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Fri, 6th Oct 2017 - Author: Morning Shot

More record closed last night in the US indices and Asia followed suit with the Nikkei up 0.34% and the ASK up just over a percent as energy prices bounced back after a hard week.

As we come to the end of the week despite being flat today the best performer has been zinc in the base metal complex, closely followed by lead and copper. Copper traded through the $3.00 handle yesterday after bouncing off the support level last week, the next big target is the £3.1497 wave high but it has some way to go before getting there.

Gold once again had a negative trading day yesterday it now trades firmly below the $1275/oz level at around $1267/oz. The next level of support could come from a previous wave high from Feb at around the $1258/oz. The price action in silver is much the same as gold as it languishes below the £17.00/oz handle, but the next support is much lower down at £16.17/oz.

Yesterday, spot WTI bounced back from a series of down days. We now trade back through the $50.00/bbl handle and are stuck between the $50 and $52 support and resistance zones, however energy based commodities are the worst performers on the week.

In FX markets it’s all about Non-Farm Payrolls today, there was some USD strength noted overnight going into the event, but before NFP's we expect markets to be quiet. In other currencies AUD has been hit hardest so far this morning while the EUR modestly performs. EURGBP continues to grind higher edging ever closer to the 0.90 psychological resistance level.

 

Morning Stories

Unilever has invited private equity bidders to submit tentative offers for its $8 billion margarine and spreads business citing a deadline of Oct. 19 according to press reports.

Royal Mail looking to use all legal options to halt a strike by postal workers this month, after the industry union announced the action over a pensions dispute.

BP Plc stated it was shutting-in all oil and natural gas production from its U.S. Gulf of Mexico platforms ahead of Tropical Storm Nate.

Royal Dutch Shell stated they are shutting production from some of its subsea fields and suspending some drilling activity at its assets in eastern Gulf of Mexico ahead of Tropical Storm Nate, it said on Thursday.

British shops had their biggest jump in sales in more than three years in September, a survey of the retail sector showed, suggesting consumers are finding ways to cope with the squeeze on their incomes.

 

What to look out for

 Halifax HPI, US & Canadian jobs reports,FOMC Members Bostic, Rosengren, Dudley & Kaplan Speak and Canadian Ivey PMI

 

The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.


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