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Key events July 20

By | Market & News | No Comments

Base Metals:
Copper lost 1.4%, diving during the session below the $6,000 support yesterday and recovering $80 during the afternoon. Rising USD and doubts over the effects on global trading due to the US tariffs policy and trade war between the US and China, Nafta and the EU weighted on the metal. Current support could be seen at the psychological level $6,000 and the 50% Fibonacci retracement could be seen at $5,825 level. Cash to 3 moths carry was valued at $25.5 contango. Nickel dropped 1.73%, trading in the current $13,000-13,600 area. Full spread finished at $92 contango. Aluminium faced the $2,000 support, losing 1.18% and trading at the lowest level since early April. Below the $2,000 support , $1915 can be seen as a Fibonacci retracement support. Cash to 3 months carry finished at $41 backwardation. Zinc dropped 1.04%, trading towards the $2,500 support at 50% Fibonacci retracement. Full spread was valued at $46 backwardation from $30 the day before. Lead lost 2.35% or $50 yesterday, testing the $2,120 support. Full spread finished at $19.25 contango. Tin remained steady, losing just $40 and being in the range $19,000-20,000 with full spread at $95 backwardation.

Precious metals
Gold took a dive again towards the $1,200 level, and dropped 0.8% to the lowest of the last 12 months, $1,211 yesterday. Technically speaking $1,200 can be seen as a major support as it worked as this during 2017, even though the 61.8% Fibonacci retracement was set at $1,215 and it was broken yesterday. USD rising against a basket of major currencies and the already set expectations of 2 more interest rate hikes from the US Fed, pressured the safe haven assets group. Silver finished at $15.25, below the resistance point $15.50.
Platinum found support at $800. Palladium lost almost 5%, dropping once broke through the support $900, and experienced a sell-off towards the $795 50% Fibonacci retracement.

Oil
Oil prices rose again yesterday $1 with WTI futures trading at $69.70 on the August contract, and Brent just 0.3% finishing at $72.87 on the September.

FX
EUR dropped 0.3%, closing at 1.1605, and GBP lost some 0.58% against the USD, trading at 1.2990. USD rose against a basket of major currencies to the highest level in a year, as China is fueling economy to credit stimulus, which drove the currency to lowest level in 12 months. This morning EUR is trading at 1.1660 and GBP at 1.3020.

Equities
Dax lost 0.6% yesterday and lost the 12,700 level. DJI dropped around 0.31%, and finished just above the 25,100 level. Asian markets finished mixed with Nikkei losing 0.29%, Hang Seng +0.68% and SSEC up 2%.

Macro Data
German PPI at 07.00, European Current Account at 09.00. OPEC-JMMC Meetings and G20 Meetings day 1 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. © 2017 INTL FCStone Ltd. All Rights Reserved

Key events July 19

By | Market & News | No Comments

Base Metals:
Copper finished almost unchanged yesterday, well above the $6,100 level. It was traded below the $6,100 support level during the day, which could give a weaker picture of the metal. 50% Fibonacci retracement could be seen at $5,825 level, even though the $6,000 psychological level is expected to be a quite strong support. Full spread was valued at $26.5 contango yesterday. Aluminium did not change really during the day, as it remained around the $2,030 area. Main support could be seen at the $2,000 level. Cash to 3 months carry finished at $26.75. Nickel dropped intraday until just above the $13,300 level and bounced back up to finish around the $13,600. Zinc bounced back up towards the $2,700 level, that could not reach, and this morning is again down, towards the $2,500 support level, 50% Fibonacci retracement from the uptrend beginning 2015-end 2017. Full spread finished valued at $31 backwardation. Lead finished unchanged, finding some support above the $2,100 level, but lost the $2,150 mentioned support. Closest support could be seen at $2,120 as 50% Fibonacci retracement at the same trend period as Zinc, and below, the 61.8% retracement, at $1,985. Cash to 3 months carry finished at $20.5 contango. Tin is still trading in the range $19,000-20,000 with full spread at $86 backwardation.

