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Key events January 19

By | Market & News | No Comments

Base Metals:
Base metals finished mainly in green yesterday, supported by better than expected Chinese GDP figures, growing at 6.8% pace, with also positive Industrial production. Copper rose 0.60%, finishing close to the $7,100 level, where it has been through this morning already. Aluminium rose 2.23%, supported also by a pollution alert in the main aluminium production area in China (Zhengzhou), which is expected to accelerate the close down of production capacity. Full spread is now in a backwardation area, and finished yesterday at $2.5. Nickel rose 0.48%, following the rest of base metals trend. Zinc slightly rose 0.25%, but Cash to 3 months backwardation dropped to close at $24. Lead rose 2.46% also lifted by pollution alert in Henan province, which is expected to create at least short term disruptions. Tin was the only metal finishing in red, losing just 0.32%. This morning all metals are in green, supported by a dropping USD and still the positive effect of Chinese figures.

Precious metals
Gold retraced yesterday and found some support around the $1,330 level, although it broke it overnight. Seems that the metal is moving together with the USD index, as it is recovering this morning some space, as well as USD is losing again a basket of currencies. Also prices are being pressured by central bankers implying the end of ultra-low interest rates and easing policies. On the other hand the easing political tensions between both Koreas seems to erase, at least momentarily, support to the group. Silver is trading around the $17 level, without a clear direction, just following the gold trend, which seems to be trying to consolidate.
Platinum is remaining stable around the $1,000 level. Palladium also remained steady at the $1,100 level.

Oil
Oil dropped yesterday as WTI finished at $63.07, losing $0.82 the March contract and Brent losing $0.68 to finish at $68.63, in what seems to be more a technical move, waiting for more supportive news (as OPEC production cuts or a weaker USD) to retake the bullish trend.

FX
EUR is gaining this morning what was lost yesterday, trading again at 1.2260, up 0.18%. GBP is trading mainly flat after yesterday rise now at 1.3905.

Equities
Dax rose yesterday some 0.75% trading again close to the $13,300 level. DJI retraced 0.37% but managed to close above the 26,000 level. Asian markets closed in green, achieving all-time highs, supported by Chinese positive GDP figures released yesterday, with Nikkei +0.19%, Hang Seng gaining 0.12% and Shanghai Composite +0.38%.

Macro Data
US Preliminary University of Michigan Consumer Sentiment and Inflation expectations at 15.00. European Current account at 09.00. UK’s Retail Sales at 09.30.

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. © 2017 INTL FCStone Ltd. All Rights Reserved

Key events January 18

By | Market & News | No Comments

Base Metals:
All base meals finished in red yesterday. USD rising against the EUR brought some pressure to the group. Moreover, Chinese and American data being released today in the morning and in the afternoon respectively kept the market relatively stable. Copper lost 0.6% intraday, having the lowest of the day above the $7,000. Aluminium traded water, and finished at $2,190, experiencing very little volatility and getting support due to Chinese authorities asking firms to replace capacity shut during the last 7 years, by the end of 2018. Nickel lost 0.8%, $100, and traded around $12,450, as LME stocks surged 750 tonnes. Zinc dropped almost 1% from the $3,400 support level, and trading clearly below it during the day. Cash to 3 months carry remained stable at $46 backwardation. Lead also dropped 0.75%, and maintained the $2,500 level untouched. Tin dropped just 0.15% and trade above the $20,400 level.

Precious metals
Gold got some pressure one more day from the currency side, as USD rose against the EUR almost 0.2% intraday. Despite the pressure, prices finished around the $1,335 level, and did not traded intraday below the $1,330. Today’s Chinese figures are expected to bring volatility to the market, together with the German Bundesbank president speech and the US figures in the afternoon. Silver also retraced, but closed at $17.10 and kept the $17 intraday untouched.
Platinum recovered some early loses, trading above the $1,000 level, and topping intraday at $1,006. Palladium also bounced back up and traded above the $1,100 level.

Oil
Oil was trading again flat WTI finished unchanged at $63.96 the February contract. Brent slightly drop to finish at $69.32.

FX
EUR dropped almost 0.2%, as USD continues to recover some space lost in the last week, and traded at 1.2238. GBP rose some 0.1% and traded at 1.3805. This morning USD is recovering some space, with EUR at 1.2211 and the GBP as well trading at 1.3835.

Equities
Dax retraced 0.6% yesterday, , trading below the 13,200 level. DJI instead rose some 0.4%, trading above the 25,900 area. Worth to mention today that cryptocurrencies and especially Bitcoin suffered a drop of more than 20% yesterday, after topping one month ago above $19,000 and being traded at some exchanges below $9,500, due to some regulation changes and the threats of forbiddance in some countries like South Korea. Asian markets traded mixed with Nikkei down 0.44%, Hang Seng gaining 0.47% and Shanghai Composite +0.91%.

Macro Data
Chinese GDP, Fixed Asset Investment, Industrial Production and Retail Sales at 07.00. German Bundebank President Weidmann Speaks at 08.00. US Building Permits, Housing starts, Philly Fed Manufacturing Index and Unemployment Claims at 13.30 and Crude Oil Inventories at 16.00.

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. © 2017 INTL FCStone Ltd. All Rights Reserved

Key events January 17

By | Market & News | No Comments

Base Metals:
Most of base metals dropped yesterday, pressured on one side from the USD index, as the USD recovered some of the losses it experienced the last days, and from the other side from profit taking which started from the Asian session, with iron ore futures dropping as stocks at Chinese ports surged. Copper lost 1.9%, losing the $7,100 support as stocks rose 1,800 tonnes. Aluminium dropped 1.7%, losing the $2,200 level. Nickel experienced the biggest lost in the day, dropping at one point 3% and $400, and finishing just at $12,500 level. Zinc dropped 0.6%, recovering in the afternoon half of the intraday losses, managing to close above the $3,400 support. Cash to 3 months carry finished at $41 backwardation. Lead also recovered some loses during the afternoon, dropping just 1% and having the full spread back to contango levels at $12.75. Tin was the only metal finishing in plus, surging almost 0.6%. This morning metals are relatively stable, just slightly down in line with the USD index.

Precious metals
Gold was pressured by the USD index as the USD recovered some losses, and profit taking after some days rising, topping above $1,340 level. Prices were within the $1,332 and $1,342 range, trading on the upper side early in the morning, to retrace as the USD was recovering some path. Silver went below the $17 level, and recovered afterwards and traded again around the $17.15 area.
Platinum remained stable around the $1,000 level, with no news that could move it. Palladium instead retraced from the highest level in 17 years in a clear profit taking move, finishing below the $1,100 level.

Oil
Oil traded water yesterday, getting some pressure from the USD recovering effect but still some support from the announced OPEC and Russia production cuts. WTI finished unchanged at $63.74 the February contract. Brent slightly drop to finish at $69.09.

FX
EUR dropped against the USD, as the USD index recovered part of the losses from previous days and traded around the 1.2230 area. GBP dropped as well around 0.15% and traded at 1.3770. This morning USD is recovering some space, with EUR at 1.2228 and the GBP as well trading at 1.3770.

Equities
Dax rose yesterday almost 0.4%, trading close to the 13,250 level. DJI also rose around 0.6% facing the 26,000 level as a next step. Asian markets halted their bullish trend, with Nikkei down 0.35%, Hang Seng almost flat losing just 0.09% and Shanghai Composite +0.26%.

Macro Data
US Capacity Utilization Rate and Industrial Production at 14.15, Beige Book at 19.00 and National Association of Home Builders Housing Market Index at 15.00. European Final Consumer Price Index at 10.00 and German 30-y Bond Auction.

