Statistics: London Gold Fix $1,679.00 -$29.25 LME Copper Stocks 241,325 tons -1,650 tons
SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like December gold, December silver initially saw a fresh lower low for the move in the overnight action. At the lows this morning December silver was as much as $4.79 an ounce below the October highs! Silver seems to be under some minor pressure this morning, in the wake of weakness in platinum and copper prices overnight but its also possible that weakness in global equity markets and adverse currency market action are also weighing on silver prices. Some traders think that December silver found some technical support on the charts at the $31.00 level, while others think that the late August consolidation lows around $30.29 might be the next critical level on the charts. Unless silver and other physical commodity markets see definitively positive action in equities, or a broad based physical commodity rally unfolds, it is possible that many markets are destined to see a two sided trade until after the US election results are known. Comex Silver Stocks were 142.467 million ounces down 377,885 ounces. The Commitments of Traders Futures and Options report as of October 30th for Silver showed Non-Commercial traders were net long 38,571 contracts, a decrease of 1,952 contracts. The Commercial traders were net short 56,876 contracts, a decrease of 1,818 contracts. The Non-reportable traders were net long 18,305 contracts, an increase of 134 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 56,876 contracts. This represents a decrease of 1,818 contracts in the net long position held by these traders.
OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese shares were weaker perhaps because of spillover influences from the US stock market slide at the end of last week. European stocks also tracked the weakness seen in the US at the end of last week overnight. However, the FTSE was also under some fresh pressure today because of some weak UK services data that came in weaker than expectations. In addition to the US election, the markets are also looking ahead to a Chinese leadership shift later this week. In Athens Greece there will be a vote Wednesday on austerity measures and there are fears that the measures will not pass. Ahead of the Greece vote, there will be two days of general strikes. In the US action today, the market will see an ISM Non Manufacturing Report and an employment trends Index.
*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.
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