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Key events October 22

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Base Metals:
Base metals finished mixed on Friday. Copper remained almost unchanged, finishing around the $6,220 despite China concerns. With full spread finishing at $8 backwardation. Aluminium suffered and closed just above the support $2,000 at $2,003, bouncing back up this morning supported by a lower USD against a basket of major currencies. Cash to 3 months carry remained at $7.5 contango. Nickel dropped some $100, still trading within the $12,000-13,200 range, and rising this morning some 1.73%. Zinc rose above the $2,600, still having the support at $2,550 level and setting the cash to 3 motnhs carry at $50.50 backwardation. Next resistance could be seen around the $2,700 level. Lead dropped and moved back down towards the $1,900-1,950 support, bouncing back up this morning and expected to experience some resistance around the $2,120 level. Full spread rose to $17 contango. Tin remained at the same level just around the $19,200 without any major change.

Precious metals
Gold found support last week above the $1,220, and some resistance below the $1,230. Fears on a new Italian public debt crisis, uncertainty on Brexit deal, concerns about China growth due to the impact of trade war with the US and world stock indexes suffering from a sell-off last week supported safe haven assets to rise. This fundamentals are no impacting on Silver equally.
Platinum and palladium seem to trade on the same range, supported by fundamentals but still living an uncertainty from base metals development.

Oil
Brent rose 0.26% finishing at $79.61, and WTI slightly rose 0.35%, closing at $68.98.

FX
EUR bounced back up after touching the 10-day low and is trading this morning at 1.1535, up 0.21%. GBP is also rising some 0.13% against the USD, being traded at 1.3085 due to reports saying that Mrs. May is ready to drop one of the main requests in order to arrange a Brexit deal with the EU.

Equities
DAX lost 0.31% due to Brexit and Italy concerns and pressure from dropping stocks across the globe. DJI slightly rose 0.26%, finishing just below the 25,450. Asian markets finished also in plus with Nikkei +0.37% and Hang Seng up 2.23% and SSEC gained 4.23%.

Macro Data
European German Bundesbank Monthly Report at 11.00.

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. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events October 19

By | Market & News | No Comments

Base Metals:
Copper lost almost $90 intraday yesterday, founding some support at the $6,100 level but risking to go back to the range $5,800-6,100. Full spread finished valued at $0.5 backwardation. Aluminium found support just above the $2,000, level tested in the last 4 months and that always triggered longs in the market, and if breaks down the level could experience a downtrend towards the $1,850 area. Chinese aluminium output dropped 1.8% in September against the previous month, but rose 7.1% compared to September 2017 output. Cash to 3 months carry remained around the $5.5 contango. Nickel dropped towards the $12,000 support, around the 50% Fibonacci retracement, and could get some support at the next level 61.8% retracement around the $11,400. Lead kept trading in a wide range $1,900-2,150 without and seems to be in a bearish midterm downtrend. Full spread rose to $21 contango. Zinc found a support around the $2,550, and seems to have some resistance below the $2,750 level. Full spread remained steady around the $48 backwardation. Tin remained around the $19,200, despite closing yesterday just above the $19,000.

Precious metals
Gold rose towards the $1,230 finding some resistance at this level, as global stock markets suffered yesterday more pressure revisiting the downtrend experienced last week. Forecasted interest rate hikes next year from the US Fed and fears from the China-US trade war that it is going to start to affect the Chinese economy and global growth supported safe asset investments. Silver also profited from the trend and traded above the $14.60.
Platinum remains above $820, holding the uptrend started in September. Palladium is still trading above $1,050 experiencing some resistance at $1,100 level.

Oil
WTI finished below the $70, losing 0.82%, finishing at $69.45. Brent lost 0.38% and finished at $79.69.

FX
EUR remained steady against the USD, trading around the 1.1490, and GBP dropped some 0.40%, being traded at 1.3060. This morning EUR is trading at 1.1450 and GBP at 1.3025 against the USD.

Equities
DAX lost again around 1%, losing the 11,600s, and DJI retraced 0.85% below the 25,500 yesterday. Stocks are under pressure mainly due to fears of China-US trade war and forecast of interest rate hikes next year, US Fed expressed on the FOMC statement. Asian markets moderated the downtrend, some bouncing back up, with Nikkei -0.56% and Hang Seng rising 0.98% and SSEC +2.22%.

