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Key events October 18

By | Market & News | No Comments

Base Metals:
Disappointing US and Chinese figures pressured base metals, supported somehow at the moment from a lower USD against a basket of major currencies. Also expectations of a lower interest rates from the US in some 12 days next FOMC meeting and hopes on monetary stimulus from China to support economic growth brought also support. Copper remains steady trading within the $5,640-5,770 range. Full spread closed at $26.50 contango. Aluminium is also trading at the same levels as yesterday, between the $1,700-1,760 support-resistance channel. Cash to 3s was valued at $2.75 contango, with $10 and $13 backwardation on November and December dates respectively. Nickel touched the first support we mentioned here yesterday, and below, and is slightly bouncing back up towards the $16,500 where we could expect a new drop down towards the $15,520, 23.6% retracement and main target. The spread closed at $100 backwardation. Zinc keeps testing the $2,400 new support, and previous resistance, and having the support below at $2,380 and a target above at the $2,500 area. The spread closed at $33 back. Lead is testing a 3 top figure, and breaking through it could rise above the $2,200 level some $70. The spread rose till $21.75 backwardation from $8 back the previous day. Tin rose above the mentioned 38.2% retracement at the $16,950 level and tested the next resistance at $17,250. Now trading within the range. Cash to 3s closed at $41 contango.

Precious metals
Gold is trading below the $1,490 level despite the lower growth of Chinese economy and the disappointing US fundamental data released yesterday. Expectations of new interest rate cut from the US should bring support to the group. Brexit agreement between the EU and the UK, even if still needs to be confirmed by the British parliament, should release one of the main concerns on geopolitical issues. Silver remains above the $17, trading at $17.45.
Platinum is trading around the $885 level and palladium at $1,762.

Oil
Brent bounced back up, trading at $59.77 and WTI also rose some 0.17% until the $54.02 level.

FX
The USD lost ground against the EUR, trading above the 1.11 as data show weakness in the job and industrial market, and a new rate cut could be expected, following the trend. EUR is trading at 1.1116 this morning and GBP at 1.2872 against the greenback.

Equities
Dax retraced after disappointing US data released yesterday, and is dropping also today as Chinese GDP rose less than forecasted, trading at 12,654. DJI remained unchanged, just up 0.09%, staying above the 27,000 at 27,025. Asian markets finished mixed, with Nikkei +0.18%, HSI -0.56% and SSEC -1.27%.

Macro Data
EU Economic Summit day 2. BOE Governor Carney Speaks at 18.45. IMF Meetings today and tomorrow. US Federal Budget Balance today.

This report was written at 9:00. 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. © 2019 INTL FCStone Ltd. All Rights Reserved

Key events October 11

By | Market & News | No Comments

Base Metals:
Base metals rose yesterday on hopes of a closer trade agreement between the US and China as news reported good outcome. Meeting between Mr. Trump and Vice-Premier happening today in the afternoon is expected to bring more light over the upcoming events and the future expectations on economic outlook. Copper rose above the $5,770, trading this morning at $5,780, having next resistance at $5,845 at the 38.8% Fibonacci retracement. Cash to 3s closed at $31.5 contango. Aluminium topped at the 38.2% Fibonacci retracement $1,760, with next support at the $1,700 level. The spread closed at $5.25 contango with some $6 and $8 backwardation on November and December dates. Nickel keeps trading within the range $17,350-17,770. The spread closed at $186 backwardation. Zinc is topping at September Highest, after news on mines closures and supported by geopolitical situation. Cash to 3s closed at $40 backwardation. Lead is trading within the range $2,120-2,185, previous resistance is working currently as a support at $2,120. The spread closed at $0.75 contango. Tin keeps trading below the $16,700 main resistance on a thin trading. Cash to 3s closed at $28.50 contango.

Precious metals
Gold retraced on positive news from trade talks. Prices are struggling this morning to keep the $1,500 support level, bottoming this morning at $1,490. Also Asian markets are discounting a probable deal on trade between the US and China, which would be positive for global economic outlook, already eroded by tensions that hurt international relationships. Silver remains steady for the moment being at $17.70.
Platinum and palladium are also profiting from the precious metals trend at $902 and $1,703.

