Key events April 24

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Base Metals:
US Treasury published General License 14 allowing US and non-US individuals to trade with Rusal and its subsidiaries in specified transactions until October 23, 2018, fact that erased any support from supply concerns side. Aluminium dropped more than 7% around $180, finishing below the $2,300 level, and experiencing almost $300 intraday volatility. Cash to 3 months carry dropped to $3.50 contango. This morning aluminium keeps dropping, already almost 2%. Nickel dropped around 4.5%, or $650, trading intraday, trading below the $14,000 level, erasing all last week’s gains, again fighting to keep the $14,000 support, or could go into the previous horizontal channel $13,000-14,000. Copper also dropped some 0.67%, and kept trading within the $6,900-7,100 range, and has the wider range between the $6,600 and $7,200 range, closing around the 100-day moving average. Zinc finished unchanged having touched intraday the $3,200 level, acting as the closest support. Full spread finished valued at $13.5 contango. Lead dropped 1.7%, trading close to the $2,300 support level, and dropping below the level could result into a major drop of around $100. Cash to 3 months carry finished valued at $9.25 contango. Tin also suffered from fundamentals and Rusal related news and dropped more than 3% being traded intraday below the $21,000 level.

Precious metals
Gold lost ground yesterday after the US treasury allowed US individuals to deal with Russia in specified transactions. Together with the imminent meeting between both Koreas with the denuclearization of North Korea in mind released geo-political support to prices. From the currency side, US bonds supported USD which rose against a basket of major currencies with EUR dropping some 0.55% and GBP down some 0.4%, which brought some pressure to the group. On top of that, expectations of 3 more US interest rates in 2018. Silver dropped dramatically after losing the $17 support level, and came back to the $16.60, where found some buying activity after going through the $16.80 without looking back.
Platinum maintained the same levels as last week, above the $900 experiencing very thin trading. Palladium on the other side experienced a lot of pressure after the US Treasury published a list of US individuals allowed to trade with Rusal and its subsidiaries, releasing the support based on supply concerns.

Oil
Oil rose again overnight due to concerns about supply and strong fundamentals from the demand side. Brent traded at $75.16 and WTI trading at $69.22 on the June contract.

FX
EUR and GBP dropped against the USD again yesterday on Friday, some 0.57% and 0.46% respectively. Euro traded at 1.2216, having the closest support at 1,2200, level from which it has been bouncing back up since January. GBP was trading at the lowest of the month, having the main support around the 1.38 area. This morning EUR is trading at 1.2215 and GBP at 1.3940.

Equities
DJI traded water and finished almost unchanged, dropping some 0.07% intraday, trading above the 12,500 level. DJI rose some 0.1% but failed to trade above the 24,500 area. Asian markets finished mixed yesterday, with Nikkei dropping 0.33%, Hang Seng up 1% and Shanghai Composite at +1.87%.

Macro Data

German Ifo Business Climate at 09.00. UK Public Sector Net Borrowing at 09.30, CBI Industrial Order Expectations at 11.00. US HPI and S&P/CS Composite-20 HPI at 14.00, CB Consumer Confidence and New Home Sales at 15.00.

This report was written at 7:30. All times referenced are GMT.

Disclaimer
IFCM Commodities GmbH is a tied agent of INTL FCStone Ltd. INTL FCStone Ltd, a company registered in England & Wales and a wholly owned subsidiary of INTL FCStone Inc. [NASDAQ: INTL], is authorised & regulated by the Financial Conduct Authority [FRN: 446717]. Commodity trading involves risks, and you should fully understand those risks prior to trading. This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Ltd. References to and discussions of Structured OTC products are made solely on behalf of INTL FCStone Markets LLC, a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. The content of this document is for information purposes only and may not be taken as representation, advice, or inducement to enter into any contract, investment or arrangement. INTL FCStone Ltd fully disclaims and shall be held harmless against any liability howsoever arising, that may be incurred or suffered by any party from the reliance, use, misuse, reproduction (in part or whole) and dissemination of such information. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events April 23