Macro Data
Already released Chinese data early in the morning, GDP, Fixed Asset Investment, Industrial Production, Retail Sales, Unemployment Rate. European Current Account at 09.00. US Existing Home Sales at 15.00. UK BOE Governor Carney Speaks at 17.10.

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. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events October 18

By | Market & News | No Comments

Base Metals:
Base metals dropped this morning after a quiet day yesterday after USD rose against a basket of major currencies after US Fed released the statement yesterday evening. Copper lost the $6,200 and already tested the $6,150 support, and breaking through it could result into a drop towards the next $5,800 support. Full spread finished yesterday valued at $3 contango. Aluminium also dropped and traded towards the $2,000 support, level that worked out and made prices to bounce back up consistently since July. $1,900 could be the next level if current support fails. Cash to 3 months carry finished at $7.75 contango. Nickel seems to be approaching the $12,000 support area, around the 50% Fibonacci retracement, and could get some support at the next level 61.8% retracement around the $11,400. Lead is trading now in a wide range $1,900-2,150 without a clear technical trend but somehow follows the general base metals bearish tone. Full spread went back to contango at $15.5. Zinc is founding a support around the $2,560, which worked as a resistance also back in August and September. Full spread rose to $45.5 backwardation. Tin remained around the $19,200, losing this morning due to the general base metals tone.

Precious metals
Gold remained steady at the $1,220, despite the US Fed statement forecasting new interest rate hikes. Usually interest rate hikes bring pressure to safe haven assets, but in this case, drops across the board in Asian markets compensated. Also the fact that there was no overreaction to the last US interest rate hike and looks like global stock markets are facing a correction, bring support to prices. Silver corrected somehow and dropped below the $14.50.
Platinum and palladium slightly retraced but kept support untouched.

Oil
WTI dropped below $70, losing 2.36% against the previous close, after US crude oil inventories rose higher than the expected 1.6m to 6.5m barrels, finishing at $70.02. Brent lost more than 2% and finished at $79.99.

FX
USD rose against a basket of currencies, up 0.11% also this morning against the EUR, trading at 1.1485 and GBP -0.22% trading below the 1.31, at 1.3085, after he US Fed released the statement and their intentions for further interest rate hikes despite opinion of Mr. Trump.

Equities
DAX lost some 0.52% yesterday and finished just above the 11,700 mark. DJI dropped 0.36% finishing at the 25,700 level. Asian markets suffered major drops again mainly due to the renewed fears of the US-China trade war, with Nikkei -0.8% and Hang Seng dropping -0.65% and SSEC -2.26%.

Macro Data
EU Economic Summit 2nd day. US Philly Fed Manufacturing Index and Unemployment Claims at 13.30. CB Leading Index at 15.00. UK Retail Sales at 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. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events October 17

By | Market & News | No Comments

Base Metals:
Base metals remained mostly steady yesterday after early losses, with copper remaining around the $6,200, keeping the current support $6,150 still untouched. Cash to 3 months carry went to back to contango area finishing at $12.75. Aluminium moved around the $2,030 level, with contango also rising on the full spread, valued at $9, but experiencing backwardation in-between. Current support could be seen at $2,000. Nickel still has the trading range at $12,000-13,200. Zinc got closer but did not touch the $2,550 support yesterday. A break through the level could result into a $200 move. Full spread finished at $32.5 backwardation. Lead experienced some resistance at the $2,120 level but has not clear support, with unclear levels around the $1,900-1,950. Cash to 3 months carry came back to contango area valued at $14. Tin rose to trade around the $19,200 level.

Precious metals
Gold remained above the $1,220, finding resistance at the $1,230 and pressured during the day as world stocks rose after sharply drop last week triggering fears of an upcoming economic crisis. Silver also found resistance at the $14.70 area.
Platinum and palladium remained steady in a thin trading, above the $800 and $1,050 level respectively.

Oil
Brent rose 0.81% slightly recovering towards the $81.31, and WTI slightly rose 0.67%, finishing just at $72.10.

FX
EUR dropped back to the 1.1565 area, and GBP rose to the 1.3185 level against the USD as UK fundamentals still perform above the expected and Europe keeps disappointing the market.

Equities
DAX bounced back up 1.4% yesterday, and DJI gained 2.17% approaching the 25,800 level. Asian markets finished all up following Wall Street trend, with Nikkei +1.29% and Hang Seng almost flat up just 0.07% and SSEC gained 0.57%.