Oil
Oil was up yesterday as news on trade talks point at a good direction for an agreement, still unclear if it is going to happen or not. Brent was trading at $59.07, +1.32% and WTI at $53.56%, up +1.76%.

FX
The USD remains steady ahead today’s trade talks between the US and China. Eur is trading at 1.1014 and GBP at 1.2455 against the greenback.

Equities
Dax gained yesterday some 0.58%, finishing at 12.164. DJI rose 0.57%, closing at 26.496. Asian markets finished mainly up, with Nikkei +1.15%, HSI +2.32% and SSEC +0.78%.

Macro Data
Ecofin meetings during the day. US Import Prices at 13.30. Preliminary University of Michigan Consumer Sentiment, Preliminary University of Michigan Inflation Expectations 15.00.

This report was written at 9:00. 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. © 2019 INTL FCStone Ltd. All Rights Reserved

Key events October 10

By | Market & News | No Comments

Base Metals:
Copper keeps trading within the range $5,640-5,770, testing the 23.6% Fibonacci retracement. Cash to 3 months carry was valued at $32.75 contango. Aluminium touched the support $1,700 and rose towards the $1,760 at the 38.2% Fibonacci retracement, trading now within the range. Cash to 3s closed at $8 contango. Nickel is trading within the same range of prices sine the last days, experiencing high buying activity at $17,100 level and trading now within the $17,350-17,770. The spread closed at $131 backwardation. Zinc held the $2,250 support, and has the new resistance set at $2,400. Cash to 3s closed at $36 backwardation. Lead is trading within the range $2,120-2,185, previous resistance is working currently as a support, and holding it would mean spate to the upside. The spread closed at $4.75 contango. Tin keeps trading below the $16,700 main resistance. Cash to 3s closed at $28.50 contango.

Precious metals
Gold is rising above the $1,500, topping this morning at $1,516. The difficulties and low hopes on an agreement between the US and China on trade, is giving support to safe haven metals. Silver is trading also higher, still below the $18 resistance but getting closer, this morning at $17.77.
Platinum and palladium are also profiting from the precious metals trend at $889 and $1,681.

Oil
Oil recovered on US-China trade deal hopes. Brent is trading at $58.91, +1.76% and WTI at $53.33%, up +2.22%, some $1.16.

FX
The USD is losing some ground against a basket of major currencies, trading again above the 1.10 against the EUR, at 1.1007 and at 1.2227 against the GBP.

Equities
Dax is up this morning 1.04%, trading at 12,094, just below the 12,100. DJI gained 0.70%, finishing at 26,346. Asian markets finished mainly up, with Nikkei +0.45%, HSI +0.29% and SSEC +0.78%.

Macro Data
European Industrial Production during the morning. ECB Monetary Policy Meeting Accounts. US CPI, Core CPI, Unemployment Claims, 13.30. UK GDP, Manufacturing Production, Construction Output, Goods Trade Balance, Industrial Production at 09.30. BOE Governor Carney Speaks at 10.20.

This report was written at 9:00. All times referenced are GMT.

Dsiclaimer
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. © 2019 INTL FCStone Ltd. All Rights Reserved

Key events October 8

By | Market & News | No Comments

Base Metals:
US-China trade talks taking place at the end of the week brought some support to base metals group, despite fundamentals remain weak. Copper rose above the $5,700 yesterday, trading at the moment just below the $5,740, with target above at $5,845 and support remains at $5,645. The spread closed at $36.90. Aluminium is topping below the $1,750 level, trading within the range $1,700-1,750 level. Above, $1,775 remains as main resistance. Cash to 3s closed at $5.25 contango. Nickel topped at $17,820 and retraced even below the $17,350 level. The support below remains at $17,735. The spread is valued at $85 backwardation from $116. Zinc unchanged from yesterday, trading still within the range $2,200-2,400, resistance that approached last week, and short-term support found at $2,270, which is still holding. Cash to 3s closed at $18.5 back from $36.5. Lead broke the $2,120 resistance last week and is testing the $2,160 support. Cash to 3s closed at $2.25 backwardation. Tin still below the $16,700 main resistance, and seems to fail to depict a reversal head and shoulders that could bring it towards the $17,400 again. The spread closed at $23 contango.