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. © 2017 INTL FCStone Ltd. All Rights Reserved

Key events January 16

By | Market & News | No Comments

Base Metals:
All base metals rose yesterday morning to finish slightly lower in the afternoon due to some profit taking. Most analysts agree that the USD index falling to a 3 years low brought not only base metals but a wide range of assets and commodities to new highs. Also next Thursday Chinese figures coming out supported prices, traders expecting them to show improving economic conditions in the bigger metal consumer. Copper rose yesterday morning above the $7,250 to finish in the afternoon just above the $7,200 level. Aluminium almost hit the $2,250 and retraced later on to finish gaining almost 0,6% intraday. Nickel rose 1.4%, trading above the $12,900 level. Zinc rose almost 1.3% , some $40, keeping the $3,400 support. Cash to 3 months carry bounced back to $47. Lead rose 1.6% heading the $2,600 resistance. Full spread dropped to finish at $4 contango. Tin recovered from early flat trading and rose almost 0.2%, trading above the $20,300 level. This morning base metals retraced from yesterday highs, most of them loosing up to 1%, with the exception of Nickel, dropping 2%, mainly due to the effect of the dropping iron ore futures in Asia as stocks surge in Chinese ports.

Precious metals
Gold remained steady around the $1,340 level, as all the currency based move was already done during the morning. The USD index hitting lows of the last 3 years brought support to the precious metals group, as well as to many other assets and commodities. Also the Iran’s president commenting on the moves from the US president about the nuclear deal brought support to the group. From the physical trade side, India just published that gold imports in December rose 71.52%, with Chinese demand also rising ahead the New Year season. Silver kept the $17.30 level and just profited from the gold trend and the USD, due to the lack of fundamental news due to the US bank holiday yesterday.
Platinum remained stable around the $1,000 level, with no news around it. Palladium instead retraced from the highest level in 17 years in a clear profit taking move.

Oil
Oil traded mixed yesterday, supported by the USD index and the OPEC production cuts. WTI rose another 0.3% trading at $64.49 the February contract. Brent dropped 0.4% to finish just the $70 level.

FX
EUR rose around 0.6% yesterday, hitting 1.2260 intraday, and GBP rose 0.4%, trading at 1.3785 as USD continues to fade against a basket of major currencies to the lowest level in 3 years. Lower USD is bringing volatility to a wide range of commodities and assets, and as some analysts pointed out, seems to be not justified just by fundamentals. This morning EUR is trading mainly flat, at 1.2270 vs the USD, and the GBP as well trading at 1.3795.

Equities
Dax dropped yesterday some 0.22%, holding the 13,200 level, in a profit taking session, despite the good tone of the American markets and the fact that most of worldwide markets are hitting multi annual highs. DJI rose around 0.9%, trading above the 25,800 area, supported by a fading USD which rose expectations of better export activity on the American companies. Asian markets are still surging, hitting multiannual highs, on record since 2007, closing Nikkei at +1%, Hang Seng up 1.43% and Shanghai Composite +0.27%.

Macro Data
US Empire State Manufacturing Index at 13.30. German Final Consumer Price Index and Wholesale Price Index at 07.00, French Government Budget Balance at 07.45 and Italian Trade Balance at 10.00. UK’s Consumer Price Index, Producer Price Index and House Price Index at 09.30.

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. © 2017 INTL FCStone Ltd. All Rights Reserved

Key events January 15

By | Market & News | No Comments

Base Metals:
We saw a relatively quiet session on Friday, despite the falling USD against a basket of currencies. Copper dropped 0.23%, finding some resistance at the 10 day moving average. Aluminium was the winner of the day, rising 1.84%, around $40, breaking resistance levels. Chinese production cuts seem to be holding the move upwards. Nickel remained steady, trading around the $12,600-12,700 range, and having the current support at $12,600 and resistance at $12,300. Zinc broke the $3,400 resistance, topping at $3,409, and finished just $10 below those levels. Cash to 3 months carry rose almost the double to close at $52 backwardation. Lead dropped some 0.7%, testing again the $2,520 support and bounced back up again. The full spread remained almost unchanged, finishing at $8.75. Tin traded water, trading just above the $20,200 level. This morning most of base metals are up more than 1%, with the only exception of tin, which is trading almost flat. Optimism about global growth lifted shares around the globe to multiannual highs, with most currencies rising against the USD. Also expectations of a growing Chinese GDP and consistent production and retail sales behaviour, released on Thursday morning, are supporting prices.