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Base Metals:
Base metals finished mixed on Friday after an exciting week in aluminium and nickel. Fading fears on new sanctions that could have affected also Nickel, on top of the already announced affecting aluminium market, brought extreme volatility to the market. Copper finished unchanged, trading slightly below the $7,000 level, trading around the 100-day moving average, having the closest resistance at $7,200 and support around the $6,600s. Aluminium dropped some 1.13% after rising 25% in the last 10 days and having touched the highest level since 2011, and finished around the $2,450 area. Closes support could be the $2,400, even though the $2,300 could also work. Cash to 3 months carry finished valued at $15 backwardation. Nickel found support at $14,400 level after being traded last week at $16,690, the highest level since 2014. Zinc rose some 0.43%, and found some resistance at $3,300 level, despite the short-term uptrend depicted last week. Cash to 3 months carry finished in contango area at $8.50. Lead finished almost unchanged, and seems to have the closest resistance at $2,400-2,450 area. Full spread remained at $7.50 contango. Tin rose some 1.1% or $235 on Friday, closing next to the $21,700 level.

Precious metals
Gold lost the $1,340 level on Friday, as geopolitical issues regarding US sanctions towards Russia and expecting new interest rate hike due to the in line as the expected development of the employment market in the US. Today’s existing home sales could bring some volatility as the indicator always measure the temperature of the country’s economy trend. Silver remained steady, trading always above the $17 level, finding some support around the $17.20.
Platinum and palladium also kept trading at the same levels having short-term support at the $900 and $1000 level respectively.

Oil
Oil rose again overnight with Brent trading at $74.03 and WTI trading at $68.32 on the June contract due to the fears that sanctions will affect to supply.

FX
EUR and GBP dropped against the greenback on Friday, some 0.55% and 0.45% respectively. Euro traded at 1.2275 and GBP around the 1.4025. This morning EUR is trading at 1.2275 and GBP at 1.4025.

Equities
Stock markets experienced a profit taking Friday with Dax dropping some 0.33% trading slightly above the 12,500 and DJI retraced some 0.77%, trading just below the 24,500 level. Asian markets finished all in red, with Nikkei dropping 0.33%, Hang Seng down 0.46% and Shanghai Composite at -0.62%.

Macro Data
German, French and European Flash Manufacturing PMI from 08.00 to 09.00. German Bundesbank Monthly Report at 11.00. US Flash Manufacturing and Services PMI at 14.45. Existing Home Sales at 15.00.

This report was written at 7:30. All times referenced are GMT.

Disclaimer
IFCM Commodities GmbH is a tied agent of INTL FCStone Ltd. INTL FCStone Ltd, a company registered in England & Wales and a wholly owned subsidiary of INTL FCStone Inc. [NASDAQ: INTL], is authorised & regulated by the Financial Conduct Authority [FRN: 446717]. Commodity trading involves risks, and you should fully understand those risks prior to trading. This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Ltd. References to and discussions of Structured OTC products are made solely on behalf of INTL FCStone Markets LLC, a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. The content of this document is for information purposes only and may not be taken as representation, advice, or inducement to enter into any contract, investment or arrangement. INTL FCStone Ltd fully disclaims and shall be held harmless against any liability howsoever arising, that may be incurred or suffered by any party from the reliance, use, misuse, reproduction (in part or whole) and dissemination of such information. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events April 20

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Base Metals:
Base metals experienced a high volatility session yesterday. Some analysts pointed out profit taking as well as the unclear new sanctions on Russia as the main driving factors. Copper dropped some 0.63%, losing the $7,000 level. Aluminium rose in the morning above the $2,700 level, and finished just above the $2,400, after trading more than 40,000 lots. Cash to 3 months carry was valued at $14 backwardation in the last kerb. Nickel faced the $16,700, even though did not trade at that level, and finished just at the $15,000 level, although it traded just above the $14,800 as the lowest of the day. Zinc and led both dropped some $36 during the day. Zinc topped at $3,300 level, and bounced back down to $3,200. Cash to 3 months carry finished valued at $14 contango. Lead topped at $2,400 and retraced towards the $2,300, even though finished still some $40 above. Full spread finished valued at $5 contango. Tin remained almost unchanged, dropping just $15 intraday.