Macro Data
European Final and Core CPI at 10.00. EU Economic Summit first day. German Bundesbank President Weidmann Speaks at 17.30. US Building Permits and Housing Starts at 13.30. US Crude Oil Inventories at 15.30. FOMC Meeting Minutes at 9.00. UK CPI, PPI, RPI at 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. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events October 16

By | Market & News | No Comments

Base Metals:
Copper remained steady losing just 0.3%, finishing just below the $6,300 level, with closest support still around the $6,150 area and could experience some resistance at the $6,400 level. Full spread finished valued at just $2 back from $17 backwardation on Friday. This morning trade war fears are weighting on price, together with disappointing US and European figures with Chinese PPI and CPI released this morning just in line with the expected. Aluminium also traded around previous week levels, between the $2,000-2,100 levels, down 0.54%. Cash to 3 months carry also moved to backwardation again just $1.5 contango. Nickel traded water and remained around the $12,650 level, down this morning some 1.35%, but still trading in a wide range $12,000-13,200. Zinc is getting closer to the $2,550 support, and a break through it could result into a $200 move downside. Cash to 3 months carry finished just at $27.5 backwardation. Lead found resistance at the $2,120, highest of September and 50% Fibonacci retracement, with next support, even though broken a couple of times at 61.8% retracement at $1,985. Full spread closed yesterday at $8 backwardation. Tin slightly rose an consolidated the $19,000s, trading also over the $19,100.

Precious metals
Gold rose yesterday and broke through the $1,230 level for first time since late July, having now the support at $1,210 and probably experiencing some resistance at the $1,235 area. Slowing US retail sales and consumer data pushed purchasing of safe haven assets. Silver rose above the $14.70 level. This morning gold got a support at the $1,225 and is trading following the USD, stable at this time in the morning against a basket of major currencies.
Platinum and palladium remained steady above $800 and $1,050 level respectively.

Oil
Brent lost 0.32% again yesterday, losing some steam retracing from multiannual highs finishing at $80.35 and WTI slightly rose, finishing just at $71.41.

FX
EUR slightly rose against the USD some 0.20%, rising towards the 1.1590 yesterday. GBP remained steady at 1.3140. Slowing US retail sales pressured the USD against a basket of major currencies. This morning EUR is trading at 1.1575 and GBP at 1.3165 against the greenback.

Equities
DAX bounced back up 0.68% yesterday, recovering from last week losses and gained the 11,600 level again. DJI remained quite steady, up just 0.11%, around the previous 25,370 area. Asian markets finished mixed, with Nikkei +1.25% and Hang Seng losing -0.5% and SSEC dropping -0.76%.

Macro Data
European Trade Balance, ZEW Economic Sentiment at 10.00. US Capacity Utilization Rate and Industrial Production at 14.15. JOLTS Job Openings and NAHB Housing Market Index 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. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events October 15

By | Market & News | No Comments

Base Metals:
Copper remained around the $6,300 level, with closest support around the $6,150 area and resistance at the $6,400 level. Full spread finished valued at $17 backwardation. Aluminium found support last week above the $2,000, bouncing back up but being unable to keep prices above the $2,100 as fears of alumina shortage faded. Full spread went back to contango area at $7.25. Nickel seems to be trading in a cone, getting closer to the vertex $12,600, and closer support could be seen at $12,000 and resistance at $13,200. Zinc remained above the support $2,550 experiencing some resistance around the $2,700 level. Cash to 3 months finished at $29.75 backwardation. Lead experienced resistance at $2,080 after breaking through the $1,950 support last week. Full spread finished at $17 backwardation. Tin rose above the $19,000 level, with cash to 3 moths carry remaining at contango area, valued at $12.

Precious metals
Gold remained above the $1,220, supported by dropping stocks across the globe due to fears on economic development. Still pending negotiations on China-US trade war, fears on Chinese growth and higher interest rates on the US, currently at 2-2.25%, supported safe haven assets investments. Asian market consistently dropping this morning helped to keep prices stable at the highest since early August. Silver remained quite steady despite the positive tone, trading at $14.65.
Platinum rose, bouncing back up after approaching the $800 support, and palladium remained steady around the $1,070 area.

Oil
Brent lost 0.60% on Friday, finishing at $80.74 and WTI remained steady, finishing just at $71.19, with Saudi diplomatic tensions acting as a support.

FX
EUR slightly rose above the 1.1550 and GBP gained some steam trading above the 1.31. USD dropped mainly due to the lower US Consumer Sentiment.