Precious metals
Gold remained above the $1,220 support level yesterday, finding resistance at the $1,230 level. Next support could be seen at $1,200, which already worked out during 2017. Declared intentions from the US Fed to raise interest rates twice during the second half of 2018 weighted on the metal, despite the fact that the increasing tensions between the US and China and the EU about trade war. Silver al remained around the $15.50 area without major changes yesterday.
Platinum and palladium kept the tone of the group and remained steady around the $810 and $910 respectively.

Oil
Oil prices rose yesterday with WTI futures trading at $68.67 on the August contract, and Brent rising almost 1.5% finishing at $72.64 on the September.

FX
EUR dropped 0.17%, closing at 1.1640, and GBP lost some 0.47% against the USD, trading at 1.3050. This morning EUR is trading at 1.1629 and GBP at 1.3046.

Equities
Dax rose 0.8% yesterday again, trading well above the 12,700 area and DJI rose some 0.29%, just below the 25,200 level. Asian markets finished slightly down with Nikkei losing 0.13%, Hang Seng -0.14% and SSEC down 0.64%.

Macro Data
UK retail sales at 09.30. US Philly Fed Manufacturing Index and Unemployment Claims at 13.30.

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 July 18

By | Market & News | No Comments

Base Metals:
Copper has found some support around the $6,100 area, having the next support at the psychological level $6,000. Full spread finished yesterday valued at $36 contango. Aluminium finished almost unchanged yesterday after experiencing a, spike in prices during the morning. Closest support is at the $2,000, but the strongest one would be around the $1,920, at the 61.8 Fibonacci retracement. Full spread finished valued at $33.5 backwardation. Nickel dropped again, finishing below the $13,600 support and has now the next one at $12,800-13,000 level, which worked already out as support during the first quarter this year. Cash to 3 months carry remained at $97 contango. Zinc found some support at $2,500 this week, having the strongest support at $2,400, a support-resistance level from back 2017. Cash to 3 months carry was valued at 22 backwardation yesterday. Lead remained steady yesterday, and is maintaining the $2,175 level just above the $2,150 support. Full spread finished valuedat $19 contango. Tin remained around the $19,500 area, within the $19,000-20,000 horizontal channel. Full spread finished at $70 backwardation.

Precious metals
Gold dropped to the lowest of the last 12 Months finding some short-term support around the $1,220 level. US Dollar rising against a basket of major currencies due to the US Fed chairman Mr. Powell statement that two more interest rate hikes during this year would be consistent with the economic outlook, despite the effects of the trade policy from Mr. Trump. These effects were minimized from the US Fed, and pointed out that the most likely months for hikes would be September and December. Silver retraced to trade below the $15.50 level.
Platinum and palladium suffered the global base and precious metals tone and dropped trading around the $810 and $910 respectively.

Oil
Oil prices remained almost unchanged yesterday with WTI futures trading at $67.54 on the August contract, and Brent almost 4%, finishing at $71.65 on the September.

FX
EUR dropped 0.25%, closing at 1.1680, and GBP lost some 0.5% against the USD, trading at 1.3165. This morning EUR is trading at 1.1635 and GBP at 1.3095.

Equities
Dax rose 0.8% yesterday, trading well above the 12,600 area and DJI rose some 0.11%, just below the 25,100 level. Asian markets finished mixed with Nikkei up 0.43%, Hang Seng -0.33% and SSEC down 0.15%.

Macro Data
European Final and Core CPI at 10.00. UK CPI, PPI, RPI at 09.30. US Building Permits, Housing Starts at 13.30. US Fed Chair Powell Testifies at 15.00 and US Beige Book 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. © 2017 INTL FCStone Ltd. All Rights Reserved

Key events July 17

By | Market & News | No Comments

Base Metals:
Copper finished below the $6,200 level yesterday, but is trading now slightly above, up just 0.23%. Current support could be still seen at the last week lowest, $6,100. Full spread finished at $27 contango. Nickel dropped finding support at the $13,600, and if breaking through it could result into a $600 drop towards the $13,000 next support. Cash to 3 months carry ended at $98.5 contango. Aluminium experienced some volatility, especially during the 2nd Ring and finished 1.08% up, above the $2,050. Cash to 3 months carry was valued at $51.5 backwardation. Zinc finished below the $2,500 support, level that is retesting now, and that could lead into a $100 drop. Full spread was valued at $28 backwardation. Lead dropped and was trading consistently below the support $2,200 level and facing the $2,150 support. Cash to 3 months carry finished stable valued at $18.75 contango. Tin dropped, trading within the $19,000-20,000 horizontal channel. Full spread finished at $60 backwardation.

