Kaloti Precious Metals-Morning Market Report-Friday, October 14, 2016
China Trade Fizzle Divides Metals as Copper Drops and Gold Gains.
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OTC Trading Range For | All Times Are |
| As Per Dubai |
| Date | 14/10/2016 | ||||
13/10/2016 |
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| 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 |
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| -0.20 |
| 1.00 |
XPT |
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| $937.29 |
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| -0.58 |
| -2.95 |
XPD |
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| $639.67 |
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| -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
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Time | Country | Today's Events | Forecast | Previous | Actual |
5:30 | CNY | Consumer Price Index (YoY)(Sep) | 1.6% | 1.3% |
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16:30 | USD | Retail Sales (MoM)(Sep) | 0.6% | -0.3% |
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18:00 | USD | Michigan Consumer Sentiment Index (Oct) | 91.9 | 91.2 |
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20:00 | USD | Fed's Yellen Speech |
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Courtesy: http://kalotipm.com.sg/kaloti-market-report-14th-october-2016
Scrap Metal Prices
Copper Scrap | ||
Alternator | 0.32 | $US/Lb |
#1 Copper Bare Bright | 3.75 | $US/Lb |
Aluminum Scrap | ||
356 Aluminum Wheels (Clean) | 0.73 | $US/Lb |
6061 Extrusions | 0.64 | $US/Lb |
Steel Scrap | ||
#1 Bundle | 460.00 | $US/MT |
#1 Busheling | 480.00 | $US/MT |
Electronics Scrap |