Equities
DAX lost 0.13% on Friday, and DJI gained 1.15% finishing just above the 11,500 and the 25.300 level respectively. Asian markets finished all down, with Nikkei -1.87% and Hang Seng losing -1.23% and SSEC dropping -1.2%.

Macro Data
US Retail and Core Retail Sales, Empire State Manufacturing Index at 13.30. Business Inventories at 15.00. Business Inventories during the day.

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. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events October 12

By | Market & News | No Comments

Base Metals:
Copper experienced yesterday almost $200 volatility having the lowest below the $6,100 and the highest at the $6,300, level that seems to be working as a short-term resistance. Full spread rose to $16.25 backwardation. Aluminium touched the support at $2,000 and in bouncing slightly back up. Cash to 3 months carry was valued at $7 contango. Nickel touched the $12,400 support and seems to have the closest resistance at $13,000 level, highest in October. Zinc managed to hold the $2,550 support and has kind of level resistance around the $2,700 with 38.2% Fibonacci retracement at $2,780. Cash to 3 months was valued at $27.5 backwardation. Lead dropped through the $1,950 support, bouncing back up sharply and trading now above the $2,000 level. This brought full spread to $16 backwardation. Tin rose above the $19,000 remaining cash to 3 months carry at contango $13.

Precious metals
Gold rose yesterday, experiencing intraday volatility from $1,190 to above the $1,220 mainly due to the stock indexes experiencing massive losses focused on Europe and the US. Seems that this brought the needed push to rise above the $1,210 resistance. This morning prices are again dropping 0.43% due to the effect of rising Asian stocks due to the better than expected Chinese trade balance, beating by more than double the forecast. Silver remained just around the $14.5 and seems that is not catching this wave.
Platinum and palladium slightly rose but seemed to be also influenced by the instability and lack of clear trend in the base metals group.

Oil
Brent lost 1.7% yesterday, finishing at $81.18 and WTI dropped 2.37%, finishing at $71.61, due to the downtrend on stocks across the board.

FX
EUR was trading around the 1.1590 and GBP at 1.3238 against the USD respectively.

Equities
DAX lost 1.48% yesterday, and DJI kept dropping, finishing 2.13%, finishing at 11.539 and 25,052 respectively. Asian markets finished up, with Nikkei +0,46% and Hang Seng up 1.89% and SSEC rising 0.98%.

Macro Data
Chinese Trade Balance. European industrial production at 10.00. US Import Prices at 13.30, Prelim UoM Consumer Sentiment, Inflation Expectations at 15.00. G20 Meetings and IMF Meetings.

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. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events October 9

By | Market & News | No Comments

Base Metals:
Base metals remained steady yesterday, at the beginning of the LME week. Copper finished below but close to the $6,200 level, having a short term support at the $6,150, but the main one still at $5,800. Cash to 3 months carry finished valued at $3.75 contango. Aluminium drastically corrected at the end of last week and kept the trend but at a slower pace yesterday, back into the $2,000-2,100 range after Norsk Hydro alumina refinery in Brazil was allowed to operate at half capacity. Full spread finished at $4 contango, despite having backwardation within the spread. Nickel rose, trading still below the $13,000 area. Zinc held yesterday the $2,550 support, that previously worked as a resistance, risking to be back to the $2,300-2,550 range when breaking through. Cash to 3 months carry rose to $40 backwardation. Lead is trading closer to the $1,950 support level, having the next target $200 below the mark when dropping through. Full spread was valued at $24.25 contango. Tin remained steady just below the $19,000 level.

Precious metals
Gold retraced yesterday, trading most of the day below the $1,190 level. Higher USD against a basket of major currencies, including EUR and GBP made the investment in safe haven assets more expensive for non-USD denominated investors, cooling down demand. Silver also retraced back to the $14,40 level.
Platinum and palladium remain somehow steady, influenced for both base and precious metals developments.

Oil
Brent lost 1.58% yesterday, finishing at $83.12 and WTI dropped 1.09%, finishing at $73.51, on a halt of the uptrend due to sanctions to Iran.

FX
EUR remained below the 1.15, losing already this morning 0.14% despite the better than expected German Trade balance. GBP is relatively stable, around the 1.3080.

Equities
DAX lost 1.36% yesterday, and DJI gained 0.15% trading below the 12,000 and 26,500 respectively. Asian markets finished mixed, with Nikkei -1.32% and Hang Seng up 0.1% and SSEC rising 0.1%.