Precious metals
Gold dropped below the $1,240 level, despite the strike at Ivory Coast at Randgold mine, the worse than expected Chinese Q2 production data and the rising geopolitical tensions between the US, China and the EU. US-Russian summit results still to be quietly analyzed. Silver dropped towards the $15.75 level. This morning prices bounced slightly back up due to the softer USD and the unclear results of the last Mr. Trump European Tour.
Platinum and palladium both retraced following the base metals tone, trading at $815 and $915 levels respectively.

Oil
Oil prices dropped consistently yesterday with WTI futures trading at $67.92 on the August contract, and Brent almost 4%, finishing at $71.67 on the September.

FX
EUR rose some 0.19%, closing at 1.1705, and GBP remained steady against the USD, trading at 1.3230. This morning EUR is trading at 1.1730 and GBP at 1.3255.

Equities
Dax rose 0.27% yesterday, facing the 12,600 area and DJI finished almost flat, +0.03%, just above the 25,000 level. Asian markets finished mixed with Nikkei up 0.44%, Hang Seng -1.23% and SSEC down 1.19%.

Macro Data
US Capacity Utilization Rate, Industrial Production at 14.15, Fed Chairman Powell testifies on the Semiannual Monetary Policy Report at 15.00. UK Average Earnings Index, Claimant Count Change and Unemployment Rate 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 July 16

By | Market & News | No Comments

Base Metals:
Copper finished on Friday above the $6,200 level. Current support could be seen at the last week lowest, $6,100. Nickel closed just below the $14,000 level, and is retracing this morning, having the current support at the $13,600 level. Aluminium dropped on Friday, facing the $2,000 support area. This morning is bouncing slightly up supported by a softer USD. Cash to 3 months carry finished at $35.25 backwardation, down from $50 highest last week. Zinc is losing again 2.23%, some more than $50 and risking the $2,500 support, level that a breakthrough could lead into a $100 drop. Full spread was valued at $18 backwardation, up from $8.5. Lead is losing some 0.52%, trading below the $2,200 level and facing the $2,150 support. Cash to 3 months carry finished stable valued at $18.25 contango. Tin rose, trading within the wide $19,000-20,000 horizontal channel. Full spread finished t $62.5 backwardation. Effects from the trade war over the base metals global trading and consumption in the Chinese economy is weighting on prices since the last weeks and is expected to persist.

Precious metals
Gold remained around the $1,245 area, still within the range $1,240-1,250. Rising EUR and geo-political tensions from the US against the EU and setting a new scenario from the Brexit point of view, brought support. A break through the current support $1,240 could lead in another $20 drop or towards the $1,220 area. Silver faced down trading well below the $16 level.
Platinum and palladium retraced on Friday and are trading now below the support levels $830 and $940 respectively.

Oil
Oil prices remained steady on Friday with WTI futures trading at $70.43 on the August contract, and Brent at $74.67 on the September.

FX
EUR rose on Friday, closing at 1.1695, and GBP as well against the USD, trading at 1.3240. This morning EUR is trading at 1.1695 and GBP at 1.3245.

Equities

Dax rose on Friday 0.38%, trading above the 12,500 level and DJI finished at +0.38%, just above the 25,000 area. Asian markets finished down with Nikkei observing bank holiday, Hang Seng -0.29% and SSEC down 0.77%.

Macro Data
Chinese GDP, Fixed Asset Investment, Industrial Production, Retail Sales, Unemployment Rate, already at 03.00 in the morning. European Trade Balance at 10.00. US Core Retail Sales, Retail and Empire State Manufacturing Index at 13.30.

