metals update

market vibes

Gm all

Just quick update on metals ..

Copper filled the void this morning and technical indicators are developing higher. OI fell on Friday but Friday was a day of rangebound low volume. Today’s data will be important especially if prices continue to rally.

Hat tip Benjamin Wong at ADMIS NY for noting copper inventories are falling in China. Good to know.

March silver has been in a serious up auction since Midnight with every hourly bar extending higher highs and higher lows. Someone is buying into silver in Asia at a vertical pace. SLV is notorious long and short calls in formidable size for month end December and Jan 17, 2025.

Silver in the day structure.

In gold a 1 bar false positive DMI has been hovering above the range for a month but ranges in daily data have failed to extend lower.

For example, here’s a 1 bar in Bonds.

And fyg…here’s a 1 bar in CME eur ccy futures. Like everything they’re good when they’re good.

I think a failed signal is as good as a conforming signal.

Good luck today,

JJ