Precious metals
Gold remained around the $1,330 area, supported by a softer USD, which lost almost 1% against a basket of major currencies. The agreement to start negotiations of a political coalition in Germany boosted the EUR and that brought also support to gold. Gold is trading at the highest levels since September last year. The USD development and the improving demand from China due to the New Year season getting closer, are the main supporters for the uptrend. Silver was trading above $17, profiting from the gold rise, and stabilizing at around $17.10. This morning gold broke the $1,340 resistance and is trading consistently above that level. Silver experienced an 1.8% rise, lifted by a softer USD and the group movement.
Platinum and palladium also got support from the USD downtrend. Platinum was traded closed to $1,000 level, and palladium traded above the 1,100. This morning Platinum capped further gains, finding an strong resistance at the $1,000 level. Palladium rose more than 3%, trading just below the $1,140 level, at the highest level since 2001.

Oil
Oil rose for 6th day in a row on Friday. OPEC production cuts, already announced some months ago, and an expected rising demand are supporting price movements. WTI rose another 0.2% to finish at $64.46 the February contract. Brent was up just 0.1% to finish just below the $70 resistance level at $69.95.

FX
EUR rose almost 1%, trading at the 1.2145 level, as a reaction of the announced Big Coalition in Germany, after months not being able to form a government. Also the US trade policy is weighting on USD. GBP also rose around 1%, against the USD, trading at 1.3670. This morning EUR is up another 0.3% vs the USD, trading at 1.2220 and the GBP gained 0.15% trading at 1.3748.

Equities
Dax rose some 0.1% on Friday, being traded above the 13,200 level, despite the radical EUR move against the USD. DJI rose some 0.55%, trading above the 25,700 level as a lower USD was seen as a positive sign for exports and profits for companies. Asian markets are hitting multiannual highs, on record since 2007, closing Nikkei at +0.26%, Hang Seng slightly up 0.71% and Shanghai Composite almost flat -0.06%.

Macro Data
Today will be a relatively quiet day from the macro data perspective as it is US bank holiday. European trade balance at 10.00 is the only remarkable event during the day. Most relevant data of the week is expected to be the Chinese GDP, industrial production and retail sales to be released on Thursday at 07.00

This report was written at 7:00. 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. © 2017 INTL FCStone Ltd. All Rights Reserved

Key events January 12

By | Market & News | No Comments

Base Metals:
Base metals finished mixed yesterday. Copper dropped almost 0.5%, being traded below the $7,100 level intraday, a support mentioned by some technical analysts, due to the coincidence with the 38.2% Fibonacci retracement. Aluminium lost 0.4%, although it topped at $2,208.5. Fibonacci retracement at 50% seems to be the closest support, around the $2,145 area. Nickel dropped more than 2%, finding support at $12,600, even though the strongest support, already tested this year could be seen at $12,300. Zinc gained more than 1%, testing the previous multiannual high trading just below the $3,400 level, and in trading in the range $3,320-3,400. Cash to 3 months carry rose and closed at $25 backwardation. Lead remained almost unchanged, and tested once again the support $2,520 support level. A break through the current support could result in a drop of some $70. Full spread closed at $5.5 backwardation. Tin rose 0.2% and topped just below the $20,200. This morning most of base metals are slightly up, with the only exception of tin.

Precious metals
Gold remained trading around the $1,320 area, supported by the Chinese report halting buying US treasury notes, the fears about the US trade policy that could erase stocks and a rising EUR, due to the change in the message sent in the ECB December meeting, anticipating a tightening European monetary policy. Also Chinese high seasonal demand, ahead the Chinese New Year, is supporting prices. Range $1,300-1,325 seems to be the area of trading at the moment, the highest levels since September last year. Silver was trading around the $17, but did not profit from the gold trend. Current support could be $16.8 and resistance $17.3. This morning gold has topped at $1,330, the highest level since September, and silver recovered the $17.10 level.
Platinum found some ground and bounced back over the $980 level. Palladium was just trading at the same levels around the $1,080.