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 July 13

By | Market & News | No Comments

Base Metals:
Copper recovered yesterday and rose 1.36%, finishing above the $6,200 level. Buyers showed up at the lowest $6,100 and did stay closest to this level the rest of the day. Aluminium kept dropping and lost 0.75% or $16 yesterday, on its way towards the next support $2,000 level, with the lowest of the day at $2,032. Cash to 3 months carry finished valued at $49 backwardation. Nickel recovered the $14,000 after rising 2.45% almost $350 and finished above the $14,200 level. Technical analysts suggested a trading range of $13,600-14,400. Zinc recovered 0.8%, some $20, after touching on Wednesday the lowest in the last 12 months at $2,500 support. Next resistance just below the $2,700 and when breaking down the $2,500 support, that could lead into a $100 drop towards the next support. Full spread backwardation dropped to $8.5 from $23. Lead rose 0.55%, some $12, after trading below the $2,150. Cash to 3 months contango finished valued at $18.75. Tin recovered 1.6%, more than $300, finishing just below the $19,700 level. This morning most metals remain steady, apart from zinc , losing 1.18% and lead down 0.88%.

Precious metals
Gold bounced back up trading still within the range $1,240-1,250 after touching the lowest of the year at the beginning of the month and again twice this week. A break through the current suppor could lead in another $20 drop or towards the $1,220 area. Silver remained steady but still below the $16 level.
Platinum and palladium also bounced up following the base metals mood yesterday, and traded close to $850 and $950 resistances respectively.

Oil
Oil prices remained steady yesterday with WTI futures trading at $70.32 on the August contract, and Brent at $74.22 on the September contract as trade war consequences concerned investors, but short-term effects not clarified yet.

FX
EUR remained unchanged, closing at 1.1675, and GBP slightly rose against the USD, some 0.11%, trading at 1.3218. This morning EUR is trading at 1.1660 and GBP at 1.3165.

Equities
Dax rose yesterday 0.44%, facing the 12,500 level and DJI finished at +0.62%, just below the 24,900 area, as fundamentals release tempered bearish fears. Asian markets finished mixed with Nikkei up 1.85%, Hang Seng +0.35% and SSEC down 0.35%.

Macro Data
Chinese Trade Balance during all day. ECOFIN Meetings. US Import Prices at 13.30, Prelim UoM Consumer Sentiment and Inflation Expectations 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 July 12

By | Market & News | No Comments

Base Metals:
Are recovering this morning part of which was lost yesterday. Copper lost 3.07%, finding support at $6,100, down almost $200. Trading now slightly above the $6,200 level. Full spread finished at $15 contango. Aluminium dropped 1.44%, losing $30. New support-resistance area could be seen at $6,000-6,100. Cash to 3 months carry finished at $37.50 backwardation. Nickel found support around the $13,600 level, and finished just around the $14,000. $13,600 could work again as the support and next resistance $14,400. Zinc traded at the lowest since June 2017, finding support at the $2,500 area, being the next support below this at $2,400. Prices dropped 2.79%, almost $75 yesterday . Cash to 3 months carry finished valued at $23 backwardation. Lead dropped 4.73% yesterday, more than $100 down, and broke the $2,250 support consistently. Prices went down through the $2,200 and has the next support at $2,150 level. Full spread contango rose to $20. Tin retraced 2.3%, $455 and finished again facing the $19,000 support.

Precious metals
Gold dropped yesterday below the $1,250 support level and traded at the lowest of $1,246, despite the worsening conditions in the trade war between the US setting new tariffs and China appealing to the WTO for the new imposed tariffs. Silver topped at $16 and traded at $15.80 as a support. This morning prices are even lower, with gold getting a support just above the $1,240 and trading within a range of $1,240-1,245.
Platinum and palladium remained quite steady holding the previous days levels at $830 and $935 respectively.

Oil
Oil prices dropped consistently yesterday with WTI futures trading at $70.78 on the August contract, and Brent at $74.68 on the September contract. Trade war fears and new tariffs concerned investors over international trade and slowing down demand.

FX
EUR slightly dropped 0.2% yesterday against the USD, trading around the 1.1719, and GBP lost 0.29% being traded at 1.3234. This morning EUR is trading at 1.1680 and GBP at 1.3210.

