Daily Report 220617 2017-06-22
Gold and Silver

Influenced by the Fed hawkish remarks, gold and silver price of the past days continuously decreased. Holding positon side, different from stable tendency a few days ago, yesterday global biggest gold ETF – SPDR Gold Trust holding position increased 0.3 ton compared with last day. Now holding position is 853.98 tons. The same, Silver ETF holding position yesterday also increased.

Technically, yesterday London Gold dropped below 120-days bolster line and rallied. Shanghai Gold index keep fluctuation near bolster line. Now Gold price is near bolster positon, if unemployment data is bearish, the possibility of breaking bolster is large. On the contrary, if unemployment data is strong, and recently there is no bearish news, in the short-term Gold and Silver may roll back.
Wednesday copper market trading and investment rallied. Copper price fluctuated upward. LME inventory yesterday decreased 2775 tons to 259000 tons. LME actuals discount narrowed $2 to discount $24.5. Industry side, global metal statistics department report shows that January to April this year, copper supply is under slightly shortage of 5000 tons. January to April global filtered copper output is 7670000 tons, decreased 0.6% year-on-year. Copper consumption is 2004100 tons. Totally, influenced by the news of Free Pork strike, copper market fundamental side began to focus on supply tighten expectation. With the end of consumption season, the bolster of consumption weakened. Domestic money policy still has no change, financial regulation and relatively tight money policy put stress on copper market. Keep short point of view in mid-term.
                                                                      Dong LV (Investment Certificate NO. TZ008452)