Oil
WTI remained almost unchanged, trading at $63.50 the February contract, down just $0.30 from previous close. Brent rose to $69.20, up just $0.05. Oil discontinued its rally due to the concerns on the US trade policy.

FX
EUR rose intraday 0.9%, trading at the 1.2050 level, as a reaction of the already mentioned Chinese report that weighted on the USD and a hawkish ECB. GBP also rose around 0.3%, trading at 1.3544. This morning EUR is trading at 1.2060 and GBP at 1.3552.

Equities
Dax dropped some 0.6% yesterday, trading just above the 13,200 level, as concerns about the US trading policy rose. DJI rose some 0.35% instead, after the US announced that the Chinese report could be based on false information. Asian markets closed mixed yesterday, with Nikkei down 0.24%, Hang Seng slightly up 0.72% and Shanghai Composite at + 0.12%.

Macro Data
French Final CPI at 07.45, Italian Industrial Production at 09.00, Bundesbank President Weidmann Speaks at 16.30. US Retail Sales and Consumer Price Index at 13.30 and Business Inventories 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. © 2017 INTL FCStone Ltd. All Rights Reserved

Key events January 11

By | Market & News | No Comments

Base Metals:
All base metals rose yesterday intraday due to the drop of the USD against a basket of major currencies, due to the rumor that Chinese authorities are planning to discontinue the purchase US treasury bonds, which brought yields to the highest levels in 10 months. Copper rose more than 1% intraday to bounce back in the afternoon, finishing clearly below the $7,200 level, finishing just up 0.55%. Aluminium rose almost 1%, trading in the range $2.150-2.190, having risen before touching the support level $2,130. Nickel gained some 1.6%, but was traded at $13,200, the highest level since 2015. Support can be seen at $12,300, which seems to be working since the beginning of the year. Zinc finished almost unchanged, dropping in the last kerb of the day some 0.3%, after having touched the support level $3,320, and that could result in a drop of $80 if broken downside. Cash to 3 months carry finished at $22.25 backwardation, almost $7 higher than the previous close. Lead rose some 0.5%, finding support at $2,540 level. The full spread carry went to $11 backwardation, some $4 higher. Tin finished above the $20,000 area after rising more than 0.4%.

Precious metals
Gold topped intraday at $1,326 to retrace later on back below the $1,320, lifted by the easing USD against JPY and EUR. Chinese official report, advising to lower US treasury bonds exposure weighted on the greenback and supported metal buys. This situation, some analysts pointed out, anticipates a bearish US treasury bond market, which we will see today late in the afternoon in the US 30 year treasury bond auction which effect will this have and the impact in the precious metals group. The current range of support-resistance could be seen at $1,310-1,326. Silver was pulled by the gold trend, and rose to the $17.18, to retrace later on finding support just at the $17 level.
Platinum and palladium did not overreacted to the USD move, which could indicate that both are trading already at considered high prices.

Oil
WTI halt its bull trend after the Chinese report, trading at $63.53 the February contract. Brent also traded at similar levels as the previous sessions at $69.15. Seems that the Chinese report and the fears of a protectionist trade turn on the US policy weighted on oil.

FX
EUR rose intraday 0.6%, above the 1.20 level, as a reaction of the already mentioned Chinese report. GBP dropped some 0.2% instead, trading at 1.3515. This morning EUR is trading at 1.1945 after the US treasury auction revealed a recover in bonds, after the US declared that the Chinese report could be based on false information, rising the interest of investors to buy. GBP is trading at 1.3495.

Equities
Dax dropped around 1%, trading below the 13,300 level, and DJI retraced some 0.2%, being traded around the 25,340 area. Asian markets closed mixed yesterday, with Nikkei down 0.33%, Hang Seng slightly up 0.07% and Shanghai Composite almost flat, just at + 0.05%.

