally



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Commodities: Breakout Attempt From Multi-Decade Pattern



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This Past Week In Precious Metals: Gold In Bull Market Values



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Aluminum Recovers With More Than 13% Price Jump In A Week



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воскресенье, 15 апреля 2018 г.

Gold Flyin' And Dyin' By The Tweet



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Gold Gaining As War Drums Beat Louder



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Base Metal Looking For Solid Base Amid Hopes Of Cooling Geopolitics



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Gold Is Undervalued - But What's Better Paper Or Real Gold?



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Gold: Outlook For The Week Of April 15th, 2018



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Silver: Outlook For The Week Of April 15th, 2018



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четверг, 12 апреля 2018 г.

Gold's Brick Wall



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Gold Traders Are Watching This Ratio



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Weekly Commodities Report: Trade War Concerns And Syria Tensions Fuel Safe-Havens



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Gold Attacks Crucial Resistance, Which Likely Cracks – If Not Right Away, Later



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Doc Copper Could Be Creating A Toppping Pattern



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Another Failure At Resistance For Gold, Or Is It?



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Gold: Another Failed Breakout Attempt



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вторник, 10 апреля 2018 г.

Gold Market Nirvana: The Time Is Now



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Gold Looking For A Breakout Amid Fading Trade War Fear



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Silver Showing Good Strength Amid Growing Volatility



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Gold Holding Its Own



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Aluminum MMI: LME Aluminum Continues Downtrend



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понедельник, 9 апреля 2018 г.

Gold And Silver Report: Milking The Savers



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Chart Of The Day: What Can A Top For Copper Signal About A Trade War?



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Gold To Rally Due To Increased Market Volatility?



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The Beautiful Chartology Of The iShares Silver ETF



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This Past Week In Precious Metals - Gold Speculation In Bull Market Values



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The Stunning Silver Setup - Bull Market On Its Way



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Trump's Trade War With China And Gold Market Implications



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METALS MORNING VIEW 09/04: Gold, silver and PGM prices moving sideways

Precious metals are mixed this morning with gold prices off by 0.4%, silver prices are unchanged, while the platinum group metals (PGM) are up either side of 0.5%.

Gold prices are stuck sideways, as are silver prices, while the flight in PGM prices of late has halted with some bargain hunting seen. The fact gold prices have not been more bullish, suggests the markets are still reducing risk, but the situation is not so critical to attract safe-haven buying.

Base metals prices on the London Metal Exchange are for the most part stronger this morning, Monday April 9. Zinc is the exception with a 0.6% decline, while the rest are up between 2.8% for aluminium ($2,113 per tonne) and 0.2% for tin. Copper prices are up by 1.1% at $6,831 per tonne.

Volume has been extremely high at 24,925 lots – the bulk of that has been seen in aluminium (11,180 lots) where trading has been active in response to the United States’ latest sanctions on Russia.

On the Shanghai Futures Exchange this morning, aluminium and copper prices are up by 0.9% and 0.2% respectively, with the latter at 50,480 yuan ($8,005) per tonne, while the rest of the metals are down by an average of 1%.

Spot copper prices in Changjiang are down by 0.3% at 50,330-50,530 yuan per tonne and the LME/Shanghai copper arbitrage ratio has eased to 7.40, from 7.42 on Wednesday last week.

In wider markets, spot Brent crude oil prices are up by 0.4% at $67.27 per barrel and the yield on US 10-year treasuries is lower at 2.79%, as is the German 10-year bund yield at 0.49%.

Equity markets in Asia are for the most part firmer: Nikkei (+0.51%), Kospi (+0.6%), the ASX 200 (+0.34%), Hang Seng (1.26%), although the CSI 300 is weaker (-0.21%), but it had been closed last Thursday and Friday. What is interesting is that Asia’s markets have avoided following last Friday’s weaker performance in western markets, where in the US the Dow Jones dropped 2.34% to 23,932.76, and in Europe where the Euro Stoxx 50 closed down 0.64% at 3,408.10.

The dollar index at 90.17 has slipped back into its sideways trading range following last Thursday’s attempt to move higher. It would take a move above 90.94 to suggest an upside break. The euro is consolidating (1.2272), as are the yen (107.10) and the Australian dollar (0.7676), while sterling is firmer (1.4101). The yuan is weaker at 6.3105, before the holiday it was at 6.3007, while the emerging market currencies we follow remain on a back footing.