Equities
World stocks dropped yesterday as a reaction for the new 10% tariff on $200 billion worth Chinese imported products to the US. Dax dropped 1.42% back below the 12,500 and DJI lost 0.76% trading at the 24,700 area. Asian markets finished all in green again this morning, with Nikkei up 1.17%, Hang Seng +0.98% and SSEC up 2.29%.

Macro Data
European Final CPIs at 07.00, Industrial Production at 10.00, Eurogroup meetings and ECB Monetary Policy Meeting Accounts. US CPI, core CPI, unemployment claims at 13.30 and Federal Budget Balance at 19.00. UK BOE Credit Conditions Survey 09.30.

This report was written at 8:00. 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 July 11

By | Market & News | No Comments

Base Metals:
Base metals group experienced yesterday high volatility and despite being all in plus during the morning, mainly supported by a softer USD against a basket of major currencies, all except tin finished in red. Copper lost 0.83%, finding support at the $6,300 level intraday. Cash to 3 months carry was valued at $7.25 contango. Aluminium retraced some 1.58%, more than $33, losing the $2,100 short-term support and has the mid-term support at $2,000. Full spread rose to $26.5 backwardation. Nickel dropped 0.63%, almost $100, and has the technical support around the $14,000, and the next one around the $13,600 area. Zinc dropped 2.92% to the lowest level in 12 months as deficit expectations soar, and has the closest support currently at $2,500, and resistance at $2,700. Deeper technical analysis could suggest $2,400 as the mid-term target as a completion of the head and shoulders figure with neckline at $3,000. Cash to 3 months carry finished at $25 backwardation yesterday. Lead retraced 1.28%, $30, and touched the support $2,280 level intraday and has now the closest support level at $2,250, lowest since May this year. Tin bounced back up $120, and seems to be facing again the $20,000 level. This morning, a major sell-off in the market influenced by the Asian markets and the announced new tariffs on Chinese imported goods by the US president Mr. Trump by the estimated amount of $200 billion.

Precious metals
Gold is still trading within the $1,250-1,260 range, despite being yesterday below the support at $1,247.5. Rising world stocks and the tense calm after the imposed tariffs to Chinese imported goods in the US brought some pressure to the safe haven assets. Silver also retraced and only found support at the $16. This morning safe haven assets market is experiencing support from the new announced tariffs and the effect over the so called trade war and the wound to the global economy development.
Platinum and palladium retraced from the previous supports and were traded at $837 and $940 respectively.

Oil
Oil prices rose on yesterday with WTI futures trading at $73.69 on the August contract, and Brent at $78.22 on the September contract.

FX

EUR slightly dropped 0.2% yesterday against the USD, trading around the 1.1730, and GBP rose 0.14% being traded at 1.3275. This morning EUR is trading at 1.1737 and GBP at 1.3266.

Equities
World stocks rose yesterday with DAX finishing at +0.54% trading above the 12,600 level, and DJI +0.63%, slightly under the 25,000 area as trade war quietness and US stock earnings are bringing some support to stock markets. Asian markets finished all in red by the announced new tariffs, with Nikkei down 1.19%, Hang Seng -1.63% and SSEC down 2.34%.

Macro Data
ECB President Draghi Speaks at 08.00 and German 10-y Bond Auction during the day. US PPI and Core PPI at 13.30, Final Wholesale Inventories at 15.00 and Crude Oil Inventories at 15.30.

This report was written at 8:00. 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 July 10

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Base Metals:
Most of base metals rose yesterday, recovering some of the previous week losses. Copper rose 1.81%, more than $110, trading most of the day above the $6,400 level. Full spread finished valued at $7 contango, from $3 on Friday. Aluminium rose more than 2%, recovering the $2,100 support level and closing well above the mark, around $2,120. Cash to 3 months carry remained at $29.25. Nickel recovered 1.65% or $230, finishing again above the $14,000 figure, and still having the closest support at $13,600-13,800. Zinc was the only loser yesterday, dropping $15, almost 1%, but finding support at $2,700 level. Full spread dropped to $11 backwardation from $30 valued on Friday. Lead bounced back up almost $20 or 0.84%, still trading in the $2,550-2,250, without a clear direction within it, just following the general base metals trend. Tin rose 1.5%, almost $300, with backwardation dropping to almost $25.

