Asian Metals Market Update for 9th February 2024
The sharp recovery in silver yesterday indicates that there is good investment demand around $22.00. For the next three weeks spot silver has to trade over $21.50 to try and rise to $24.00 and more. Or If I rephrase it, spot silver will see another wave of sell-off only if it trades below $21.50. But I am not going long in silver at the current price. I will prefer to wait and see for trend after London open and then decide.
A lot of short-term investment stop losses will be triggered if copper and zinc fall today. Physical buyers as usual will be absent from the market. Short sellers will continue to sell unless there is a sign of an intraday bottom. With Shanghai closed, LME short-selling punters will be active. (as seen yesterday night.)