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Quotes from the news wire:
Rallies are difficult to sustain because the facts are grim, the worst is behind us, but we're not back to normal.
– Robin Bhar
IP and fixed asset investment missed the consensus so that was a dampener and put a bit of constraint on the metals.
With all the uncertainty around Rusal, there's no way but for the price to head higher still to incentivise more production from elsewhere.
How does Rusal continue to fund its operations and produce metal if its raw material supply chain is broken?.
The data shows a March (interest rate) increase is not totally out of the question, it's probably 50-50, that's why gold sold off after the report, as the dollar rose.
The markets are perhaps eyeing that as a precursor to a pick up in demand as we go into Q4.
We got month-end today and quarter-end as well, so there's some tidying up of positions with shorts taking profits, we also saw some stability in Glencore's share price, that's probably helped the underlying commodities, copper in particular.
There may be some short-term fixes on Greece, but in the longer term, markets are still going to see it as a bit of a headwind to growth overall.
There are still growth headwinds, currency headwinds, so prices will struggle to maintain rallies. This risk-on, risk-off mentality will characterise our summer period and the weeks ahead of us look to be pretty choppy.
Cutbacks are going to be difficult. Input costs have come down, so margins at producers may in fact have stayed OK even 2though prices have come down.
The LME is a much more of a market rooted in its physical background than the CME, and therefore a more complicated date structure lends itself better to be transacted on the floor than the screens.
Users also like it because there's a concentration of liquidity in the ring sessions.
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"Robin Bhar Quotes." Quotes.net. STANDS4 LLC, 2020. Web. 24 Nov. 2020. <https://www.quotes.net/authors/Robin+Bhar+Quotes>.