Kaloti Precious Metals-Morning Market Report-Tuesday, January 17, 2017
Brexit Plans Rattle Pound and Stocks as Gold Rises
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OTC Trading Range For | All Times Are | As Per Dubai | Date | 17/01/2017 | |
16/01/2017 |
| Gold | Silver | Platinum | Palladium |
Open At 03.00 |
| $1,197.21 | $16.80 | $984.70 | $750.95 |
High Bid |
| $1,208.72 | $16.92 | $990.16 | $754.65 |
Low Offer |
| $1,196.86 | $16.75 | $980.95 | $737.49 |
Close At 02.00 |
| $1,202.73 | $16.81 | $982.75 | $745.57 |
Previous Close |
| $1,197.34 | $16.82 | $984.85 | $751.62 |
Daily Change USD | $5.39 | ($0.01) | ($2.10) | ($6.05) | |
Daily Change % |
| 0.45% | -0.06% | -0.21% | -0.81% |
London Fixings | AM | $1,202.75 | ** | $983.00 | $740.00 |
| PM | $1,203.00 | $16.82 | $984.00 | $745.00 |
COMEX Trading Volume | - | - | - | - | |
Active Month Settlement | - | - | - | - | |
Previous Session |
| - | - | - | - |
Daily Change |
| - | - | - | - |
EFP's |
| 1.4/1.7 | 4/7 | 0/2 | 0/1 |
Forwards & Options | 1 Month | 3 months | 6 months | 12 months | |
GOFO |
| - | - | - | - |
USD LIBOR |
| 0.76833 | 1.02317 | 1.33156 | 1.69844 |
Gold ATM Vols |
| 13.513 | 14.023 | 15.215 | 16.343 |
Silver ATM Vols |
| 22.165 | 23.438 | 24.93 | 25.985 |
Platinum ATM Vols | 19.350 | 18.900 | 18.850 | 18.800 | |
Palladium ATM Vols | 30.000 | 28.000 | 26.900 | 26.100 |
Market Daily & Weekly
Market Snap Shot | 16/01/2017 | 1 Day% | 1 Week % |
XAU | $1,202.73 | 0.45 | 1.80 |
XAG | $16.81 | -0.06 | 1.49 |
XPT | $982.75 | -0.21 | 0.52 |
XPD | $745.57 | -0.81 | -1.62 |
Euro | 1.0601 | -0.40 | 0.25 |
Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai
Fundamentals and News
Brexit Plans Rattle Pound and Stocks as Gold Rises
- The pound fell, equities slid and gold climbed on concern U.K. Prime Minister Theresa May is prepared to lead Britain out of the European Union’s single market and as the U.S. President-elect suggested other countries could break from the bloc.
- Sterling fell below $1.20 for the first time since October after the Sunday Times said May is ready to withdraw from tariff-free trade with the region in return for the ability to curb immigration and strike commercial deals with other countries. Banks were among the biggest losers in European stocks after Goldman Sachs Group Inc. downgraded Royal Bank of Scotland Group Plc, citing exposure to volatile politics. U.S. markets are closed Monday due to a holiday.
- Caution dominated markets amid tough talk from May and Donald Trump about Europe’s economic and political institutions. British government officials trying to limit damage to the pound will speak to major banks in London before the U.K. leader sets out her vision for leaving the bloc in a speech on Tuesday, according to people familiar with the situation. Meanwhile Trump predicted that Britain’s exit will be a success that will encourage others to do the same.
He also branded NATO obsolete.
- “Markets are trading in risk aversion mode,” said Neil Jones, the head of hedge-fund sales at Mizuho Bank Ltd in London. “Investors and corporates around the world are concerned by the prospect of a hard Brexit. Pound rallies are limited and weak, while plunges are harsh and prolonged.”
- The U.K. currency traded 1.1 percent lower to $1.2052 at 2:38 p.m. in New York after touching $1.1986, its weakest level since October. Overnight implied volatility in the pound against the dollar climbed to a five-month high before May’s speech. The measure briefly exceed 30 percent, a level only breached before three events in 2016 -- Britain’s EU vote and the Bank of England’s July and August meetings.
- The euro dropped 0.4 percent to $1.0604. The yen rose 0.3 percent to 114.13 per dollar, extending gains for the longest winning streak since June.
Data Forthcoming Releases
v Data Forthcoming Releases: |
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| Time | Country | Today's Events | Forecast |
| Previous |
| Actual |
| 5:30pm | USD | Empire State Manufacturing Index | 8.1 |
| 9.0 |
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| 5:45pm | USD | FOMC Member Dudley Speaks |
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| Tentative | NZD | GDT Price Index |
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| -3.9% |
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| Tentative | GBP | Prime Minister May Speaks |
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| 7:00pm | USD | Treasury Sec Lew Speaks |
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Courtesy: http://kalotipm.com.sg/kaloti-market-report-17th-january-2017
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 |