Macro Data
Better than expected German Trade Balance at 07.00. US NFIB Small Business Index at 11.00 and IBD/TIPP Economic Optimism to be released during the day.

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. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events October 8

By | Market & News | No Comments

Base Metals:
This morning all metals are down, aluminium leading losses at 2.98% after closures of Brazilian mines last week failed to sustain prices above $2,200. Copper remains steady above the $6,100 level, with full spread stable at $6 contango. Aluminium is trading again within the channel $2,000-2,100, with cash to 3 months carry valued at $2.5 contango on Friday. Nickel also failed to break through the $13,000 level. Full spread is trading at $81 contango. Zinc remains above the $2,500 level despite experiencing some volatility, this morning losing 2.35% and full spread valued at $32.5 backwardation, rising even this morning. Lead found some support just above the support level $1,950, but losing some momentum and getting closer to the level, and risking to drop another $200 when breaking through it. Cash to 3 months carry still around the $20 contango. Tin remains around the $19,000 area, steady also in the full spread, valued at $5 contango con Friday.

Precious metals
Gold keeps trading below the $1,200 level, within the range $1,190-1,210, and without any foreseen change in the near future, as main worries in the market remain, as US-China trade war and Brexit, but rising US-treasury yields since last interest rate hike from US Fed last month are bringing more pressure to the safe haven assets. Silver is trading around $14.46 this morning.
Platinum and palladium are also remaining steady away from base metals volatility and caught on precious metals stability, trading above $800 and $1,050 support respectively.

Oil
Brent remained almost unchanged, trading at $84.95, and WTI rose 0.45% till $74.86.

FX
EUR remained around the 1.1500, where is trading this morning and losing 0.21% against the USD , and GBP is also down 0.30%, trading at 1.3085.

Equities
DAX lost 1.08% on Friday, meanwhile DJI dropped 0.68% finishing above 12,100 and 26,440 respectively. Asian markets finished down, with Nikkei -1.15% and Hang Seng losing -1.12% and SSEC retracing 3.62%.

Macro Data
US bank holiday in observance of Columbus Day. Japanese bank holiday as per Health-Sports Day. Chinese Caixin Services PMI better than expected already this morning 53.1 vs. 51.4. German Industrial Production improving, but missing forecast, down -0.3%. Sentix Investor Confidence at 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. © 2018 INTL FCStone Ltd. All Rights Reserved

Key events October 4

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Base Metals:
Aluminium closed yesterday just above the $2,200, rising some 2% this morning due to Nork Hydro closure Alunorte in Brazil and Paragominas bauxite mine, which triggered longs as fears of bauxite shortage looms. Full spread finished valued at $8 contango, showing backwardations on November and December dates, and between back and contango in October date. Copper closed below the $6,300, trading already this morning well above the $6,300 level. Cash to 3 months carry dropped to $4.5 contango. Nickel rose experiencing some resistance at $13,000 level with full spread remaining at $93 contango. Lead did not experience much volatility, trading above the $2,000 and keeping the $1,950 support untouched so far this month. Cash to 3 months carry finished valued at $20.25 contango yesterday. Zinc remained above the $2,600, with some resistance at the $2,700 area. Cash to 3 months rose to $28 backwardation. Tin broke above the $19,000 showing a full spread of $8 contango.

Precious metals
Gold slightly dropped below the $1,200 level due to the higher USD making the safe haven asset more expensive for non-USD denominated investors. Silver also retraced below the $14,70. US treasury yields at the highest levels since 2011, trading at 3.22% brought pressure to gold.
Platinum and palladium remained at the previous levels, above the $800 and $1,050 respectively, not profiting from the base metals rise.

Oil
Brent retraced some 0.50%, trading at $84.61, and WTI remained steady at $75.14.

FX
USD kept rising against basket of major currencies. EUR is trading at 1.1482 dropping despite Italy stating that will follow Brussels deficit instructions of 2%, as fears of contagion did not fade. GBP is trading at 1.2947 as Brexit plan still unclear.

Equities
DAX remained closed yesterday due to German national holiday. DJI rose another 0.2%, above the 26,800 level. Asian markets finished down, with Nikkei -0.56% and Hang Seng losing -1.77% and SSEC closed due to Chinese week bank holiday.

Macro Data
Chinese bank holiday National Day during the week. US Challenger Job Cuts at 12.30, Unemployment Claims at 13.30, Factory Orders 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. © 2018 INTL FCStone Ltd. All Rights Reserved