Macro Data
Italian Retail Sales at 09.00, European Industrial Production at 10.00, ECB Monetary Policy Meeting Accounts at 12.30. US Producer Price Index and Unemployment Claims at 13.30, 30-y Bond Auction at 18.01 and Federal Budget Balance at 19.00. UK BOE Credit Conditions Survey at 09.30.

This report was written at 7:00. 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. © 2017 INTL FCStone Ltd. All Rights Reserved

Key events January 10

By | Market & News | No Comments

Base Metals:
Copper found some support yesterday around the $7,100 level, even though it broke through it several times intraday, and has the main technical support at $7,000. Nickel was the exception yesterday as finished in green, gaining almost 1%, and was trading within the $12,300-13,000 range. Aluminium dropped some 0.9%, trading below the $2,160 level, and facing the $2,130 support area. Expected deeper deficit in 2018, dropping LME stocks and rising Chinese imports lifted zinc to the $3,400 level, which yesterday bounced back some 1.33%. Backwardation together with it, closing the full spread at $15.5. Lead also lost some 1.4%, topping above the $2.607, the highest level since early October. Cash to 3 months carry closed at $9.75 backwardation. Tin experienced little volatility, being traded above the $20,000 level at some point of the day, but closing just above the $19,930.

Precious metals
Gold bounced back to just above the $1,310 level, pushed by a higher USD, as US consumer credit rose to the highest level in almost 18 months. The expanding economy brings pressure as an expectation of new interest rate hikes. Also easing tensions in North Korea is bringing some pressure to the metal. At the moment, the $1,310 is working as a support, but once broken through, the $1,300 level would be the next support. Silver broke the $17 support, and traded above the $16.90, which can be seen as the current price support.
Platinum traded around the $970 during the day, even though the trend was somehow bearish, as it touched the $960 support. Palladium went through the $1.100 level, and topped at $1,111, achieving new multiannual highs.

Oil
Brent slightly rose and gained around $0.44 in the most traded contract, closing at $68.22. WTI closed yesterday at $62.48 the February contract, rising some $0.75 more.

FX
EUR dropped again some 0.35%, trading at 1.1925 against the USD intraday despite the mixed figures from both sides. GBP also dropped some 0.4% despite the worse than expected US figures released yesterday.

Equities
Dax rose some 0.14% lifted by overall positive European data, trading above the 13,380 level. DJI also rose some 0.40%, trading above the 25,300 level, at 25,385, and clearly facing the 25,400

Macro Data
French Industrial Production at 07.45. UK Manufacturing Production, Goods Trade Balance, Construction and Production Output at 09.30. US Import Prices at 13.30, Final Wholesale Inventories at 15.00, Crude Oil Inventories at 15.30 and 10-y Bond Auction at 18.01.

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. © 2017 INTL FCStone Ltd. All Rights Reserved

Key events January 9

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Base Metals:
Copper traded within a range of $55 intraday yesterday, holding the $7,100 support, and closing around the same level as Friday. Nickel rose another 0.7%, trading above the 12,600 level, having the closest support at $12,300 and resistance at the $12,950. Aluminium dropped 1.1%, and has the next support at $2,130, after having lost on Friday the $2,220 support. Zinc rose almost 1% yesterday, reaching new multiannual highs at $3,387. It also came back to backwardation in the last weeks following the bullish trend which started last mid-December, and closed yesterday the full spread at $19. Lead rose 1.85%, after testing the support $2,550 level, but could not reach last week’s highs. Cash to 3 moths carry was valued at $5.75 backwardation. Tin remained almost unchanged, trading intraday and closing just at the $20,000 level.