Precious metals
Gold dropped below the $1,500, with global economic concerns bringing support as well as US-China trade talks late this week still unclear on the outcome. Worsening fundamentals across the boards and stocks struggling to Higher USD against a basket of major currencies is bringing pressure to the precious metals group. Gold is trading at $1,491 this morning and silver at $17.42
Platinum and palladium remain also stable around the $879 and $1,660 respectively, same as yesterday.

Oil
Oil is trading up as Iraq remains main concern on supply disruption fears. Brent is trading at $58.72, +0.37% and WTI at $53.06%, up 0.59%.

FX
The USD remains strong and steady against the EUR trading below the 1.10 at 1.0980 and 0..11% stronger against the GBP at 1.2277.

Equities
Dax gained 0.70%, finishing just below the 12,100 finishing at 12,097. DJI slightly retraced 0.36% finishing at 26,478. Asian markets finished mainly up, with Nikkei +0.99%, HSI +0.63% and SSEC +0.35%.

Macro Data
Chinese Caixin Services PMI released this morning at 51.3 below the 52.1 expected. European German Industrial Production, French Trade Balance, Italian Retail Sales during the morning. US NFIB Small Business Index at 11.00. PPI and Core PPI at 13.30. IBD/TIPP Economic Optimism during the day. US Fed Chairman Mr. Powell speaks in Denver.

This report was written at 9:00. 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. © 2019 INTL FCStone Ltd. All Rights Reserved

Key events October 7

By | Market & News | No Comments

Base Metals:
Copper is trading at the lower side of the range $5,600-5,740. Below, next support could be seen at $5,550. The spread closed on Friday at $35 contango. Aluminium touched last week the $1,700 support and bounced back up towards the $1,740 resistance, trading currently within the range. The spread was valued at $11 contango with backwardation in November and December dates. Nickel topped last week at $17,770 level and breaking above could trigger a double bottom figure, started at mid-September, of some $1,000 target above, and could bring prices to the highest since 2014. The spread closed at $116 backwardation. Zinc keeps trading within the range $2,200-2,400, resistance that approached last week, and short-term support found at $2,270. Cash to 3s closed at $36.5 backwardation. Lead broke the $2,120 resistance on Friday triggering buying orders that brought the metal to the highest levels since February this year. Cash to 3s closed at $2.5 backwardation from $3.50 contango. Tin remains below the $16,700 main resistance, and trying to depict a reversal head and shoulders that could bring it towards the $17,400 again. The spread closed at $27.

Precious metals
Gold gained last week the $1,500 level again and remains steady above the level, trading this morning at $1,505 topping just below the $1,510 area. Worsening fundamentals from Europe and the US are brining support to the safe haven assets as precious metals. Lack of news on the US-China trade war, and the effects on slowing international trade and therefore hurting global economy are rising the sentiment of the next crisis coming up soon. Silver found support at $17, trading this morning steady at $17.52.
Platinum and palladium remain also stable around the $875 and $1,660 respectively.

Oil
Oil is remaining steady after the volatility experienced in the last weeks. Brent +0.03% at $58.41 and WTI +0.21% at $52.91.

FX
The USD remains strong against the EUR trading below the 1.10 at 1.0981 and GBP at 1.2307.

Equities
Dax gained 0.73%, recovering the 12,000 level finishing at 12,012. DJI finished the week up 1.42%, almost 375 points, trading at 26,573. Asian markets finished mainly down, with Chinese SSEC closed as per national holidays and Nikkei -0.16% and HIS -1.11%.

Macro Data
Chinese las day of bank holiday of National Day. German Factory Orders retraced more than expected. European Sentix Investor Confidence at 09.30. US Fed Chairman Powell Speaks in a premiere in Salt Lake City at 18.00. and German bank holiday. Consumer Credit at 20.00.

