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Market Commentary
Silver Market Recap Report

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Silver Market Recap Report for 11/20/2009

The silver market seemed to take most of its directional clues from gold rather than other outside market influences. Like gold, silver steadily climbed after a lower open tied to a stronger trade in the dollar that seemed to encourage some traders to book profits in riskier assets like metals. It was certainly impressive to see the silver market quickly shrug off a lower equity and oil trade since that combination could have soured the macro economic outlook for the metal, especially after the data this week raised doubts about the strength of the economic recovery. Instead, December silver found strong buying interest near the session low which also happened to be a key chart level. While the recovery in silver seemed to be primarily on gold's coattails, the strength in copper may have also provided some spill over support.

The daily commentaries provide a recap of each commodity's traded price activity, an analysis of the factors that influenced price activity, a recap of any reports released that day, and a look ahead at the next day's schedule. CME Group provides market commentaries for corn, wheat, soybeans, gold and silver.

The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.