Precious metals
Gold slightly retraced yesterday trading below the $1,350 as new sanctions over Russia fears soar. Despite fundamentals remained unchanged and the threat of new sanctions are still on the table, gold experienced a halt in the uptrend started in mid-March. Current resistance could be seen at $1,350-1,360 range. Silver remained above the $17 level, trading still below the resistance $17.80. News about the market remaining in deficit for 5th year in a row brought support to the market.
Platinum retraced again yesterday, trading far from the $1,000 target, down towards the $935 area. Palladium slightly retraced, but kept the $1,000 support untouched, trading above the $1,020 level.

Oil
Oil made a halt with Brent trading at $73.63 on the June contract and WTI trading at $68.09 on the May contract.

FX
EUR remained unchanged against the USD, trading at 1.2360. As well as the GBP which rose some 0.1% against the USD. This morning EUR is trading at 1.2340 and GBP at 1.4060.

Equities
Stock markets slightly retraced yesterday, with Dax dropping some 0.37% but trading still above the 12,500 level and DJI down just 0.24%, trading just below the 24,700 area. Asian markets finished all in red, with Nikkei dropping 0.13%, Hang Seng down 0.62% and Shanghai Composite at -1.41%.

Macro Data
German Purchasing Price Index at 07.00. German Bundesbank President Weidmann Speaks at 12.30. Consumer Confidence at 15.00. IMF Meetings all day.

This report was written at 7:30. All times referenced are GMT.

Disclaimer
IFCM Commodities GmbH is a tied agent of INTL FCStone Ltd. INTL FCStone Ltd, a company registered in England & Wales and a wholly owned subsidiary of INTL FCStone Inc. [NASDAQ: INTL], is authorised & regulated by the Financial Conduct Authority [FRN: 446717]. Commodity trading involves risks, and you should fully understand those risks prior to trading. This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Ltd. References to and discussions of Structured OTC products are made solely on behalf of INTL FCStone Markets LLC, a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. The content of this document is for information purposes only and may not be taken as representation, advice, or inducement to enter into any contract, investment or arrangement. INTL FCStone Ltd fully disclaims and shall be held harmless against any liability howsoever arising, that may be incurred or suffered by any party from the reliance, use, misuse, reproduction (in part or whole) and dissemination of such information. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events April 19

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Base Metals:
Aluminum and Nickel were boiling yesterday and kept the pace overnight. Copper rose 2.01% intraday, closing above the $7,000 resistance level. Closest resistance could be seen at $7,100. Aluminium rose some 5.24% or $126 intraday, due to the fundamentals about sanctions on Russian individuals, affecting Rusal. This morning price already rose $85 or 3.37%, which brought aluminium above the resistance $2,600 and set the new one at $2,800. Full spread finished at $3.5 backwardation. Nickel experienced one of the biggest moves seen in the last years rising $1,000 or 7.03% intraday due to fears of new sanctions coming up affecting Norilsk. This morning market already rose §1,355, or 9%, having current resistance at $17,500. Zinc rose 3.44% or $108, following the rest of base metals trend, with the full spread finishing at $16.50 contango. Lead just rose $20, being capped by fundamentals not affecting the battery used metal and the end of the winter season. Cash to 3 months carry finished at $3.25. Tin finished the session $30 below the previous day close.

Precious metals
Gold traded yesterday consistently above the $1,350 level, trading in the uptrend started in mid-March, supported by contradictory news regarding new upcoming sanctions against Russian individuals. Next resistance could be seen between the $1,350-1,360 area. Silver also rose on the expectation of deficit market for 5th year in a row, which lifted prices above $17 resistance, towards the $17.80 resistance and highest of the year so far.
Platinum traded water and palladium kept rising as fundamentals for base metals improved.

Oil
Oil kept rising with Brent trading at $73.85 on the June contract and WTI trading at $68.73 on the May contract.

FX
EUR remained unchanged against the USD, trading at 1.2375. GBP dropped some 0.45% against the USD, due to the pressure against Russian individuals from the US and the unclear new sanctions to come. This morning EUR is trading at 1.2374 and GBP at 1.4195.

Equities
Dax traded water yesterday, trading below the 12,600 level. DJI also remained very steady above the 14,800 area. Unclear direction towards new sanctions against Russia made both currency and stock markets to remain unchanged. Asian markets finished all in green, with Nikkei rising 0.15%, Hang Seng up 0.91% and Shanghai Composite rising some 0.55%.