Precious metals
Gold traded around $1,320 during the day, due to the lack of news and waiting for today’s release of US JOLTS Job openings, which could be an anticipator of the direction for the unemployment claims that will be released on Thursday. It bounced back early in the morning due to drop of the USD against a basket of currencies, due to the mixed US data released on Friday last week, with worse than expected Non-Farm employment Change but better than expected Factory orders. Silver traded above the $17.10 the whole day, supported by the price movement in gold.
Platinum traded around the $970 during the session being traded at the highest level since September, and palladium tried to reach the $1.100 level, after rising to multiannual highs in the last weeks.

Oil
Brent gained around $0.35 in the most traded contract, trading at $68.13. WTI rose again and traded at multiannual highs at $62.22 the February contract.

FX
EUR dropped some 0.45% pushed by the worse than expected German factory orders in the morning, and was trading at 1.1975. GBP traded water and remained around 1.3575. EUR is trading this morning at 1.1965 and GBP at 1.3560.

Equities
Dax rose some 0.45% lifted by positive European retail sales, and traded around the 13.380 level. DJI retraced some 0.13% trading below the 25.300 level, at 25.260. Asian markets closed all in green, with Nikkei up 0.57%, Hang Seng + 0.37% and Shanghai Composite gained 0.16%.

Macro Data
German Industrial Production and German and French Trade Balance at 07.00, European Unemployment Rate at 10.00. US JOLTS Job Openings at 15.00. On Wednesday early in the morning Chinese Consumer and Producer Price Index at 01.30.

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. © 2017 INTL FCStone Ltd. All Rights Reserved

Key events December 22

By | Market & News | No Comments

Base Metals:
Copper rose yesterday some 0.4%, facing the $7,100 target and getting support at the $7,100 level, after having broken the downtrend early this week. Aluminium rose 1.1%, lifted by a technical move after breaking the $2,080 this week and topped at the $2,148, very close to the technical resistance $2,160. Nickel was trading around the $12,000 area, a target already accomplished on Wednesday and without a clear direction at the moment. Lead dropped 0.85%, still in the channel $2,400-2,560 since almost 2 months. Cash to 3 months carry got back to contango, finishing at $9.25. Zink rose 0.65%, topping at the resistance level $3,250, which has been touched 4 times in the last month, and still to be seen if it could break through it. Full spread was set at $7 contango yesterday at the close of business. Tin moved back to the $19,200-19,700 channel and finished unchanged yesterday.

Precious metals
Gold topped yesterday at the $1,270 resistance, supported by an intraday softer USD and some geopolitical tensions, mainly coming from the US international policy and the arising tensions with the UN regarding Jerusalem. When breaking it, some technical analysts pointed out that next target could be seen at $1,275, very close to the current level. Silver rose till the $16.25 level, supported by the gold trend and the rise on the base metals. Support is still seen at $16, having in the upside more space to run.
Platinum and palladium remained unchanged and trading at the same levels as the previous days. Palladium is still trading at the highest levels since 2,001, lifted by the expectations on higher demand for auto catalysts on the hopes of new environmental standards for cars.

Oil
Brent slightly rose, trading at $64.78, and WTI remained almost unchanged, trading at $58.17 on the February contract.

FX
Currencies remained almost unchanged yesterday with EUR rising 0.04% and GBP dropping 0.03% against the USD. Worse than expected Us unemployment claims did not weighted on the currency, also supported by good manufacturing index. EUR is trading this morning at 1.1857 and GBP at 1.3380.

Equities
Dax rose some 0.3% and managed to keep the 13,100 level, lifted by the American markets, with DJI rising some 0.45% intraday, trading around the 24,780 area. Asian markets closed mixed yesterday, with Nikkei up 0.16%, Hang Seng up 0.29% and Shanghai Composite dropped 0.11%.

Macro Data
German GfK Consumer Climate at 07.00, French Consumer Spending at 07.45. US Durable and Core Durable Goods Orders and Personal Income and Spending at 13.30, New Home Sales, Revised University of Michigan Consumer Sentiment and Inflation Expectations at 15.00. UK Current Account, Final GDP at 09.30.

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. © 2017 INTL FCStone Ltd. All Rights Reserved