Traders put their investment pedal to the metals
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 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 when 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.
Mike Zarembski Senior Commodity Analyst