This report was written at 9:00. 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. © 2019 INTL FCStone Ltd. All Rights Reserved

Key events October 1

By | Market & News | No Comments

Base Metals:
Base metals traded mixed after the kerb closing time yesterday. Copper broke through the $5,770 23.6% Fibonacci retracement, trading now at the support $5,650 and having a mid-term target at $5,550. Resistance above set at $5,740. Full spread closed at $29.75 contango. Aluminium broke all the short-term supports and towards the $1,700 support, trading at levels not seen since 2017. The spread closed at $20 contango. Nickel broke through the support line of the cone depicted from early September, trying to reach the base again at $17,200, with target below at $16,735. The spread closed at $169 backwardation. Zinc rose above the $2,350 level and pointed to the $2,400 area. Support at the $2,340. Full spread closed at $50.50 backwardation. Lead rose above the $2,120 level with highest $2,150, retracing now towards the $2,120 new support. The spread was valued at $8.25 contango. Tin is slowly dropping towards the $15,600 new lowest target once the $16,500 support was broken last week. Cash to 3months closed at $15 contango.

Precious metals
Gold suffered a sell-off below the $1,490, some $30 trading currently at $1,460, as fears of delisting Chinese companies in US stocks faded. Also hopes on a US-China trade deal soon weighted on the safe haven assets. Silver dropped also finding some support at the $17 area.
Platinum suffered a $50 drop trading at $880 and palladium got some support as emissions laws expected to be more strict and trades at $1,670.

Oil
Brent lost -1.26% finishing at $61.06 and WTI at -1.47% at $55.48.

FX
The USD kept rising against the EUR trading at 1.0886, on mixed fundamentals from Europe. GBP is remaining steady trading at 1.2296.

Equities
Dax rose 0.38% yesterday till the 12,428. DJI recovered 0.36% on hopes of US-China bringing positions closer. Asian markets finished mixed with Nikkei recovering +0.59%, HSI +0.53% and SSEC flat -0.92%.

Macro Data
Chinese bank holiday of National Day. European manufacturing PMIs from 08.45-09.00. CPI Flash Estimate and core CPI Flash Estimate at 10.00. US ISM Manufacturing PMI, Construction Spending and ISM Manufacturing Prices at 15.00, Wards Total Vehicle Sales during the day.

This report was written at 9:30. 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. © 2019 INTL FCStone Ltd. All Rights Reserved

Key events September 30

By | Market & News | No Comments

Base Metals:
Copper rose over the $5,770 23.6% Fibonacci retracement, not completing the head and shoulders figure, and still keeping the support $5,700 below as main breakthrough point. The spread closed at $30.75 contango. Aluminium tested the $1,720 level, lowest of the year, being the $1,746 level main resistance, breaking all the supports below trading at early 2017 levels. Full spread finished at $18.25 contango. Nickel is topping since mid-last week to rise through the $17,400, which would result into a $300 gain will the $17,700 resistance. Below, the $16,735 remains as main support. The spread was valued at $133.50 back on Friday. Zinc is topping at $2,330, with the $2,350 level as main resistance above. The spread finished at $46 backwardation. Lead tested last week again the resistance below the $2,120 level, and the support at $2,060, trading currently within the range, since beginning of the month. The spread was valued at $12.25 contango. Tin broke below the $16,400 support, tested it as resistance and dropped further towards the current target $15,600. Now, above $16,500 remains as main resistance. Cash to 3s closed at $22 contango.

Precious metals
Gold retraced below the $1,500 level despite fears of delisting Chinese companies from US stock markets. Better than expected figures from China this morning weighted on the safe haven assets. Impeachment process against Mr. Trump on conversations with Ukrainian president brought somehow support to the precious metals group. Gold is trading this morning at $1,492 and Silver at $17.38.
Platinum remains steady $930 and palladium rose some $40, trading at $1,696.

Oil
Brent bounced back up +0.40% trading at $61.47 and WTI retraced some 0.44% finishing at $56.31.

FX
The USD slightly retraced against a basket of major currencies, trading at 1.0944 against the EUR and at 1.2299 vs the GBP.

Equities
Dax rose 0.75% on Friday finishing at 12,380. DJI lost 0.26% trading at 26,820 on closure. Rumours of delisting from American stock exchanges of Chinese companies, decision that will eventually be made by US administration, weighted on world stocks. Asian markets finished mixed with Nikkei -0.56%, HSI +0.66% and SSEC flat -0.34%.

