The commodity markets are very quiet today

The commodity markets are very quiet today ahead of the European finance ministers’ meeting this weekend on whether to extend new loans to Greece. The new loan would put Greece’s debt to GDP ratio around 120% by 2020 which would violate previously outlined conditions of the bailout. Everyone knows the Greeks will not be able to pay back the loans with their current economic situations without significant help from the EU and other countries. If Greece exits the euro, they will have an harder time financing their debt and it will lead to complications within the EU and other struggling countries. While the European situation continues to be unstable, the US economic data have been steady, with employment and housing bouncing off the bottom. The CPI data showed an increase of 0.2% month over month with and without food and energy and an increase of 2.9% and 2.3%(without food and energy) year over year. The data supports the Federal Reserve’s view that inflation will be subdued in the short to medium term and will enable the Fed to keep interest rates low to grow the economy. The dollar/euro trade is an interesting one since the euro at 1.315 is pricing in all the positive news from Greece and leaves very little room for potential bad news over the weekend meeting. Judging by the light volume in commodities, a lot of traders are standing on the sidelines until after the long weekend in the US to place their bets. We continue to see a trading range for Au, ag, pd, and pt while focusing on the $1700 supporting level for gold and $1600 for platinum and a upper cap of $700 and $34 for palladium and silver.

Metals	Last	%Change	Low	High
Au- Apr	1722.7	-0.33%	1718.6	1737.5
Pt-Apr	1631.1	0.33%	1627.0	1646.6
Pd-Mar	687.9	-1.35%	685.00	699.00
Ag-Mar	33.185	-0.57%	33.050	33.690
London	AM	PM	Minor	PGMs
Au	1732	1723	Rh	1540
Pt	1637	1638	Ru	135
Pd	695	697	Ir	1100
Ag	33.48	DJI	12933.34	29.26
Currencies
	USD	EUR	JPY	GBP
USD	0	1.3153	0.01259	1.5825
EUR	0.7603	0	0.95721	1.2032
JPY	79.43	104.47	0	125.701
GBP	0.6319	0.83113	0.7955	0
Crude Brent	119.24	Comex Copper	370.55
Crude WTI	103.19	Nat Gas	2.718
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES