Market Nuggets
Commerzbank: China's Monthly Silver Imports Highest Since 2010
Chinese trade data show the most monthly silver imports in May since 2010, while platinum imports were the strongest in more than a year, Commerzbank points out. Analysts cite data from customs authorities showing that China imported 407 tonnes of silver in May. “This was nearly twice as much as in last May, as well as the largest quantity since December 2010,” Commerzbank says. “Silver imports in the first five months of the year were thus a third higher than in the same period last year.” Platinum imports hit a 16-month high of 9.5 tonnes. By contrast, palladium imports were subdued at 1.3 tonnes, Commerzbank says. “We are therefore finding palladium’s significant outperformance of platinum increasingly difficult to understand.”
By Allen Sykora of Kitco News; asykora@kitco.com
FXTM’s Otunuga: Gold Regaining Its Glitter
Friday June 23, 2017 08:06
FXTM research analyst Lukman Otunuga says gold is glittery again, boosted by a recent plunge in oil prices that weighed on global sentiment and soured risk appetite. “A weakening dollar coupled with mixed messages from policymakers on U.S. rate-hike timings supported the metal further as prices lurched towards $1,258 during Friday’s trading session,” Otunuga says. “With the zero-yielding metal notoriously known for being dictated by U.S. rate-hike expectations, there is a possibility of gold venturing higher if speculations of the Federal Reserve taking action this year decline. Due to Brexit developments, political risk in Washington and oil’s oversupply woes stimulating risk aversion, safe-haven assets are likely to remain supported moving forward.” Around 8 a.m. EDT, spot gold was $7.25 higher to $1,257.35 an ounce. On the daily charts, gold is trading within a bullish channel, and there is a “visible” reluctance to break below $1,240, the analyst says. “A decisive breakout and daily close above $1,260 could bring bulls back into the game.”