Macro Data
European Current Account at 09.00. US Philly Fed Manufacturing Index and Unemployment Claims at 13.30, and some FOMC members speak in different forums during the day.

This report was written at 7:30. All times referenced are GMT.

Disclaimer
IFCM Commodities GmbH is a tied agent of INTL FCStone Ltd. INTL FCStone Ltd, a company registered in England & Wales and a wholly owned subsidiary of INTL FCStone Inc. [NASDAQ: INTL], is authorised & regulated by the Financial Conduct Authority [FRN: 446717]. Commodity trading involves risks, and you should fully understand those risks prior to trading. This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Ltd. References to and discussions of Structured OTC products are made solely on behalf of INTL FCStone Markets LLC, a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. The content of this document is for information purposes only and may not be taken as representation, advice, or inducement to enter into any contract, investment or arrangement. INTL FCStone Ltd fully disclaims and shall be held harmless against any liability howsoever arising, that may be incurred or suffered by any party from the reliance, use, misuse, reproduction (in part or whole) and dissemination of such information. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events April 18

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Base Metals:
Base metals traded mixed yesterday. Copper dropped some $40 after topping above $6,900, previous day close, and keeps trading within the range $6,600-7,000. Nickel lost some 0.87% intraday but has now the support at $14,000 and resistance at $14,400, the highest level of the year, level that has been already broken this morning, triggering some buying activity making prices explode towards the $15,000 area. Aluminium rose above the $2,400 level during the session, dropping later in the afternoon below the $2,400 area, losing some 0.67% intraday or $16. Looks like closest support could be seen at $2,300, but fundamentals regarding Rusal and the suspension of its brand to trade in the LME and the CME kept as a support. Cash to 3 months carry remained at $5 backwardation. Lead dropped some $10 or 0.49% intraday, after having touched the $2,300 support level at the beginning of the week. Cash to 3 moths carry dropped to $2.5. Zinc rose some $23 or 0.73%, back up from the $3,100 level, having the closest support at $3,200 level. Full spread finished at $15.75 contango. Tin rose some $400 or 1.93%, trading close to the $21,500 level.

Precious metals
Precious metals remained steady yesterday as risk appetite came back to the markets. US yield curve reached the flattest level in a decade, as an indicator of the plans from the US Fed to raise interest rates soon. The rumors about an appointment of a hawkish voice as a vice-president of the US Fed by Mr. Trump, had its effect over precious metals. Gold found support at the $1,340 area and silver around the $16.60, topping at $16.80.
Platinum slightly rose, trading in the thin range of $920-935. Palladium kept the $1,000 level after rising from the $985 support level.

Oil
Oil rose yesterday as fears for new sanctions to Russia and the effect in the global economy faded. Brent traded at $72.17 on the June contract and WTI trading at $67.14 on the May contract.

FX
EUR dropped against the USD some 0.25 intraday, trading at 1.2350, as well as the GBP which lost some 0.15%, trading at 1.4315. This morning EUR is trading at 1.2367 and GBP at 1.4304.

Equities
Dax rose some 1.41% intraday yesterday trading just below the 12,600 area, as news announced that the US president Mr. Trump is considering not supporting sanctions to Russia, against what was announced in the UN meeting. DJI also rose some 1.02%, trading just below the 24,800 level. Asian markets finished all in green, with Nikkei rising 1.42%, Hang Seng up 0.74% and Shanghai Composite rising some 0.65%.

Macro Data
European Final and Core Consumer Price Index at 10.00. UK CPI, PPI Input, RPI, Core CPI, HPI and PPI Output at 09.30. US Crude Oil Inventories at 15.30, Beige Book at 19.00 and speeches from Mr. Dudley ad Mr. Quarles in NY and Washington respectively.

This report was written at 7:30. All times referenced are GMT.