Data out already shows Japan’s consumer confidence was unchanged at 44.3 and its economy watchers sentiment climbed to 48.9 from 48.6. Data out later includes German trade balance, EU Sentix investor confidence and UK house prices and retail sales monitor.

Aluminium prices are surging higher on the back of concerns that US sanctions against Russia and key Russian firms, including aluminium producer Rusal, will disrupt supply. The rest of the base metals are for the most part consolidating within recent ranges. The fact Asian equity markets are not following US equities lower suggests traders may be shrugging off that latest rhetoric on US-China tariffs, but we do expect trading to remain nervous. Any let-up in trade tensions may well spark another round of buying from consumers and investors alike, especially as we are now in the second quarter, which is seasonally a stronger period for demand.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 09/04: Gold, silver and PGM prices moving sideways appeared first on The Bullion Desk.



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воскресенье, 8 апреля 2018 г.

Gold Stays Tight Despite Helpful Plights



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​Bob Hoye Interview: Precious Metals In The MArket



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Fireworks Ahead For Gold?



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The Gold Price Driver



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As Volatility Spikes, Here’s What Could Be Ahead For Gold And Silver



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Are Gold And Silver Investments Still Good Value?



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Gold: Expected Trading Zones For Week Of April 8th, 2018



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Silver: Expected Trading Zones For Week Of April 8th, 2018



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Copper: Expected Trading Zones For Week Of April 8th, 2018



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Gold Speculators Sharply Reduced Their Bullish Net Positions This Week



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Silver Speculators Keep Increasing Their Bearish Positions



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Copper Speculators Slightly Boosted Bullish Bets After 3 Down Weeks



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Lead: Expected Trading Zones For Week Of April 8th, 2018



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пятница, 6 апреля 2018 г.

New Silver Bull Coming



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Gold Is At A Critical Juncture



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21 Trillion Reasons To Own Gold



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METALS MORNING VIEW 06/04: More Trump rhetoric, more nervousness in metals markets

Base metals prices on the London Metal Exchange are for the most part weaker this morning, Friday April 6, following further announcements from the White House of increased tariffs against China.

The main movers are nickel (-1.2%), copper (-0.9%) at $6,755 per tonne, lead (-0.7%) and zinc (-0.5%), while tin and aluminium are little changed.

Volume remains light with 2,931 lots traded as of 07.31 am London time, this as China remains on holiday to mark the Qing Ming Festival, or tomb-sweeping day.

This morning’s performance follows a day of recovery on Thursday that saw the base metals complex close with gains averaging 0.9%.

Precious metals are down across the board this morning, which seems odd considering the overnight sell-off in metals and equities. Gold, platinum and palladium prices are all down by 0.2%, with gold at $1,326.04 per oz, while silver prices are down by 0.4% at $16.32 per oz. This follows a generally bearish day on Thursday that saw gold prices drop by 0.4%, platinum fall by 0.5% and palladium weaken by 2.5%, while silver bucked the trend with a 0.4% rise.

In wider markets, spot Brent crude oil prices are down by 0.85% at $67.89 per barrel and the yield on US 10-year treasuries is firmer at 2.82%, while the German 10-year bund yield remains at 0.51%.

Equity markets in Asia are for the most part weaker: Kospi (-0.33%), Nikkei (-0.36%), the ASX 200 (flat), while the Hang Seng is up by 1.09% – but having been closed on Thursday, it had some catching up to do. Thursday saw a strong rebound in western markets, where in the United States the Dow Jones climbed 0.99% to 24,505.22, and in Europe where the Euro Stoxx 50 closed up by 2.68% at 3,429.95.

The dollar index at 90.53 has moved up through the first (90.45) of the resistance levels we have been watching, the next is at 90.94 – a move above this would suggest an upside break. As the dollar strengthens, most of the majors are weaker: euro (1.2227), sterling (1.3987), yen (107.40), although the Australian dollar at 0.7668 is firmer. The yuan is giving flat at 6.3007, we wait to see how it reacts when the China’s back from holiday. The emerging market currencies we follow are on a back footing.

The economic calendar is focused on the employment report from the United States; non-farm employment is expected to rise by 188,000 and the unemployment rate is expected to drop to 4%. Data already out showed Japan’s average cash earnings rise 1.3%, up from 1.2% previously, and Japan’s leading indicators climb to 105.8% from 105.6%. Meanwhile, German industrial production dropped 1.6% – it was expected to rise 0.2%. Data out later includes France’s government budget and trade balance, the European Union’s retail purchasing managers’ index (PMI) and the United Kingdom’s housing equity withdrawals. As well as the US employment report there is also data on US consumer credit. In addition, the US Federal Reserve’s chair Jerome Powell and Bank of England governor Mark Carney are speaking.

