I left the precious metals to a large extent of the rise in base metals, and there were short-wave higher when the news broke that Turkey had fired Russian fighter jet shot down, sent gold to $ 1,081.40, but closed at $ 1,075.30.
This morning base metals are mixed, it gave copper, zinc back in the field, with copper at $ 4,592, down 0.6 percent, zinc is off 0.9 percent to $ 1,570, while nickel rose 0.7 additional percent to $ 8,855 and are changing the rest of the little . The size was above average in 8273 a lot - see table below for more details.
Precious metals up an average of 0.6 percent, with gains of about 0.3 percent of the alloy, with gold at $ 1,078.70, while the PGMs up an average of 0.9 percent.
In Shanghai, and base metals rose on average 3.1 percent, so the appropriate closely gains on the LME yesterday, with nickel up to six percent, copper, aluminum and tin up about three percent, lead by 2.2 percent and aluminum by 1.2 percent. Copper is at RMB 34 630, Spot copper in Changjiang is up 2.2 percent in RMB 34.400 to 34.600, and the spread between the spot and forward in order to delay the change - and this refers to more purchases on the futures of the focus on the spot , which suggests speculative short covering. And The LME / Shanghai copper ratio ARB does not move too much, leaving the window ARB about parity.
In other commodities in China, silver rose 1.5 percent, and gold is up 1.1 percent, rebar and by 0.6 percent and iron ore is more assertive in $ 43.90
It seems that the Euro Stoxx 50 has withdrawn to increase political tensions between Turkey and Russia, and closed one percent and the Dow Jones little changed. In Asia this morning, and the market in general is weak, and the Nikkei is off 0.4 percent as the yen's rise has affected the exporters, the Hang Seng is off 0.2 percent, and the ASX 200 fell 0.6 percent, and the Kospi fell 0.3 percent, while China's CSI 300 rose 0.3 percent is in. At the present time to increase the geopolitical tension seems to be prompting caution and pick-up in oil may also be behind it.
Currency - The dollar index fell back from its highest level on Monday but not too much, it is the last in 99.48. The euro is the last in the 1.0660 and the pound sterling at 1.5105 weak, as is the EUR / GBP at 0.7057, the Australian dollar has strengthened on the back of the rally in commodities, it is last in the 0.7265 and the yen is more stable in a very 122.35. In emerging market currencies, the yuan is at 6.4175, but generally there are other more stable currencies, undoubtedly helped goods / oil, with the strengthening of ringgit more than others.
Economic agenda is busy, especially for the United States. Before that data includes: UK mortgage approvals, and Italian retail sales and the statement of the autumn forecasts in the United Kingdom. It includes US data, durable goods orders and initial jobless claims orders (early today due to the holiday thanks), and personal income, exchange rates and personal consumption expenditures, and services flash HPI PMI, University of Michigan consumer sentiment and inflation expectations, crude oil and natural gas stocks.
The big rallies yesterday, but they were expelled by short covering and any doubt option delta hedge / or hedge cancellation. The minerals become oversold so it can be run rebounds further than that, but a lot has changed on the basics, that is unless oil prices continue to rebound in this case can begin to raise the costs of producers. For now we will run with the follow-up to cover short positions add more fuel to them, especially before a long weekend the United States, but will not be very comfortable with the demonstrations.
Gold looks to have put in the base of the now so prices may work well higher, especially if oil prices move, but with the FOMC meeting three weeks of the nervous system is likely to remain choppy in the market. Now we expect silver, platinum and palladium follow the example of gold.