Asian Metals Market Update for 7th February

US President Donald Trump's meeting with global country heads like Japan (this weekend), India (next week) and others (for the rest of February) will tell us whether nations have bowed to the whims and fancies of Trump and/or they are maintaining their integrity. Limited concessions to the USA are fine. Excessive concessions to U.S. corporations on trade tariffs, and reduced taxes, among other things, will be positive for gold and the U.S. dollar, but inflationary for nations other than the U.S. On or from next week, I will be closely watching the outcome of global leaders meeting Trump.

The Los Angeles (USA) wildfire in January will have a negative impact on NFP numbers today. The impact of headline NFP numbers will be limited. We will need to analyze the impact of non-recurring events on the NFP numbers. The unemployment rate for January and the subsequent trend should be trendsetters for precious metals and bond yields.

I would prefer to remain on the sidelines today and Monday. Silver and copper traders need to remember that the CME March future will expire at the end of February. Rollover or position squaring will be decided on the trend of spreads between March and July futures. I expect spreads (between March and July) to be highly volatile in the next four weeks in the CME silver future and the CME copper future.

CME SILVER MAY 2025 – Current price $3279.20

• TODAY’S VIEW: Silver March (2025) has to trade over $3258.00 to rise to $3380.00 and more.
• A mild sell-off will be there if Silver March trades below $3258.00.
• The quick rise will be there if Silver March breaks and trades over $3300.00 today.
• Watch $3300.00. Silver March can move $125-$150 on either side from 3300.
• (The above views are intraday)

Disclaimer

• The investment ideas provided is purely independent view point and are solely for collective learning and for academic interests. There is no commercial benefit accruing or have deemed to accrue to me out of providing such investment ideas.
• The investment ideas shared here cannot be construed as investment advice or so. If any reader is acting on these advices, they are requested to apply their prudence and consult their financial advisor before acting on any of the recommendations made here. I am not responsible to anybody in the event of profits and losses (if any) upon acting on such advice.
• I hope that our reader is aware about this well aware of the risk involved in trading in commodity derivative trading.

Disclosure: I trade in India's MCX commodity exchange. I have open positions in India's MCX commodity future. I do not trade in CME future or OTC spot gold and spot silver.

NOTES TO THE ABOVE REPORT

1. ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
2. Follow us on Twitter @chintankarnani
3. PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
4. PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
5. THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
6. ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
7. ALL NEWS IS TAKEN  FROM REUTERS NEWSWIRES.
8. TECHNICAL ANALYSIS IS DONE FROM TRADINGVIEW SOFTWARE