The base metals are reacting to the trade rhetoric, having started to find some support in recent days, prices are weaker again this morning, but overnight trading will have been more pronounced as volumes have been light with China on holiday.

We wait to see if follow-through selling emerges, or whether traders shrug off the latest comments as more rhetoric. While the trade tensions last, i.e. until an agreement is reached – if one is, we would expect prices to consolidate further. Any let-up in trade tensions may well spark another round of buying from consumers and investors alike, especially as we are now in the second quarter, which is seasonally a stronger period for demand.

The fact gold prices have not reacted positively to the latest escalation in trade tariffs, while industrial metals and equities have sold off, suggests another round of risk-off. We wait to see if there is a secondary reaction – one of haven buying, which we may well see ahead of the weekend if trade tensions are not calmed by then.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 06/04: More Trump rhetoric, more nervousness in metals markets appeared first on The Bullion Desk.



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четверг, 5 апреля 2018 г.

If Gold Breaks Resistance, Watch This Price Point



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The Dollar Cancer And The Gold Cure



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Gold Technicals Scream Short-Term Reversal



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Gold Price Still Inside Bullish Flag



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METALS MORNING VIEW 05/04: Precious metal prices are mostly weaker as the haven market calms down

Precious metals are for the most part weaker this morning, with gold down by 0.4% at $1,329.16 per oz, silver and platinum both off by 0.3%, while palladium is up by 0.1%. This follows on from Wednesday when gold was little changed, while the more industrial precious metals closed down between 0.4% and 0.9%.

With trade officials leaving the door open for further negotiations, the market seems to have calmed down and that has reduced demand for haven assets. Gold prices have as a result eased (so has the yen). Gold prices are back in the middle of the recent range which runs between $1,310-1,360 per oz. We expect choppy trading ahead until a clearer direction on trade emerges. The platinum group metals are suffering harder and trending lower, while silver prices are not holding up as well as gold prices, but they have yet to break into a downward trend.

Base metals prices on the London Metal Exchange are mixed this morning, Thursday April 5. The main movers are nickel, with prices up by 0.6% at $13,230 per tonne, and zinc where prices are down by 0.5% at $3,237 per tonne. Copper prices are up by 0.1% at $6,721 per tonne.

Volume has been light with 2,187 lots traded as of 06.46 am London time, this because China is off for the rest of the week to mark the Qing Ming Festival, or tomb-sweeping day.

This morning’s performance follows a down day on Wednesday, when prices fell by an average of 1.3%, led by a 2.6% fall in nickel prices.

In wider markets, spot Brent crude oil prices are up by 0.08% at $68.31 per barrel and the yield on US 10-year treasuries is firmer at 2.81%, as is the German 10-year bund yield at 0.51%.

Equity markets in Asia are firmer this morning: Kospi (+1.24%), Nikkei (+1.9%) and the ASX 200 (+0.54%). This follows a mixed performance in western markets on Wednesday, where in the United States the Dow Jones rebounded with a 0.96% to 24,264.30, and in Europe where the Euro Stoxx 50 closed down by 0.20% at 3,340.35.

The dollar index at 90.20 is little changed but it is looking stronger – each move above 90.45 and 90.94 would improve the currency’s outlook. The euro at 1.2271 is looking potentially top-heavy, sterling is consolidating at 1.4064, as is the Australian dollar at 0.7691, while the yen is looking weaker at 106.89. The yuan is giving back more of its recent gains – it was recently quoted at 6.3045. Most of the emerging market currencies we follow are split into two groups with the rupiah, rupee and real on a back footing, while the ringgit and peso are showing strength and the rand is giving back some of its recent gains.

The economic calendar is busy today with data out already showing Germany’s factory orders rising 0.3%, which was an improvement on the previous 3.9% decline, but was short of the 1.6% gain expected. Data out later includes services purchasing managers’ index (PMI) data out across Europe and United Kingdom, along with data from the United States that includes Challenger jobs cuts, initial jobless claims, trade balance and natural gas storage. In addition, US Federal Open Market Committee Member Raphael Bostic is speaking.

Heightened trade tensions pulled the rug from under the industrial metals prices on Wednesday, which saw prices give back varying degrees of the gains seen last week and on Tuesday. Wednesday’s sell-offs did leave underlying tails on the day’s candlestick charts which suggested there was further dip buying around. That said, sentiment in the metals remains weak and given weaker economic data and the potential for trade disputes, it is not surprising consumers are waiting on the side-lines to see how events pan out. Overall, we remain bullish on the outlook for the global economy, so we see the correction as temporary and are on the lookout for buying opportunities – any let-up in trade tensions may well spark another round of buying from consumers and investors alike.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 05/04: Precious metal prices are mostly weaker as the haven market calms down appeared first on The Bullion Desk.



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среда, 4 апреля 2018 г.

METALS MORNING VIEW 04/04: Continuing trade tensions weigh on sentiment

Base metals prices on the London Metal Exchange are down by an average of 0.4% this morning, Wednesday April 4. Tin is the only metal showing any gains, while the rest are down between 0.4% and 0.7%, with copper off by 0.4% at $6,783 per tonne.

Volume has been average with 7,996 lots traded as of 07.36am London time.

This follows a general day of gains on Tuesday when the complex closed with average gains of 0.4%. Aluminium was the only one to close lower and indeed it broke below $2,000 per tonne to set a low of $1,978 per tonne, the lowest since August last year.

Precious metals are little changed this morning with gold and silver prices both up by 0.1% – with spot gold recently quoted at $1,334.37 per oz, while platinum and palladium prices are down by 0.1% and 0.2% respectively. This follows gains in bullion prices on Tuesday of around 0.5%, while platinum prices weakened by 0.6% and palladium prices sank by 2.1%

On the Shanghai Futures Exchange this morning, the base metals are showing weakness across the board with prices down between 0.1% for copper at 50,330 yuan ($8,002) per tonne and 1% for zinc.
Spot copper prices in Changjiang are up by 0.1% at 50,480-50,650 yuan per tonne and the LME/Shanghai copper arbitrage ratio has edged out to 7.42, from 7.40 on Tuesday.

In other metals in China, iron ore prices are down by 3.6% at 441 yuan per tonne on the Dalian Commodity Exchange. On the SHFE, steel rebar prices are down by 0.8%, silver prices are off by 0.5% and gold prices are unchanged.

In wider markets, spot Brent crude oil prices are down by 0.43% at $67.85 per barrel and the yield on US 10-year treasuries is firmer at 2.77%, as is the German 10-year bund yield at 0.50%.

Equity markets in Asia are mixed this morning: CSI 300 (-0.09%), Kospi (-1.41%), Hang Seng (-1.13%), Nikkei (+013%) and the ASX 200 (+0.16%). This follows a mixed performance in western markets on Tuesday, where in the United States the Dow Jones rebounded 1.65% to 24,033.36, and in Europe where the Euro Stoxx 50 closed down by 0.43% at 3,346.93.

The dollar index at 90.21 is looking stronger, each move above 90.45 and 90.94 would improve the currency’s outlook. The euro at 1.2267 is looking potentially top-heavy, sterling is consolidating at 1.4062, as is the Australian dollar at 0.7692, while the yen is looking weaker at 106.56. The yuan is giving back some of its recent gains, it was recently quoted at 6.2933. Most of the emerging market currencies we follow are split into two groups with the rupiah, rupee and real on a back footing, while the rand, ringgit and peso are showing strength.

The economic calendar is busy today with data out already showing China’s Caixin services purchasing managers’ index (PMI) dropped to 52.3, from 54.2 previously. Later there is the Italian and European Union unemployment rates, the United Kingdom’s construction PMI, EU consumer price index (CPI) along with a host of data from the US including ADP non-farm employment change, services PMI, factory orders and crude oil inventories. In addition, US Federal Open Market Committee Member Loretta Mester is speaking.

The recent rebounds across most of the metals are struggling, so it remains unclear whether recent strength was just a half-way pause in the downward correction. Given the continuing trade rhetoric and some soft economic data it is not surprising that consumers and investors feel little need to be aggressive buyers, while price weakness is prompting further stale long liquidation. Overall, we remain bullish on the outlook for the global economy, so we see the correction as temporary and are on the lookout for buying opportunities – any let-up in trade tensions may well spark another round of buying from consumers and investors alike.

Gold prices are consolidating in mid-ground, the market seems stuck in a $1,310-1,360 per oz range. Given jittery stock markets and trade tensions, it is surprising gold prices are not attracting more interest. That said, talk of summits between the US and North Korea and the US and Russia, as well constructive developments between some of the Arab majors and Israel, all point towards some easing in geopolitical tensions.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 04/04: Continuing trade tensions weigh on sentiment appeared first on The Bullion Desk.



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Will There Be Enough Physical Gold And Silver?



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Gold: Patiently Waiting For… Nothing



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вторник, 3 апреля 2018 г.

Gold Patiently Waits For… Nothing



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Gold Stocks: The New Safe Haven



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METALS MORNING VIEW 03/04: Metals mainly firmer – bargain hunting for Q2 emerging?

Base metals prices on the London Metal Exchange are for the most part stronger this morning, Tuesday April 03, with prices up by an average of 0.7%.

Copper, aluminium and nickel lead the advance with gains averaging 1.1% – with copper at $6,811 per tonne, followed by tin and zinc that are up by 0.7% and 0.3% respectively, while lead is bucking the trend with a 0.1% decline.

Volume has been high with 13,443 lots traded as of 07.24am London time.

This morning’s strength builds on the rebounds that started to get underway at the tail-end of last week – the exception being aluminium where prices continued to weaken last week, but has found some strength today.

In precious metals this morning, gold, silver and platinum prices are stronger by 1.1%, 1.4% and 0.6% respectively, while palladium prices are down by 1.7%.

On the Shanghai Futures Exchange this morning, the base metals are showing more divergence. Aluminium prices lead on the upside with a 1.6% gain, followed by copper prices that are up by 0.3% at 50,440 yuan ($8,023) per tonne and tin prices that are up by 0.2%. The others are weaker with lead, zinc and nickel prices off by 1.3%, 0.7% and 0.4% respectively.

Spot copper prices in Changjiang are up by 0.8% at 50,380-50,680 yuan per tonne. The LME/Shanghai copper arbitrage ratio has eased to 7.40, from 7.42 on Thursday.

In other metals in China, iron ore prices are down by 2.1% at 453.50 yuan per tonne on the Dalian Commodity Exchange. On the SHFE, steel rebar prices are down by 1.2%, while gold and silver prices are up by 0.7% and 0.6% respectively.

In wider markets, spot Brent crude oil prices are down by 2.24% at $67.78 per barrel and the yield on US 10-year treasuries is weaker at 2.74%, as is the German 10-year bund yield at 0.49%.

Equity markets in Asia are weaker this morning as they follow the sell-off in US markets on Monday: CSI 300 (-0.86%), Kospi (-0.07%), Hang Seng (-0.19%), Nikkei (-0.45%) and the ASX 200 (-0.13%). This follows a 1.9% sell-off in the Dow Jones that closed at 23,644.19.

The dollar index at 89.94 is meandering sideways below recent resistance that is positioned around 91, but well above recent lows that range between 88.25 and 88.94. The euro (1.2316) is moving sideways, the yen (106.00) is firmer, as are sterling (1.4065) and the Australian dollar (0.7703). The yuan is giving back some of its recent gains, it was recently quoted at 6.2851. Most of the emerging market currencies we follow are split into two groups with the rupiah, rupee and real on a back footing, while the rand, ringgit and peso are showing strength.

The economic calendar is busy today with data out already showing German retail sales dropped by 0.7%. Later we have Spanish unemployment change and manufacturing purchasing managers’ index (PMI) out across Europe, with US data including economic optimism and total vehicle sales. In addition, US Federal Open Market Committee member Lael Brainard is speaking.

Most of the base metals prices are rebounding, which is encouraging considering the weakness in equity markets. It also suggests that perhaps the rebounds last week were not just short-covering ahead of the Easter weekend and were the start of bargain hunting ahead of the second quarter. Overall, we remain bullish on the outlook for the global economy so we see the correction as temporary and are on the lookout for buying opportunities – any let-up in trade tensions may well spark another round of buying from consumers and investors alike.

Gold prices are holding up in high ground, prices are volatile in line with gyrations in equities and the rhetoric over trade. Silver is following gold’s lead, while the platinum group metals are still looking weak.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 03/04: Metals mainly firmer – bargain hunting for Q2 emerging? appeared first on The Bullion Desk.



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Lead Looks Ready To Lean Amid Growing Trade War Concerns



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Trade Wars Affect Dynamics Of Commodity Prices



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понедельник, 2 апреля 2018 г.

Real Yields Shift Positive Which Could Be Negative For Gold



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This Past Week In Precious Metals: Silver At New Low Yet Prices Holding



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LME, SHFE Copper Prices Trend Down In March



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Santa Comes In April For Dip Buyers Of This Miner



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воскресенье, 1 апреля 2018 г.

Be Patient, Gold Will Bounce Back



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Gold: Expected Trading Zones For Week Of April 1st, 2018



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