Disclaimer
IFCM Commodities GmbH is a tied agent of INTL FCStone Ltd. INTL FCStone Ltd, a company registered in England & Wales and a wholly owned subsidiary of INTL FCStone Inc. [NASDAQ: INTL], is authorised & regulated by the Financial Conduct Authority [FRN: 446717]. Commodity trading involves risks, and you should fully understand those risks prior to trading. This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Ltd. References to and discussions of Structured OTC products are made solely on behalf of INTL FCStone Markets LLC, a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. The content of this document is for information purposes only and may not be taken as representation, advice, or inducement to enter into any contract, investment or arrangement. INTL FCStone Ltd fully disclaims and shall be held harmless against any liability howsoever arising, that may be incurred or suffered by any party from the reliance, use, misuse, reproduction (in part or whole) and dissemination of such information. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events April 17

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Base Metals:
Base metals rose yesterday as prices were supported by a weaker USD and better than expected retail sales in the US. Copper gained some $91 or 1.33% intraday, but remained far to the resistance level $7,000 area. Aluminium experienced a rise of $108 or 4.73%, topping just above the $2,400 level, as to Rio Tinto declared force majeure in some of their contracts with clients due to the sanctions to Rusal. Cash to 3 months carry finished at $12 backwardation. Current technical analysis could suggest a support on the $2,300 area and resistance at $2,400, even though fundamentals could suggest further rises. Nickel rose some 2.98% or $415 , trading below but close to the $14,400 highest of the year and current resistance. Zinc gained some $20 or 0.64% intraday bouncing back up from the $3,050 support area touched last week. Full spread finished at $11.75 contango. Lead rose 3.13% intraday after touched last week the $2,300 support area, before completing the triangle break downside target. Cash to 3 months carry finished at $6.5 backwardation. Tin traded water and finished just $10 above Friday’s close above the $21,000 area.

Precious metals
Gold remained steady below the $1,350 area as Syria concerns and reactions to the use of chemical weapons from the US and the EU brought support to the group. Also sanctions to Russian individuals which are causing some disruptions in the base metals markets are somehow giving support to precious metals prices as concerns on new sanctions arose. Silver kept the support at $16.60 and traded most of the day above the level, topping just below the next resistance $16.80.
Platinum traded water, and palladium rose following the base metals mood, trading above the $1,000 level for first time in a month.

Oil
Oil slightly retraced yesterday with Brent trading at $71.72 on the June contract and WTI trading at $66.58 on the May contract.

FX
EUR rose against the USD some 0.31% intraday, trading at 1.2366, as well as the GBP which made some 0.59% against the greenback, trading at 1.4320. This morning EUR is trading at 1.2399 and GBP at 1.4361.

Equities
Dax bounced back down trading below the 12,400 level dropping some 0.41% intraday. DJI rose 0.74% and trade above the 24,500 area. Asian markets finished mixed, with Nikkei rising 0.06%, Hang Seng down 0.13% and Shanghai Composite dropped some 0.55%.

Macro Data

Chinese GDP, Fixed Asset Investment, Industrial Production, NBS Press Conference and Retail Sales at 03.00. European German ZEW Economic Sentiment and Italian Trade balance at 10.00. US
Building Permits, Housing Starts at 13.30. Capacity Utilization Rate and Industrial Production at 14.15

This report was written at 7:30. All times referenced are GMT.

Disclaimer
IFCM Commodities GmbH is a tied agent of INTL FCStone Ltd. INTL FCStone Ltd, a company registered in England & Wales and a wholly owned subsidiary of INTL FCStone Inc. [NASDAQ: INTL], is authorised & regulated by the Financial Conduct Authority [FRN: 446717]. Commodity trading involves risks, and you should fully understand those risks prior to trading. This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Ltd. References to and discussions of Structured OTC products are made solely on behalf of INTL FCStone Markets LLC, a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. The content of this document is for information purposes only and may not be taken as representation, advice, or inducement to enter into any contract, investment or arrangement. INTL FCStone Ltd fully disclaims and shall be held harmless against any liability howsoever arising, that may be incurred or suffered by any party from the reliance, use, misuse, reproduction (in part or whole) and dissemination of such information. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events April 16

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Base Metals:
Copper remained steady on Friday, trading within the $6,800s range, as the USD against the EUR did not bring any clear indication of near future direction. Aluminium recovered during the morning what was lost overnight on the Asiatic session. Prices finished around the $2,320 area, where finished also on Thursday. Cash to 3 months carry dropped from $55 to $7 backwardation. Sanctions to Russian individuals, including one of the owners of Rusal, made last week the LME and CME to suspend Rusal’s brands. Nickel rose some $200 trading above the $14,000 during the day, and having now the next target at $14,400 level, the highest of the year. Lead lost some $34, almost 1.5% dropped below the lowest of the year, seems to be trading towards the $2,250 after it broke on Thursday the triangle at $2,370 downside. Full spread finished at $3 backwardation. Zinc traded water, bouncing back up before revisiting the December lows at $3,040 area. Full spread remained in contango area as pressure for Cash eased, and finished at $11 contango. Tin bounced back up and finished just at the $21,000 level.

