Daily Report 120617 2017-06-12

Gold and Silver 
CFTC latest position report shows that till last week June 6, COMEX Gold net long position increases 37375 lots to 204465 lots. Holding position increases for the third continuous week. Silver net long positions increases 4527 lots to 65941 lots. Today recommends focus on whether the bottom of the support will have a breakthrough. Before the interest rate meeting, if there is no sudden risk events, then the probability of precious metal fluctuation is large. Taking into account the current position is near the support level, therefore, if in the interest rate meeting the hawks or doves holds clear point of view, then will choose the direction of medium-term operation; is expected to form a trend of the small wave of the market.
Last Friday, LME Nickel closed at 8955, increased 1.24%. Inventory was 376900 tons, decreased 1300 tons. Actuals side, last week influenced by slightly decreased Nickel price, filtered Nickel premium strengthened. Last week, Jiangsu Province, 48 iron and steel enterprises are under publicity, and enterprises outside the list have to be banned. But many of the stainless steel with furnace production capacity is not in the compliance list. According to research information, a large number of intermediate frequency furnace of Dainan area is still under normal production, and have not received the relevant shutdown notice. This week Nickel price will continue weekly fluctuation tendency.
                                                                      Dong LV (Investment Certificate NO. TZ008452)