Precious metals
Gold remained within the $1,250-1,260 range, trading even higher, around the $1,265 level during the day yesterday. Brexit negotiations consequences in the British government and tense relations in the denuclearization talks between the US and North Korea are bringing further support to prices. On the other hand, good US job data brought some pressure, as US Fed would keep the gradual pace for upcoming interest rate hikes. Higher interest rates pressure safe haven assets as this makes more expensive to fund non-paying interest metal holding.
Platinum and palladium remained at the previous levels, missing the uptrend tone in the base metals group.

Oil
Oil prices rose on yesterday with WTI futures trading at $74.25 on the August contract, and Brent at $78.54 on the September contract.

FX
EUR remained steady against the USD, trading around the 1.1760 during the day, and GBP lost some 0.25% against the USD and the EUR due to the different opinions about the upcoming negotiations with the EU in the British government which already cost 2 ministers resigning. This morning EUR is trading at 1.1736 and GBP at 1.3234.

Equities
DAX rose some 0.38% trading above the 12,500 level as 2 British ministers resigned due to the divergence of opinions over Brexit negotiations with the EU. DJI rose some 0.92%, trading just below the 24,700 level due to the good job data reported on Friday. Asian markets finished mixed, with Nikkei rising 0.66%, Hang Seng +0.1% and SSEC down 0.28%.

Macro Data
Chinese PPI and CPI already at 02.30 this morning. French and Italian Industrial Production at 07.45 and 09.00 respectively. ZEW Economic Sentiment at 10.00. UK GDP and Manufacturing Production at 09.30. US JOLTS Job Openings at 15.00.

This report was written at 8:00. 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 July 9

By | Market & News | No Comments

Base Metals:
Copper traded on Friday at the lowest of the last 12 months overnight, recovering right after to finish trading at $6,290 level. Trade war fears between the US and China and how could this affect to the top metal consumer, weighted on the prices. Aluminium remained steady most of the day, rising on the afternoon session, facing again the $2,100 area. Cash to 3 months carry finished valued at $22.5 backwardation. Nickel recovered during the afternoon part of the early losses, and finished at the $14,000 level, which was consistently lost most of the day. Current support at $13,600-13,800 remained. Zinc experienced high volatility , finding some short-term support around the $2,700 level. Full spread remained around the $33 backwardation. Lead finished almost unchanged, having dropped close to the $2.300 level and trading within the short term range $2,550-2,250. Tin dropped $50, 0.26%. This morning EUR keeps rising against the USD some 0.22% and the metals behind it, rising above Friday’s closes and mostly above the previous supports broken last week with copper above the $6,400, aluminium trading over the $2,100 and nickel $200 above the $14,000.

Precious metals

Gold remained within the $1,250-1,260, now around the upper range $1,256, still with the trade war and consequences of the US tariffs over the Chinese imported goods in mind. Silver also remained steady around the $16 level, due to the softening USD against a basket of major currencies on Friday. World stock markets rising just after the tariffs were applied, brought some pressure to the group, but tough negotiations with North-Korea about denuclearization are bringing support.
Platinum and palladium kept their levels at $840 and $950 respectively.

Oil
Oil prices rose on Friday with WTI futures trading at $74.18 on the August contract, and Brent at $77.63 on the September contract.

FX
EUR rose against the USD some 0.60% and traded around 1.1760. GBP also rose against the greenback some 0.3% and traded around the 1.3265. This morning EUR is trading at 1.1770 and GBP at 1.3320.

Equities
DAX retraced some 0.20% trading still above the 12,400 level, and DJI traded water, being traded above the 24,300 level, once the US tariffs over Chinese goods came into force on Friday. Asian markets finished all in green, with Nikkei rising 1.21%, Hang Seng +1.72% and SSEC up 2.13%.

Macro Data
German Trade Balance at 07.00 and Sentix Investor Confidence at 09.30. US Consumer Credit at 20.30. Chinese New Loans and Money Supply during the week.

This report was written at 8:00. 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