Good morning Andrew,
Metals bounced in overnight trading after Chinese manufacturing data clocked in with better than feared results....Traders expected to see possible contraction in China's manufacturing activity, but instead got a small pleasant surprise..... The China Purchasing Managers Index of Manufacturing came in with a reading of 50.5...Any reading north of 50 represents expansion in manufacturing......The number caused a sigh of relief......European stocks are higher by 1.5%....The Euro currency gained 54/100ths of cent versus the U.S. Dollar....Last on the Euro $1.3131.....The European reaction stems from the fact that Europe is China's largest customer......Looking at London metals trading we find Silver up 48 cents at $33.78.....Gold is $12.00 higher at $1748.00.....Palladium sits at $701.00 up $12.00 per ounce.....Platinum is up $28.00 and changing hands at $1621.00......Crude Oil is up 58 cents on a combination of new saber rattling out of Iran, the better than expected Chinese data, and the weaker U.S. Dollar....We would have expected a stronger reaction in oil, but traders are holding back somewhat in advance of today's U.S. economic data, including expectations for a 3 million barrel jump in today's Weekly Oil Inventories....The ADP Employment Report is expected to show private jobs up by 200,000 versus last month's gain of 325,000....Not a bad number, but it would be a significant drop from the December holiday numbers....January's ISM manufacturing data is expected to clock in at 54.5 versus December's 53.9....A good number, but remember that yesterday's manufacturing data gave us a negative surprise......Construction Spending for December is being called to be up .4% versus the prior reading of 1.2%; not so good......Meanwhile; no word yet on the Greek debt negotiations....On the political front Mitt Romney won the Florida Primary in a landslide......That's it.....Have a good morning.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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