Precious metals

Gold rose towards the $1,345 area again, due to the rising concerns on Syria developments. The US threatened to attack as well as France on the use of chemical weapons from the Syrian government against civil population. Silver also profited from the trend and traded towards the $16.80 resistance but halted before, at $16.60. Also new US sanctions to Russian individuals, affecting international trade, and future developments on North Korea could bring even more support to the group.
Platinum remained at the same level, just $30 above the $900 support area. Palladium rose towards the $1,000 level profiting from base metals trend.

Oil
Oil remained steady on Friday with Brent trading still well above the $70 mark , at $71.89 on the June contract and WTI trading at $66.85 on the May contract.

FX
EUR remained stable against the USD, meanwhile the GBP rose against the USD becoming a safe haven asset against US sanctions. This morning EUR is trading at 1.2335 and GBP at 1.4263.

Equities
Dax remained almost flat, trading above the 12,400 level. DJI slightly retraced some 0.22%, but kept the 24,400 area untouched. Asian markets finished mixed, with Nikkei rising 0.26%, Hang Seng down 1.6% and Shanghai Composite dropped some 1.66%.

Macro Data

German Wholesale Price Index at 07.00. US Core and Retail Sales and Empire State Manufacturing Index at 13.30, Business Inventories at 15.00 and Treasury Currency Report to be published during the day.

This report was written at 7:30. All times referenced are GMT.

Disclaimer
IFCM Commodities GmbH is a tied agent of INTL FCStone Ltd. INTL FCStone Ltd, a company registered in England & Wales and a wholly owned subsidiary of INTL FCStone Inc. [NASDAQ: INTL], is authorised & regulated by the Financial Conduct Authority [FRN: 446717]. Commodity trading involves risks, and you should fully understand those risks prior to trading. This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Ltd. References to and discussions of Structured OTC products are made solely on behalf of INTL FCStone Markets LLC, a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. The content of this document is for information purposes only and may not be taken as representation, advice, or inducement to enter into any contract, investment or arrangement. INTL FCStone Ltd fully disclaims and shall be held harmless against any liability howsoever arising, that may be incurred or suffered by any party from the reliance, use, misuse, reproduction (in part or whole) and dissemination of such information. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events April 13

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Base Metals:
Copper dropped some $125 or 1.8% after topping below the $7,000 level on profit taking and rising USD against a basket of major currencies. Aluminium dropped during the morning to rise above the $2,300 level during the afternoon despite the LME stocks rose some 94,450 tonnes yesterday. Next resistance level could be seen at the highest of 2012 just around the $2,350 area. Cash to 3 months carry finished valued at $52 backwardation. Nickel retraced some 1.3% or $180 intraday but still trading on the upside trend started the second half of March, and has the closest resistance at the $14,000 area. Lead dropped some 3.57% or $86, trading towards the lowest of the year at $2,300 support after being topped at $2,400 area. Full spread finished at $4 contango. Zinc lost some 4.2% towards the $3,040 support level. Full spread finished at $7.5 contango. Tin also lost some 0.57% or $120 losing the $21,000 mark.

Precious metals
Gold and silver retraced yesterday on profit taking and also stabilizing geopolitical issues like the US attacking Syria, which could eventually tense even more the diplomatic relationships between the US and Russia, if not already non-existent. The yellow metal traded at $1,338, from a $1,360 high, and silver bounced back to $16.50 level from $16.80. Also stronger USD against a basket of major currencies brought some pressure to the group.
Platinum and palladium remained stable trading on mixed base metals trend, both having the current supports at $900 level.

Oil
Oil slightly retraced yesterday, with Brent trading still well above the $70 mark , at $71.86 on the June contract and WTI rising until the $66.95 on the May contract.

FX
EUR dropped against the USD some 0.41%, being traded at 1.2313. GBP rose about 0.37% against the greenback, trading at 1.4225. This morning EUR is trading at 1.2325 and GBP at 1.4225.

