Mon 11 Feb 2013 06:05:20 CT
Related Keywords:
Metals
Compiled 02/11/13 6:00 AM (CT)
Statistics: London Gold Fix $1,663.00, -$6.75 LME Copper Stocks 399,775 tons -50 tons
SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, silver performed sloppy last week in the face of persistent gains in US equities and that would seem to suggest that silver isn't currently tracking classic physical commodity market fundamentals. In other words, silver and gold both appear to remain in a partial safe haven liquidation bias and it could take renewed Euro zone turmoil, soft scheduled data or very sharp declines in equities to provide the silver market with fresh buying interest. As in gold, silver might be partially undermined by ongoing Asian holidays and adverse currency market action and if March silver fails to hold above last week's low of $31.295 that could give the bear camp a technical edge. Comex Silver Stocks were 158.366 million ounces up 975,071 ounces. Silver stocks have increased 14 of the last 20 days. The Commitments of Traders Futures and Options report as of February 5th for Silver showed Non-Commercial traders were net long 37,365 contracts, an increase of 444 contracts. The Commercial traders were net short 54,244 contracts, an increase of 1,293 contracts. The Non-reportable traders were net long 16,879 contracts, an increase of 849 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 54,244 contracts. This represents an increase of 1,293 contracts in the net long position held by these traders.
OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Most Asian markets were closed overnight due to the Lunar New Year holidays. European stocks were showing a minimally positive early track, but the markets weren't showing definitively positive action. US equities were seemingly poised for a positive initial track today but the US scheduled report slate today is nearly empty and the markets in total were in need of a fresh overriding focus. There will be a speech from a US Fed member shortly after mid session today and that might be the main economic event of the session.
View All Market Commentary
*Disclaimer: 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.