Macro Data
Chinese data released today with Caixin Manufacturing PMI better than expected, and Manufacturing PMI and Non-Manufacturing PMI in line with forecasts. German Retail Sales at 07.00 in line. Spanish Flash CPI at 08.00, German unemployment change at 08.55, Italian Monthly Unemployment Rate at 09.00, Italian Prelim CPI at 10.00, European Unemployment rate at 10.00. US Chicago PMI at 14.45. UK Current Account, Final GDP, M4 Money Supply, Mortgage Approvals, Net Lending to Individuals and Revised Business Investment at 09.30.

This report was written at 9:00. All times referenced are GMT.

Dsiclaimer
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. © 2019 INTL FCStone Ltd. All Rights Reserved

Key events September 27

By | Market & News | No Comments

Base Metals:
Copper broke through the 23.6% retracement below the $5,770 level but did not move sharply down, just still testing the new resistance. Below the $5,550 level remains as main target. Cash to 3 months carry finished at $28.75 contango. Aluminium dropped below the $1,746 level, breaking all the short-term supports and trading just some USD above the $1,730 area, lowest of the year. Full spread finished at $20 contango. Nickel is trying to break though the $17,350 resistance level, trading within the $16,735-17,350 range, testing the upside for third time this week. The spread was valued at $130 back. Zink is trying to go towards the $2,350but unable to break through the weeks higher $2,327. The spread was valued at $38.5 back from $19 backwardation. Lead tested yesterday the resistance below the $2,120 level, with support at $2,060. The spread was valued at $9.50 contango. Tin is testing for 6th session in a row the $16,400 support and below the $15,600 would be the target when breaking through. Above $16,800 remains as main resistance. Cash to 3s closed at $15 contango, almost unchanged.

Precious metals
Gold remain steady around the $1,500 level but trading this morning below at $1,498. Strong USD against a basket of currencies weighted on the safe haven assets. Political uncertainty in the US together with not touchable development in the China-US trade war brought support to the group. Silver dropped below the $18 level trading at $17.51. Seems like geopolitical developments around the globe including Brexit and US internal and external issues are supportive with price moves upwards.
Platinum remains steady $928 and palladium rose some $10, trading at $1,656.

Oil
Brent bounced back up +0.40% trading at $61.47 and WTI retraced some 0.44% finishing at $56.31.

FX
The USD keeps rising against a basket of major currencies, remaining well below the 1.10 against the EUR this morning trading at 1.0909 and the GBP -0.32% at 1.2281.

Equities
Dax finished slightly above the 12,200 level yesterday, and is trading already 0.44% towards the 12,300 area. DJI lost 0.30% yesterday as political uncertainty roses. Asian markets finished mixed with Nikkei -0.77%, HSI -0.28% and SSEC flat 0.07%.

Macro Data
European data German Import Prices, French Consumer Spending and French Prelim CPI worse than expected already released. US Core Durable Goods Orders, Personal Spending, Core PCE Price Index, Durable Goods Orders, Personal Income at 13.30 and Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations at 15.00.

This report was written at 9:00. All times referenced are GMT.

Dsiclaimer
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. © 2019 INTL FCStone Ltd. All Rights Reserved

Key events September 26

By | Market & News | No Comments

Base Metals:
Copper keeps re-testing the 23.6% retracement below the $5,770 level and still risking to trigger a head and shoulders figure towards the $5,550 level. Optimism on trade deal between the US and China, once again supported prices, despite no fundamental reason behind a part from a tweet from Mr. Trump. Cash to 3 months carry finished at $30 contango from $26.75 of Fridays close. Aluminium dropped towards the $1,746 level, breaking all the short-term supports and risking to go towards the $1,730 area lowest of the year. Full spread finished at $22.75 contango. Nickel is trying to break though the $17,350 resistance level, trading within the $16,735-17,350 range. The spread rose to $150 back from $115 previous close. Zink traded below the $2,280 short-term support and is now slightly above, still hopes on good fundamentals news that could bring prices towards the $2,350 area, unclear. The spread was valued at $19 backwardation. Lead sharply rose yesterday holding the $2,060 support and topped below the $2,120 level. The spread was valued at $8.25 contango. Tin is testing for 6th session in a row the $16,400 support and below the $15,600 would be the target when breaking through. Above $16,800 remains as main resistance. Cash to 3s closed at $15 contango, almost unchanged.