Equities
Dax bounced back up some 0.93% intraday, as well as DJI some 1.13%, trading above the 12,400 and the 24,400 levels respectively, trading mainly in less imminent than expected attack to Syria form the US. Asian markets finished mixed, with Nikkei rising 0.55%, Hang Seng almost flat +0.09% and Shanghai Composite finished down 0.28%.

Macro Data
Chinese Trade Balance and USD-Denominated Trade Balance during the day, and M2 Money Supply and New Loans during today or tomorrow. German Final Consumer Price Index at 07.00. US Preliminary University of Michigan Consumer Sentiment and Prelim University of Michigan Inflation Expectations, JOLTS Job Openings at 15.00.

This report was written at 7:30. All times referenced are GMT.

Disclaimer
IFCM Commodities GmbH is a tied agent of INTL FCStone Ltd. INTL FCStone Ltd, a company registered in England & Wales and a wholly owned subsidiary of INTL FCStone Inc. [NASDAQ: INTL], is authorised & regulated by the Financial Conduct Authority [FRN: 446717]. Commodity trading involves risks, and you should fully understand those risks prior to trading. This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Ltd. References to and discussions of Structured OTC products are made solely on behalf of INTL FCStone Markets LLC, a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. The content of this document is for information purposes only and may not be taken as representation, advice, or inducement to enter into any contract, investment or arrangement. INTL FCStone Ltd fully disclaims and shall be held harmless against any liability howsoever arising, that may be incurred or suffered by any party from the reliance, use, misuse, reproduction (in part or whole) and dissemination of such information. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events April 12

By | Market & News | No Comments

Base Metals:
LME and CME delisted yesterday Rusal brands from warrant trading due to the US sanctions. Aluminium rose again some 2.04% yesterday, hitting intraday the $2,277.50 level, bouncing back down only in the afternoon session after the American market opened. $2,200 level played as a support and next resistance could be seen around the $2,300 area. Cash to 3 months carry finished at $9 backwardation. Copper remained almost unchanged, topping just below the $7,000 level, from where it has retraced this morning. Nickel rose some 0.77% above the $13,800 level. Lead rose some 0.59%, trading above the $2,400 level and getting closer to the $2,416 resistance. Full spread finished valued at $1.5 contango. Zinc dropped some 0.15%, or $5, but traded very close to the $3,300 resistance level at the opening, before dropping towards the $3,200 level, and dropping even further this morning, losing some 2.76% so far.. Cash to 3 months carry went to $8.5 contango. Tin recovered previous day losses, trading on the close just at the $21,000 level.

Precious metals
Gold and silver rose yesterday trading at $1,360 and $16.80, supported by geopolitical tensions between the US and Russia, specially due to sanctions, Mr. Trump tweets about new missiles and Sirya in mind. Further developments of the situation will give some idea of until when could be expect the trend to continue, as gold has the next support around the $1,366 level, at the highest of the year from January, and silver still has space to develop towards the $17 and the $17.6 levels.
Platinum and palladium also followed precious and base metals mood, and rose above previous day levels.

Oil
Oil rose again yesterday with Brent trading well above the $70 mark , at $72.23 on the June contract and WTI rising until the $67.14 on the May contract.

FX
EUR and GBP rose again yesterday some 0.20% against the USD trading at 1.2380 and 1.4200 respectively. This morning EUR is trading at 1.2370 and GBP at 1.4190.

Equities
Dax dropped 0.82% yesterday, and DJI retraced 0.66%, with sanctions over Russian oligarchs weighted on world stocks. Dax lost the 12,300 level and DJI traded below the 24,300s. Asian markets finished all down, with Nikkei dropping 0.12%, Hang Seng in red 0.51% and Shanghai Composite finished down 0.74%.

Macro Data
European Industrial Production at 10.00, ECB Monetary Policy Meeting at 12.30 and German Bundesbank President Weidmann Speaks at 17.00. US Unemployment Claims and Import Prices at 13.30, Natural Gas Storage 15.30.

This report was written at 7:30. All times referenced are GMT.

