Morning Silver Market Report 10/26
Statistics: London Gold Fix $1,704.00 -$11.00 LME Copper Stocks 219,800 tons +1,100 tons
SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, the silver market seems to have started out on a weak footing today on the charts. A recent series of lows around $31.57 might be seen as a critical pivot point today, especially into the US GDP report, which looks to be the main event of the Friday US trading session. Expectations call for a minor climb in the GDP figures, but the question is whether or not that report will be capable of fully shifting an entrench slowing vibe that was put in place from the international market action overnight. Silver didn't seem to draft much support from news that holdings in a silver derivative instrument rose to the highest level since October 2nd yesterday afternoon. At least to start today, silver appears to be off balance because of a litany of slowing evidence overnight and therefore the bull camp might need to see something clearly positive from the US GDP report just to cushion the silver market against a failure on the charts. In addition to scheduled US data flows, silver is likely to take some of its direction from US equities today. Comex Silver Stocks were 142.384 million ounces up 586,066 ounces. Silver stocks have increased 12 of the last 20 days.
OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian stocks were weaker across the board with financials and auto maker shares leading the markets lower. South Korean shares fell down to a 7 week low and Australian equities were down because of weakness in resource and commodity related shares. European stocks were also lower in the wake of disappointing earnings from Ericsson and also because of weakness in French Banking shares. Early action in the US pointed to a weaker opening, with some players fearful of a soft GDP reading later this morning and others simply discouraged by overnight earnings results from Amazon and Apple.
- FOLLOW US
- Follow @ibtimesindia
*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.
Copyright CME Group All rights reserved.