Precious metals
Gold sharply dropped 1.8% pressured by Mr. Trump words on closest trade deal. Profit taking activity of longs hoping for a better trade global conditions to support economy development. On the other hand impeachment in the US to the president, capped further loses. Also stable USD against a basket of major currencies kept prices above the $1,500 level. Silver dropped below the $18 level.
Platinum lost the $950 trading at $928 and palladium dropped some $20, trading at $1,646.

Oil
Brent retraced some 0.21% finishing at $61.36 and WTI lost 0.75% trading at $56.56.

FX
The USD remains strong against the EUR trading below the 1.10 at 1.0947 and the GBP trades at 1.2356.

Equities
Dax finished above the 12,200 level yesterday, losing almost 100 points finishing at 12,233. DJI gained 0.61% on Mr. Trump words of deal with China closest as many expect, finishing at 26,914. Asian markets finished mixed Nikkei 0.13%, HSI -0.11% and SSEC -0.89%.

Macro Data
European ECB Economic Bulletin, M3 Money Supply and Private Loans at 09.00. ECB President Draghi Speaks at 14.30. US Final GDP, Final GDP Price Index, Goods Trade Balance, Prelim Wholesale Inventories, Unemployment Claims at 13.30. Pending Home Sales, Natural Gas Storage at 15.00. UK BOE Governor Carney speaks at 14.45.

This report was written at 9:00. All times referenced are GMT.

Dsiclaimer
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. © 2019 INTL FCStone Ltd. All Rights Reserved

Key events September 25

By | Market & News | No Comments

Base Metals:
Copper is re-testing the 23.6% retracement below the $5,770 level and risking to trigger ahead and shoulders figure towards the $5,550 level. Cash to 3 months carry finished at $26.75 contango. Aluminium broke through the $1,775 level and trading towards $1,740 support level. Full spread finished at $22.50 contango. Nickel topped at $17,800 last week and is now trading towards the $16,735 support. Below, $15,515 seems to be main support. The spread closed at $115 backwardation. Zink retraced trying to hold the $2,280 level and main support below at the $2,220 level, and resistance above at the $2,350. The spread closed at $14.75 backwardation up some $4 from previous close. Lead held the short term support $2,060 after topping at the multi month higher level $2,120. Below, support at the $2,030. The spread was valued at $14.25 contango. Tin is testing for 5th session in a row the $16,500 support and below the $15,600 would be the target when breaking through. Above $16,800 remains as main resistance. Cash to 3s closed at $17 contango.

Precious metals
Gold rose on impeachment process against Mr. Trump in the US starts, trading at $1,529. On the other side, reopening of British Parliament and open probabilities of avoiding hard Brexit weighted on the prices, even though possible elections and uncertainty over outcome supported. Silver remains steady around the $18.51 levels. Higher volatility is expected brought from both sides the US and UK with impeachment developments and Brexit and UK elections after British court decided against Mr. Johnson decision of parliament shutdown.
Platinum remains around the $950 at $951 and palladium remains also steady trading this morning slightly up at $1,667.

Oil
Brent lost steam and retraced 2.92% trading at $63.55 from $64.17. WTI also lost 2.48% down $1.45 and trading at $56.99. Weak manufacturing data from Europe and Japan weighted on prices, as well as Saudi Arabia faster than expected recovery output after attack.

FX
The USD remains strong against the EUR trading below the 1.10 and the GBP -0.19% trading at 1.2465. News about parliament closure and cutting hard Brexit risks supported the pound.

Equities
Dax finished above the 12,300 level yesterday, trading this morning just above the level, slightly retracing some 0.29% at 12,307. DJI lost some 142 point -0.53%, finishing at 26,807 as Mr. Trump impeachment process talks start. Asian markets finished mainly down with Nikkei -0.36%, HSI -1.22% and SSEC -0.81%.

Macro Data
German 10-y Bond Auction during the day. US New Home Sales at 15.00 and Crude Oil Inventories at 15.30. UK High Street Lending at 09.30 and CBI Realized Sales at 11.00.

This report was written at 9:00. 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. © 2019 INTL FCStone Ltd. All Rights Reserved