MNI China Daily Summary: Monday, June 17

MNI BRIEF: China To Retaliate Against EU Pork Products

MNI BRIEF: China Consumption Can Continue Acceleration - NBS

MNI: PBOC Conducts CNY182 Bln Via 1Y MLF Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1149 Mon; -1.41% Y/Y

CHINA PBOC CONDUCTS CNY4 BILLION VIA 7-DAY REVERSE REPOS MON

Labor Cost Index Revised Even Higher

NBH Data Watch

Japan Apr Machine Orders -2.9% M/M

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Silver Surges To Highest Since 2013, Gold, Copper Near Record Highs

COMMODITIES
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets
  • Spot silver has surged by 5.6% on Friday to $31.2/oz, taking it to its highest level since 2013.
  • A technical breakout has been at play, as the precious metal has risen by more than 10% this week, taking YTD gains to over 30%.
  • Silver maintains a bullish theme and next resistance is seen at $31.623, a Fibonacci projection.
  • Meanwhile, spot gold is up by 1.6% to $2,415/oz, taking the weekly gain to 2.3%, and leaving the yellow metal less than 1% below its April 12 record high.
  • Clearance of this level would confirm a resumption of the uptrend, with attention on $2,452.5 next.
  • Copper has also surged by another 3.8% today to $506/lb, leaving the metal just 1.3% below its record high reached earlier this week.
  • Copper futures remain in a clear uptrend and have pierced a key resistance again at $503.95, the Mar 2022 high. Next resistance is at $516.58, a Fibonacci projection.
  • WTI is on track for weekly gains of 2.3%, with some US and Chinese economic data appearing more supportive for future oil demand. The market’s focus has shifted from geopolitical risks back towards supply-demand fundamentals.
  • WTI Jun 24 is up 1% at $80.0/bbl.
  • For WTI futures, scope is seen for a move to $76.07, the Mar 11 low. On the upside, initial firm resistance is at $84.46, the Apr 26 high.
216 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Spot silver has surged by 5.6% on Friday to $31.2/oz, taking it to its highest level since 2013.
  • A technical breakout has been at play, as the precious metal has risen by more than 10% this week, taking YTD gains to over 30%.
  • Silver maintains a bullish theme and next resistance is seen at $31.623, a Fibonacci projection.
  • Meanwhile, spot gold is up by 1.6% to $2,415/oz, taking the weekly gain to 2.3%, and leaving the yellow metal less than 1% below its April 12 record high.
  • Clearance of this level would confirm a resumption of the uptrend, with attention on $2,452.5 next.
  • Copper has also surged by another 3.8% today to $506/lb, leaving the metal just 1.3% below its record high reached earlier this week.
  • Copper futures remain in a clear uptrend and have pierced a key resistance again at $503.95, the Mar 2022 high. Next resistance is at $516.58, a Fibonacci projection.
  • WTI is on track for weekly gains of 2.3%, with some US and Chinese economic data appearing more supportive for future oil demand. The market’s focus has shifted from geopolitical risks back towards supply-demand fundamentals.
  • WTI Jun 24 is up 1% at $80.0/bbl.
  • For WTI futures, scope is seen for a move to $76.07, the Mar 11 low. On the upside, initial firm resistance is at $84.46, the Apr 26 high.