Disclaimer
IFCM Commodities GmbH is a tied agent of INTL FCStone Ltd. INTL FCStone Ltd, a company registered in England & Wales and a wholly owned subsidiary of INTL FCStone Inc. [NASDAQ: INTL], is authorised & regulated by the Financial Conduct Authority [FRN: 446717]. Commodity trading involves risks, and you should fully understand those risks prior to trading. This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Ltd. References to and discussions of Structured OTC products are made solely on behalf of INTL FCStone Markets LLC, a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. The content of this document is for information purposes only and may not be taken as representation, advice, or inducement to enter into any contract, investment or arrangement. INTL FCStone Ltd fully disclaims and shall be held harmless against any liability howsoever arising, that may be incurred or suffered by any party from the reliance, use, misuse, reproduction (in part or whole) and dissemination of such information. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events April 11

By | Market & News | No Comments

Base Metals:
Aluminium rose again some 2.73% yesterday trading intraday above the $2,200 level, below the $2,220 resistance area due to the sanctions from the US to Russian oligarchs affecting aluminium producer Rusal. Voices from US Treasury announced that “specific products are blocked from trade due to the sanctions, but those will depend on particular circumstances”. Full spread started the day valued at $15 backwardation, and finished at $5.25 backwardation. Copper also rose some 1.68% trading above the previous resistance $6,900 and trading towards the $7,000 area. News from China easing concerns about trade-war supported prices. Nickel also rose some 1.86% intraday and touched the $13,800 level lifted by the good tone on other metals. Lead traded water, rising just 0.19%, still trading in the triangle and getting even closer to the vertex, when the market expects a major move. Full spread finished valued at $1.25 contango. Zinc rose 0.95% or $30 yesterday recovering some weekly losses and trading towards the $3,300 area, seeming to have found support at $3,200 level. Cash to 3 months carry finished valued at $8.5 contango. Tin was the only metal dropping, losing some 1.16% and trading below the $21,000 level.

Precious metals
Gold and silver slightly rose yesterday despite easing trade tensions between China and the US. On the other hand rising tensions between the US and Russia, open issues in Syria and Iran sanctions brought support to prices, touching $1,340 on gold and $16.65 on silver. Main concerns are how trade-war will develop in the next days. Also new decisions from US government would affect prices.
Platinum and palladium followed the base metals trend, mainly supported by trade ban affecting those due to the sanctions to Russia.

Oil
Brent rose yesterday above the $70 as words from China calmed fears on trade-war, and brought confidence about the problem to be solved without any harm to the global economy WTI finished at $65.31 on the May contract, and Brent trading at $70.72 on the June contract.

FX
EUR and GBP rose again yesterday some 0.30% against the USD trading at 1.2352 and 1.4170 respectively. This morning EUR is trading at 1.2370 and GBP at 1.4195.

Equities
Dax rose yesterday some 1.16% and DJI almost 2% trading close to 12,400 and 24,500 level respectively after words from Mr. Xi calmed fears about trade war and promised to open economy and cut imports tariffs. Asian markets finished mixed, with Nikkei down 0.49%, Hang Seng in plus 0.44% and Shanghai Composite finished in green at 0.41%.

Macro Data
Chinese Consumer and Producer Price Index already at 02.30. European Italian retail sales at 09.00, ECB President Draghi Speaks at 12.00 in Frankfurt, and German 30-year Bond Auction during the session. US Consumer and Core Price Index at 13.30, Crude Oil Inventories at 15.30 and FOMC minutes at 19.00.

This report was written at 7:30. All times referenced are GMT.

Disclaimer
IFCM Commodities GmbH is a tied agent of INTL FCStone Ltd. INTL FCStone Ltd, a company registered in England & Wales and a wholly owned subsidiary of INTL FCStone Inc. [NASDAQ: INTL], is authorised & regulated by the Financial Conduct Authority [FRN: 446717]. Commodity trading involves risks, and you should fully understand those risks prior to trading. This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Ltd. References to and discussions of Structured OTC products are made solely on behalf of INTL FCStone Markets LLC, a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. The content of this document is for information purposes only and may not be taken as representation, advice, or inducement to enter into any contract, investment or arrangement. INTL FCStone Ltd fully disclaims and shall be held harmless against any liability howsoever arising, that may be incurred or suffered by any party from the reliance, use, misuse, reproduction (in part or whole) and dissemination of such information. © 2018 INTL FCStone Ltd. All Rights Reserved