The Metals Complex
Silver prices fell more than 2% on Monday, as traders monitored developments in the COVID-19 vaccine. The British government announced yesterday that the country was getting an additional 2 million doses of the Moderna COVID vaccine, while the Director General of the Russian State Center for Virology and Biotechnology Research (VECTOR) Rinat Maksyutov stressed that the vaccination and immunity process could accelerate the end of the pandemic to within 2021. Silver fell by more than 2%, while carving a low of 21.88 near the support level of 21.65, before recovering the 22.00 handle. Gold dipped to 1,764, Platinum fell to 950.70, before advancing to 973.50 and Palladium fell to 2,387 before reversing to 2,400. Meanwhile, Copper gapped higher to 3.5000 from Thursdays close at 3.3545.
The metals average weakened on vaccine optimism, but industry-related metals were fairly stable. United States President Donald Trump announced that vaccine distribution in the US could begin this week, and Russia’s VECTOR revealed that mass inoculation could begin early in 2021, fueling optimism among investors.
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Ady Phangestu
Market Analyst – HF Indonesia
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