Silver now seems to have entered a bullish consolidation phase and was seen oscillating in a range just below mid-$24.00s, or six-week tops touched earlier this Thursday.
Copper prices are set to rule firm around $10,000 a tonne in the short-term as inventories have hit a record low following production cuts in the wake of power crunch in Europe and China despite a drop in manufacturing activities.
Copper is continuing a steady march higher despite the US Dollar strengthening today. It is approaching all-time highs on a run down in inventory, as energy costs hinder production capacity. After rallying 10% last week, Comex futures are trading 1% higher in Asia ahead of the London Metals Exchange (LME) opening.
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Spot silver shorts at $22.50—$22.60 Target $22.20—$22.10, perhaps as far as $21.85/$21.80. If we continue lower look for $21.65 & $21.45—$21.40.