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Silver October 14, 2016 01:00:35 AM

Kaloti Precious Metals-Morning Market Report-Friday, October 14, 2016

Anil Mathews
ScrapMonster Author
China Trade Fizzle Divides Metals as Copper Drops and Gold Gains.

Kaloti Precious Metals-Morning Market Report-Friday, October 14, 2016

 

 

 

 

 

 

 

 

 

 

 

OTC Trading Range For

All Times Are

 

As Per Dubai

 

Date

14/10/2016

13/10/2016

 

 

Gold

 

Silver

 

Platinum

Palladium

Open At 02.00

 

$12,585.25

 

$17.52

 

$942.80

 

$649.00

High Bid

 

$1,262.39

 

$17.68

 

$949.72

 

$652.03

Low Offer

 

$1,253.19

 

$17.42

 

$929.92

 

$636.56

Close At 01.15

 

$1,258.09

 

$17.49

 

$937.29

 

$639.67

Previous Close

 

$1,255.25

 

$17.53

 

$942.70

 

$648.97

Daily Change USD

$2.84

 

($0.04)

 

($5.41)

 

($9.30)

Daily Change %

 

0.23%

 

-0.20%

 

-0.58%

 

-1.45%

London Fixings

AM

$1,258.00

 

**

 

$942.00

 

$642.00

 

PM

$1,261.05

 

$17.59

 

$935.00

 

$640.00

COMEX Trading Volume

$143,091.00

 

$48,047.00

 

$12,427.00

 

$5,264.00

Active Month Settlement

$1,257.60

 

$17.46

 

$932.90

 

$636.85

Previous Session

 

$1,264.10

 

$17.51

 

$941.90

 

$650.95

Daily Change

 

($6.50)

 

($0.05)

 

($9.00)

 

($14.10)

EFP's

 

1.5/1.8

 

2/5

 

1/3

 

0/1

Forwards & Options

1 Month

 

3 months

 

6 months

12 months

GOFO

 

-

 

-

 

 

-

 

-

USD LIBOR

 

0.53456

 

0.88111

 

1.26367

 

1.59567

Gold ATM Vols

 

14.150

 

14.048

 

15.015

 

16.16

Silver ATM Vols

 

25.51

 

25.167

 

25.657

 

26.443

Platinum ATM Vols

19.200

 

17.600

 

17.550

 

17.700

Palladium ATM Vols

26.500

 

25.000

 

25.800

 

26.100

 

Market Daily & Weekly

Market Snap Shot

 

13/10/2016

 

1 Day%

 

1 Week %

XAU

 

 

$1,258.09

 

0.23

 

0.29

XAG

 

 

$17.49

 

 

-0.20

 

1.00

XPT

 

 

$937.29

 

 

-0.58

 

-2.95

XPD

 

 

$639.67

 

 

-1.45

 

-4.59

Euro

 

 

1.1056

 

 

0.44

 

-0.86

Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai

Fundamentals and News

China Trade Fizzle Divides Metals as Copper Drops and Gold Gains

 

 

  • Copper dropped and gold gained as weak Chinese trade data undermined confidence in the global economy.

 

Chinese exports unexpectedly shrank the most since February, while imports also declined. The figures signaled slower growth in the world’s second-largest economy just as the U.S. prepares to raise interest rates, boosting gold’s appeal as a haven.

 

“The Chinese data was disappointing to the industrial metals and pushing the asset protection side of precious metals,” George Gero, a managing director at RBC Wealth Management, said in a telephone interview.

 

Copper is the worst performer among the six major base metals traded on the London Metal

 

Exchange, little changed this year, as uncertainty in China, the world’s biggest metal consumer, damped prospects of more demand growth ahead. Chinese customs data released Thursday showed copper imports in September slid to the lowest since February 2015.

 

Copper for delivery in three months fell 2.1 percent to settle at $4,712 a metric ton ($2.14 a pound) at 5:56 p.m. in London, the biggest loss since June.

 

Meanwhile, gold has surged 19 percent this year as slower global growth coupled with stimulus policies by central banks outside the U.S. added to the metal’s appeal.

  • Gold futures for December delivery gained 0.3 percent to $1,257.60 an ounce on the Comex.

 

  • Platinum futures for January delivery slid 1 percent to $932.90 an ounce on the New York Mercantile Exchange. On Wednesday, the metal traded in a bear market, down more than 20 percent down from the recent closing high in August.

 

  • Silver futures for December delivery fell 0.3 percent to $17.458 an ounce on the Comex.

 

  • Traders rushed into the safety of government bonds, the yen and gold on concern weakness in Chinese exports portends even slower global growth just as the Federal Reserve considers raising U.S. interest rates.

 

Treasuries rebounded from a four-month low, joining gains in European and Asian sovereign debt. Japan’s currency climbed against most major peers, while the pound fluctuated on concern over the U.K.’s plan to exit the European Union. The cost of insuring investment-grade corporate debt against losses jumped to a two-week high. Equities pared their slide as defensive companies rose. Oil topped $50 a barrel after a drop in US fuel stockpiles.

Data Forthcoming Releases

 

 

 

 

 

 

Time

Country

Today's Events

Forecast

Previous

Actual

5:30

CNY

Consumer Price Index (YoY)(Sep)

1.6%

1.3%

 

16:30

USD

Retail Sales (MoM)(Sep)

0.6%

-0.3%

 

18:00

USD

Michigan Consumer Sentiment Index (Oct)

91.9

91.2

 

20:00

USD

Fed's Yellen Speech

 

 

 

Courtesy: http://kalotipm.com.sg/kaloti-market-report-14th-october-2016

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