- The gold price continued its upward momentum since November to close December around $1,826/oz., up 3.77% MoM. Factors such as lower U.S. inflation, weakened U.S. dollar, and a lower fed-funds rate hike (50 basis points on 15 Dec 2022) have provided gold price support throughout December.
- Silver prices followed gold’s performance and ended December around $24/oz., achieving a second consecutive month of double-digit growth of 10.37% MoM. Similar to gold, the overall managed money net positions have ventured deeper into positive territory.
- The loosened COVID-19 policy and the tight copper inventories have helped push copper prices to a high of $3.94/lb. near the end of December. However, the concerns around the number of COVID-19 cases in China pulled copper prices lower to end the year around $3.81/lb., up 1.94% MoM.
MGC, SIL and MHG price movement and daily range (expressed in terms of one lot notional)
*Intraday price movement is expressed as the difference between the daily high price and the daily low price multiplied by the contract notional in troy ounce (MGC and SIL) and pounds (MHG).
Options Heatmap (Change in OI from December 2 to December 30, 2022)
Key Economic Events in January/February/March 2023:
- January 1 – China NBS Manufacturing PMI 8.30 a.m. SGT / HK
- January 3 – China Caixin Manufacturing PMI 8.45 a.m. SGT / HK
- January 4 – U.S. ISM Manufacturing PMI 10.00 p.m. SGT / HK
- January 5 – FOMC Minutes 2.00 a.m. SGT / HK
- January 5 – U.S. Balance of Trade 8.30 p.m. SGT / HK
- January 6 – U.S. Non-Farm Payrolls 8.30 p.m. SGT / HK
- January 12 – China Inflation Rate YoY 8.30 a.m. SGT / HK
- January 12 – U.S. Inflation Numbers 8.30 p.m. SGT / HK
- January 14 – China Balance of Trade 10.00 a.m. SGT / HK
- January 17 – China Industrial Production YoY 9.00 a.m. SGT / HK
- January 30 – China NBS Manufacturing PMI 8.45 a.m. SGT / HK
- February 1 – China Caixin Manufacturing PMI 8.45 a.m. SGT / HK
- February 1 – U.S. ISM Manufacturing PMI 10.00 p.m. SGT / HK
- February 2 – Fed Interest Rate Decision 2.00 a.m. SGT / HK
- February 3 – U.S. Non-Farm Payrolls 8.30 p.m. SGT / HK
- February 7 – U.S. Balance of Trade 8.30 p.m. SGT / HK
- February 14 – U.S. Inflation Numbers 8.30 p.m. SGT / HK
- February 16 – China Inflation Rate YoY 8.30 a.m. SGT / HK
- February 23 – FOMC Minutes 2.00 a.m. SGT / HK
- March 1 – China NBS Manufacturing PMI 8.30 a.m. SGT / HK
- March 1 – China Caixin Manufacturing PMI 8.45 a.m. SGT / HK
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