PL Firm, GC Bounces, Si & HG Lag - Today's Drivers

Today: Sell the Rumor, Buy the News in Gold

  1. Gold is up on revisions and having fully discounted the NFP and then some.
  2. Platinum is up on Auto Sales
  3. Silver, Copper see profit taking on Chinese curbs (UPDATE- Silver turns precious as day progresses)
  • Gold had already discounted today's jobs figures and Dec 14 expected  hike.

So, even though unemployment fell to 4.6, hourly wages down, NFP up less than expected, Gold sees short covering on back of  first notice day over and number revisions  down and big

  • Open interest staying near lows 402250 suggests longs done- any move lower from here probably new shorts
  • Silver, Copper seeing profit taking- likely from China curbs.
  • Platinum helped by auto sales

H/T George Gero

Follow on Twitter: @futuresgeorge

 

 

 

Of Note

  • Oil up 10.86% this week - Rising OI in rally sugggests new longs piled in at faster rate than shorts covered.
  • Gold rollover is almost complete- most active contract moves towards Expiry
  • Energy Asset Allocations- across the board increases in Energy OI indicate new asset allocations for 2017 are starting
  • Soybeans Buck Trend- Grains all down but only Soy OI rising; puts it on radar for possible bottoming action
  **Preliminary OI Data Previous Day Previous Day Aggregate Aggregate Aggregate Price Change Price Change
  Trade Date 12/01/2016** Change PCT Change OI Change OI OI Change Weekly Weekly PCT Weekly
CME Corn -6.00 -1.72% 9,164 1,243,046 -53,686 -15.75 -4.40%
CME Soybeans -2.50 -0.24% -5,604 721,621 26,854 -16.25 -1.55%
CME Soybean Meal -5.60 -1.76% -4,028 357,783 -15,666 -10.40 -3.22%
CME Soybean Oil 0.86 2.32% 6,290 429,410 -3,628 0.91 2.46%
BMD BMD Palm 6.00 0.20% -3 188,298 -4,509 47.00 1.55%
CME Wheat (SRW) -7.25 -1.80% 551 448,815 -18,277 -24.00 -5.72%
CME Wheat (HRW) -7.25 -1.77% 5,574 249,462 -3,791 -26.50 -6.17%
CME Rough Rice 0.015 0.15% 177 12,525 432 0.095 0.99%
CME Oats 3.00 1.41% 42 7,210 -925 -1.25 -0.58%
EOP Milling Wheat -2.25 -1.35% -3,789 255,769 -13,832 -5.50 -3.24%
EOP MTF Corn -0.50 -0.30% 55 25,476 465 -2.50 -1.50%
EOP Rapeseed 3.00 0.74% -936 98,025 -196 9.25 2.30%
  Agriculture     7,493 4,037,440 -86,759    
CME Live Cattle -0.575 -0.51% 1,552 292,515 5,050 -0.825 -0.74%
CME Lean Hogs -1.150 -2.08% -1,039 216,336 -7,375 -2.675 -4.71%
CME Feeder Cattle -0.650 -0.51% 441 45,574 1,199 0.550 0.43%
  Livestock     954 554,425 -1,126    
CME Crude 1.62 3.28% 20,338 2,094,356 83,167 5.00 10.86%
CME Brent Last Day 2.10 4.05% 642 109,719 4,550 5.70 11.82%
CME Heating Oil 7.16 4.54% 4,752 396,760 -1,884 16.17 10.88%
CME RBOB 6.45 4.35% 13,351 381,575 6,573 17.09 12.42%
ICEEU Brent 2.10 4.05% 282 2,273,563 38,178 5.70 11.82%
ICEEU Crude 1.62 3.28% 18,653 553,520 39,019 5.00 10.86%
ICEEU Gas Oil 25.00 5.53% -1,506 835,217 11,802 40.75 9.34%
CME Ethanol (DL) 0.000 0.00% 63 5,601 -42 0.022 1.42%
CME Ethanol (CU) 0.005 0.30% -412 58,332 -101 0.040 2.49%
CME Natural Gas  0.153 4.56% 20,742 1,176,503 22,651 0.303 9.46%
  Energy     76,905 7,885,146 203,913    
CME Gold -4.500 -0.38% 1,150 402,250 -13,337 -11.60 -0.98%
CME Silver 0.024 0.15% 1,234 160,480 -5,694 -0.048 -0.29%
CME Platinum 1.400 0.15% 231 69,013 1,733 3.00 0.33%
CME Palladium -20.950 -2.71% 669 27,323 950 8.80 1.18%
CME Copper 1.000 0.38% 4,927 239,713 9,731 -3.85 -1.44%
  Metals     8,211 898,779 -6,617    

 Some Data Courtesy of RBC Capital Markets

 

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