Metals - Oct 26,2009
Sunday, October 25, 2009
by PitGuru.com Authors of PitGuru.com
|
|
The Metals Pit Review For the week of October 26th, 2009 By PitGuru Daniel Cronin Precious metals once again had a so-so weak with Gold unchanged to $1,057, Silver higher by 1.7% to $17.72 and Platinum 1.4% to $1,362. The USD continued its weakness with the Euro/USD trading above $1.50 for the first time in 2009. The USD is still the main driver in the precious metals markets. The dollar touched a 14-month low against the euro following an advance in Asian stocks and signs the global economy is recovering. It dropped from a one-month high against the yen. I believe things will still trade in the ranges here with Gold and Silver and the market needs to get a big dip in the USD to move higher. The more interesting metal last week has been Copper as it hit a 2009 high above $3.00/lb. This market rallied +8.6% from $2.79 to $3.03 on higher imports by China that climbed more than 25% in September. Copper, used in pipes and power cables, has more than doubled in London this year as China’s 4 trillion Yuan ($586 billion) stimulus spending and state stockpiling boosted imports to a record, and the world recovered from its worst recession since World War II, increasing demand for raw materials. The housing market is starting to show signs of a bottom and it is reflecting in the price of Copper. The $3.00 level has now become support with resistance at $3.07. 
***chart courtesy Gecko Software’s Track n’ Trade Pro Past performance is not necessarily indicative of future results.
Recent articles from this author
- Financials - Mar 15,2010 - Sunday, March 14, 2010
- Energies - Mar 15,2010 - Sunday, March 14, 2010
- Metals - Mar 15,2010 - Sunday, March 14, 2010
- Softs - Mar 15,2010 - Sunday, March 14, 2010
- Grains - Mar 08,2010 - Sunday, March 07, 2010
About the author
Daniel Cronin - PitGuru.com's Energies & Metals Guru Daniel Cronin has spent years on the floor of the Nymex as part of one of the largest energy floor brokerages in the business. His extensive experience stems from not only his Pit background but also through intense studying and implementation of complex technical analysis and market trading techniques via the mentorship of the now retired Ralph Acampora. Mr. Cronin brings subscribers a rare combination of book smarts and real world trading experience in one of the most volatile market sectors in the futures industry. Matthew Pierce - PitGuru.com's Grains Guru Mr. Pierce is a unique acquisition for Futures Press Inc. in that he has an unmatched level of real hands-on experience within the industry in addition to his floor trading expertise and top notch education at the University of Illinois College of Agriculture. Matthew has literally cultivated the perfect professional career as a grain expert by working with the industry's most recognizable companies such as Cargill, LaSalle Group, Conagra, Walsh Trading Inc. and many more. In addition to trading on the floor of the Chicago Board of Trade, Mr. Pierce writes what many in the business believe to be the best kept secret amongst trading reports available in the industry. Jurgens H. Bauer - PitGuru.com's Softs Guru Jurgens owns and operates his own order execution firm on the ICE trading floor. He has been a member since 1987. His firm, Jurgens Bauer and Associates, specializes in executing option orders for a wide array of customers and a variety of industry participants, including individual speculators, funds and members of the trade. While Jurgens has been an active member of the trading community he has also spent time since 2000 working at raising awareness of environmental commodities, educating industry professionals on emissions trading, brokering transactions between private counter parties and developing SO2 and NOx contracts for the NYMEX. Frank LaMantia - PitGuru.com's Financial Guru Soon to be Dr. LaMantia, Frank is not only one of the most educated traders on Wall Street, but also maintains an industry resume of substance and depth. Frank has worked extensively on an Institutional preferred stock syndicate desk, as a government bond specialist, and as a financial advisor all the while achieving multiple licenses in the finance field. With an extensive and impressive client list (including Citibank, Bear Stearns, Lehman Brothers, AG Edwards, Mesirow, UBS, and numerous Hedge Funds), Mr. LaMantia brings his one-of-a-kind background to his current occupation of full time trader.
|
