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Silver Mar '23 (SIH23)

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Silver Futures Market News and Commentary

Dollar Soars as U.S. Economic Strength May Keep the Fed Hawkish

The dollar index (DXY00) on Friday rose by +1.17%.  The dollar Friday rallied sharply to a 3-week high. Friday’s stronger-than-expected U.S. economic reports on Jan payrolls and Jan ISM services pushed up T-note yields and strengthened the dollar’s interest rate differentials. The more robust reports also increase the chance that the Fed will keep raising interest rates, which is bullish for the dollar.  The sell off in stock Friday also boosted some liquidity demand for the dollar.   

Friday’s U.S. economic news was bullish for the dollar.  Jan nonfarm payrolls surged +517,000, much stronger than expectations of +188,000 and the largest increase in 6 months.  Also, the Jan unemployment rate unexpectedly fell -0.1 to a 53-year low of 3.4%, showing a stronger labor market than expectations of an increase to 3.6%.  In addition, the Jan ISM services index rose +6.0 to 55.2, stronger than expectations of 50.5.

EUR/USD (^EURUSD) on Friday fell by -1.00%.   Strength in the dol... Read more

Contract Specifications

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Contract
Silver 5,000-oz
Contract Size
5,000 troy ounces
Tick Size
$0.005 per troy ounce ($25.00 per contract) (Settlement $0.001)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 7:25a.m. - 12:25p.m.) (Settles 12:25p.m.) CST
Exchange
COMEX
Point Value
$5,000
Margin/Maintenance
$9,350/8,500
First Notice Date
02/28/23 (24 days)
Expiration Date
03/29/23 (53 days)

Seasonal Chart

Silver Mar '23
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Jan 24, 2023

View Chart Details
Commercials - Long / Short
47,359 (+4,691)
86,820 (-1,215)
Non-Commercials - Long / Short
55,595 (-1,844)
29,911 (+3,940)
Producers - Long / Short
4,479 (-358)
38,713 (-2,381)
Swap Dealers - Long / Short
41,492 (+5,144)
46,719 (+1,261)
Managed Money - Long / Short
43,507 (-2,608)
23,686 (+4,039)
Other Reportables - Long / Short
12,088 (+764)
6,225 (-99)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
22.325 +0.36%
on 02/03/23
24.750 -9.47%
on 02/02/23
-1.831 (-7.55%)
since 01/03/23
3-Month
19.570 +14.49%
on 11/04/22
24.775 -9.57%
on 01/03/23
+2.827 (+14.44%)
since 11/03/22
52-Week
17.560 +27.59%
on 09/01/22
27.155 -17.49%
on 03/08/22
-0.304 (-1.34%)
since 02/03/22

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Phillip Streible brings the latest metals market action.

Anglo American Copper Output Posted Notable Surge in Q4 2022

The annual copper production totalled 664,000 tonnes in 2022.

HGH23 : 4.0565s (-0.84%)
HJG23 : 4.0665s (-0.69%)
QCH23 : 4.0560s (-0.88%)
O9H23 : 8,970.25s (-0.82%)
CUPAUSY2.CM : 2.7495 (-1.11%)
CUPAUSY6.CM : 2.4398 (+0.02%)
CUPAUSY1.CM : 2.8143 (unch)
Scrap Aluminum Prices: Market Report- 3rd February, 2023

The LME Aluminum stocks declined over the previous day to close at 399,600 tonnes on 2nd February, 2023.

World Gold Council: Annual Total Gold Supply Surged in 2022

The annual gold supply totalled 4,754.5t, when compared with 4,682.4t in 2021.

GCJ23 : 1,876.6s (-2.81%)
GRJ23 : 1,876.6s (-2.81%)
2nd February, 2023: North American Scrap Metal Prices Unchanged on Index

Brass Radiator /Fe and Brass Radiator Ends prices maintained the previous day price levels.

ERI Teams with All Metal Recycling to Offer February E-Waste Recycling Event in Madison, Wisconsin

All collected electronics from this special e-waste collection event will be processed by ERI for responsible recycling or refurbishment.

U8G23 : 38,543.00s (-6.71%)
Scrap Copper Prices: Weekly Report-Feb 3rd, 2023

The LME Copper Cash Settlement contract prices edged lower marginally from $9,175.00 a day before to $9,114.00 per tonne.

Colombia’s War on Illegal Gold Mines Also Hits Outlaw Armed Groups

Without the tear gas to clear a field, the civilians might prevent the helicopters from landing.

2nd February, 2023: Scrap Gold, Silver and Platinum Prices Surged on Index

In the Hallmarked category, the 14 carat gold scrap prices were up by $ 1.14 per Oz.

Dollar Soars as U.S. Economic Strength May Keep the Fed Hawkish

The dollar index (DXY00 ) on Friday rose by +1.17%. The dollar Friday rallied sharply to a 3-week high. Friday’s stronger-than-expected U.S. economic reports on Jan payrolls and Jan ISM services pushed...

DXY00 : 102.915s (+1.14%)
^EURUSD : 1.07952 (-1.05%)
^USDJPY : 131.185 (+1.92%)
GCJ23 : 1,876.6s (-2.81%)
SIH23 : 22.405s (-5.12%)

Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 24.612
2nd Resistance Point 24.138
1st Resistance Point 23.272
Last Price 22.405s
1st Support Level 21.932
2nd Support Level 21.458
3rd Support Level 20.592

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52-Week High 27.155
Fibonacci 61.8% 23.490
Last Price 22.405s
Fibonacci 50% 22.358
Fibonacci 38.2% 21.225
52-Week Low 17.560

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Barchart Futures Commentary

Barchart Futures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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