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Markets to Watch 09/28/2007


Gold: Lead month December Gold looks poised to end the week on a high note, with a weaker U.S. Dollar, near record high Oil prices, and concerns that continued weakness in the U.S. housing market will force the Fed to continue to cut interest rates, are all supportive factors for the yellow metal. Gold futures are trading at their highest levels since 1980 on the monthly continuous charts. In early trade, December Gold is trading at $745.00, up $5.10 per ounce.

Platinum: January Platinum futures continue to climb, moving closer to the $1400 per ounce level, as traders are looking for increased purchases by investors as well as automakers in the coming months. A London traded Platinum ETF continues to gain in popularity, with investment up 16% this month according to the issuer. Today is the first notice day for the October Platinum contract so spread trade is expected to be active as traders switch their positions over to the January contract. In early trade, January Platinum is trading at $1383.00, up $10.00.

Copper: A potential strike by workers for Southern Copper Corp. in Peru, are keeping Copper prices buoyant going into the final trading day of the third quarter. The strike scheduled to begin on October 2nd, is expected to shut production from the fifth largest Copper producer in the world. The strike comes at a time with world Copper stocks are tight, with exchange stocks at the three major Copper exchanges in London, Shanghai, and New York totaling less than 5 days of global consumption. In early trade, December Copper is trading at 368.10, up 3.30.

 

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Mike's futures career began in 1991, when he began trading for himself as a floor trader at the Mid-America Commodities Exchange (MidAm) in the wheat and corn futures and options pits. In 1999, Mike joined TD Waterhouse as a securities broker where he obtained his series 7 and 63 licenses. Seeing the growth in online futures trading, He joined XPRESSTRADE in 2002. Mike attended DePaul University and the University of Illinois at Chicago and holds the series 3 license. He's now an assistant manager at XPRESSTRADE and a senior market analyst. In his free time, he can be found attending symphony or other cultural events in the city.

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