May 07, 2013
Platinum Futures Trader, Van Commodities, Inc.
The Crude Oil contract (CLM13), basis the weekly continuation chart, continues to trade within the contracting trading
range that has contained price for the past two years. Energy traders will be looking for the Energy Information Administration
(EIA) weekly petroleum status report tomorrow at 10:30 EST, for price direction. Trader’s expectations are for a build
in crude inventories of 1.75-1.90 million barrels. A further build would continue to add crude oil to the approximately three
hundred ninety- five million barrels of inventory already in place, an amount that stands roughly ten percent above the five
year average for this time of year. Fundamentally the US domestic market is very well supplied with crude oil.
Although the main item on the agenda for petroleum
and product traders tomorrow is the EIA report, energy markets are always vulnerable to geopolitical shocks. Market participants
were reminded of geopolitical risk yesterday when traders reacted to news of Israeli missile strikes in Syria over the weekend.
CLM13 traded in a roughly two and half percent range, intraday, before closing with a marginal gain from Friday’s settlement.
CLM13 is becoming overbought based on several
short term momentum indicators. Initial resistance may come in at 95.85-97.50, with further resistance at 98.22-100.30.
For aggressive traders initial support may appear
at 93.00-94.10, with stronger support 90.20-92.00.
February 18, 2013
Platinum Futures Trader, Van Commodities, Inc.
From December 31, 2013 to February 06, 2013 the Platinum Future (PLJ13) rallied roughly fifteen and
a half percent. Mining issues in South Africa, resulting in concern over potential supply disruptions and improved growth
expectations for the global economy, supported the rally. The contract has since fallen back on renewed concerns about global
growth going forward, in particular data indicating further economic weakness in the Euro Zone.
PLJ13 registered overbought readings based on
several momentum indicators in both short and intermediate term time frames on the rally that scored an intraday high of 1744.5
on February 06. The contract should find initial resistance at 1708.00-1716.00 and stronger selling at 1726.00-1735.00. Initial
support may come in at 1654.00-1660.00 with stronger support at 1626.00-1640.00.
January 1, 2013
Platinum Futures Broker, Van Commodities, Inc.
The Platinum future basis the April contract (PLJ13) continues to trade
in the defined trading range it has been trapped in for the past year. Uncertainty about the prospects for global growth and
therefore demand for autos and catalytic converters has provided support for price on pullbacks and selling on rallies. Global
economic data over the next several weeks and months should set the direction for PLJ13 going forward.
China’s HSBC Manufacturing Purchasing Managers
Index (PMI) released on December 31, 2012 came in at 51.5 up from 50.5 in November, providing a glimpse that China’s
economic performance may improve during 2013. The New Year’s holiday shortened week will see several significant economic
releases throughout the week from Europe, Canada, China and the US. The statistics will include global information on manufacturing
and the service sector as well as the always important US Nonfarm Payroll and Unemployment data on Friday.
oversold on both short and intermediate term time frames. The reversal day on Monday, the last day of the year, along with
PLJ13 close at the top end of the days range could signify further upside over the coming days. Over the near term initial
support may come in at 1528.00-1534.00 and 1516.00-1525.00. Initial resistance may appear 1550.00-1557.00 and then 1569.00-1582.00.
December 1, 2012
Futures Trader, Van Commodities, Inc.
about global growth and industrial demand for Platinum has contained the metal since the week of August 22, 2011 when Platinum,
basis the weekly nearest futures chart, scored a high trade of $1918.00. The subsequent sell off took the metal down to a
low price of 1347.00 December 2011. Since that time Platinum basis the January contract (PLF13) has traded sideways and tightened
the range to $352.00, defined by the July 24, 2012 low of $1382.00 and a high of $1734.00 October 05, 2012.
On a short
term basis PLF13 is somewhat overbought and appears to be running out of upside, based on a couple of momentum studies. Intermediate
momentum studies are fairly neutral. Over the near term initial resistance could come in at 1633.00-1640.00 and then 1657.00-1679.0.
Initial support could come in at 1575.00-1584.00 and then 1553.00-1564.00.
Platinum Futures Broker, May 13, 2012
Several negative factors were at play today in the precious metals market resulting in weaker prices for platinum.
The July platinum futures contract (PLN12) traded down $22 on a closing basis along with many other commodity markets, on
the back of a firm U.S. dollar. Economic data out of China-showing a slowing manufacturing sector and less inflation along
with lower inflation numbers out of the U.S. and weaker economic news out of India, over the past few days, left markets concerned
about future global economic growth. The news about JP Morgan's trading loss and continued exposure to a badly constructed
investment hedge, as well as continued negative news about the Spanish banking sector and Greece's political debacle soured
the mood for the risk on trade in international markets.
the July futures contract PLN12 has been trading down and lost 16 percent of its value since February 29 intraday high. Worries
over global growth political turbulence in Europe and a firm dollar has undermined PLN12 value. PLN12 is oversold based on
several technical studies and has some fibonacci support around the1476 area along with WMA support. PLN12 has trendline support
on weekly charts around 1417 and further Fibonacci support at 1340. The intermediate term trend appears to still be down and
resistance comes in around 1508-1530 over the near term.