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Morning Silver Market Report 9/26.

Compiled 09/26/12 6:00 AM (CT)

Statistics: London Gold Fix $1,763.75 -$3.00 LME Copper Stocks 220,525 tons +225 tons

SILVER MARKET FUNDAMENTALS: (6:00 AM CT) While silver might have garnered some lift from an upward revision in a private silver price forecast overnight, the outside market action this morning has probably tempered bullish sentiment somewhat. While currency market action early on is bearish for silver, seeing gold and platinum prices at times clawing back into positive territory, probably leaves the outside market environment for silver mixed. Silver did see a minor inflow of capital into a silver derivative instruments yesterday, but investment demand hasn't been anything to write home over recently. Like gold and other physical commodity markets, silver could be held back slightly by news of a general strike in Greece and it is also possible that weak Italian retail sales figures overnight were another item discouraging would-be buyers. However, silver could expect to see a bit of lift in the wake of scheduled US data later this morning, as new home sales are expected to post a slight rise. It is also possible that silver could see some minor lift in the wake of the Fed speech just after mid day. In the end, silver is likely to take a lot of direction from US equities, which in turn might take direction from the action in European equities into their close today. Comex Silver Stocks were 140.900 million ounces up 916,876 ounces.

OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese equity markets were weaker overnight, with cyclical and retail shares leading the way lower. In Europe, the markets saw fresh pressure from ongoing fears of slowing in the wake of slack forward guidance from several key multinational companies. Weak Italian retail sales figures for July and protests in Athens have also served to apply some pressure to the Euro and to the European equity markets. In the US action today, the market will see a new home sales report that is expected to show a minor gain and that will be followed just after mid session, by a speech from the Fed's Evans.

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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.

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Publication:International Business Times - US ed.
Date:Sep 26, 2012
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