Traders be cautious as US Market will be close on Thrusday and Friday as Thanks Giving Holiday in US. Japan is Closed on Friday. LME movement will be over by 6.00 PM IST.Dont take any fresh positions to Avoid Dull markets till monday.

The global copper market recorded a 228,000 metric ton surplus in the first nine months of 2006, the World Bureau of Metal Statistics said Wednesday.Chinese output rose by 372,000 tons, Indian, Zambian and Japanese production rose by 101,000 tons, 68,000 tons and 107,000 tons respectively compared with the comparable months of 2005, the WBMS said.Consumption in the Jan. to Sept. period stood at 12.81 million tons, up almost 2% on the year.Chinese consumption fell by 6.9% to 2.61 million tons due to lower demand for imported copper, the WBMS said.

The Precious metal markets have been trending higher for the last few weeks, even though the U.S. stock market managed to climb to new multi-month highs. The week started on Monday morning with strong physical demand which allowed the metals to neutralize most of the losses seen last Friday. A combination of a weakening dollar, stronger energy pricing and speculative short covering helped create a solid base from which gold and silver were able to rally on Wednesday right up to key technical resistance. Volume continues to remain muted but most experts agree that once the holiday period in the United States ends volume should pick up considerably. Platinum was the bell of the ball this week trading from an intra-day low on Friday of $1137, to an intra-day high on Tuesday of $1289, representing a $152.00 move in less than 3 trading days. Profit taking late in the session on Tuesday spilled over to Wednesday as the platinum market closed $132.00 off its intra-day high. The key driving force as we head into the last six weeks of the year may be the U.S. dollar as many traders are starting to speculate that new lows maybe right around the corner.GOLD:Monex spot gold prices opened the week at $624 . . . traded as high as $634 on Wednesday and as low as $620 on Monday . . . and the Monex AM settlement price on Wednesday was $629, up $7 for the week. Gold support is now anticipated at $622, then $614, and then $506 . . . and resistance anticipated at $632, then $638, and then $650.SILVER:Monex spot silver prices opened the week at $12.92 . . . traded as high as $13.24 on Wednesday and as low as $12.73 on Monday . . . and the Monex AM settlement price on Wednesday was $13.06 up $.28 for the week. Silver support is now anticipated at $12.80, then $12.45, and then $11.87 . . . and resistance anticipated at $13.25, then $13.40, and then $13.85.PLATINUM:Monex spot platinum prices opened the week at $1,237 . . . traded as high as $1,289 on Tuesday and as low as $1,149 on Wednesday . . . and the Monex AM settlement price on Wednesday was $1,157, down $32 for the week. Platinum support is now anticipated at $1,143, then $1,100, and then $1,080 . . . and resistance anticipated at $1,160, then $1,220, and then $1,265PALLADIUM:Monex spot palladium prices opened the week at $324 . . . traded as high as $333 on Tuesday and as low as $320 on Monday . . . and the Monex AM settlement price on Wednesday was $324, up $6 for the week. Palladium support is now anticipated at $317, then $305, and then $290 . . . and resistance anticipated at $338 then $365, and then $405.QUOTE OF THE WEEK:From Congressman Ron Paul's "Texas Straight Talk":"The death of economist Milton Friedman last week at the age of 94 marks a great loss for advocates of freedom everywhere. He was perhaps the most successful free-market economist of the 20th century, in terms of his real-world impact on politics and policy. Many modern politicians, including Ronald Reagan, considered him a major influence in their careers.Milton Friedman was a strong advocate of economic liberty who opposed government intervention in both the purely economic and broader social spheres of our society. He believed not only in laissez-faire capitalism, but also the larger cause of individual liberty in the political sense. I was proud to know Dr. Friedman for many decades, and considered him a friend. I can assure you that he was no ivory tower academic, but rather an engaging and active man who worked very hard to demonstrate the applicability of economics to everyday life. His death only underscores the sad lack of economics knowledge in Washington, however. Many of our elected officials at every level have no understanding of economics whatsoever, yet they wield tremendous power over our economy through taxes, regulations, and countless other costs associated with government. They spend your money with little or no thought given to the economic consequences of their actions. It is indeed a tribute to the American entrepreneurial spirit that we have enjoyed such prosperity over the decades; clearly it is in spite of government policies rather than because of them.The truth is that many politicians and voters essentially believe in a free lunch. They believe in a free lunch because they don't understand basic economics, and therefore assume government can spend us into prosperity. This is the fallacy that pervades American politics today. Our schools teach children virtually nothing about economics and personal finance, which leaves them woefully unprepared for the working world. It also creates whole generations of young Americans who are incredibly vulnerable to the worst pandering politicians.We cannot suspend the laws of economics or the principles of human action any more than we can suspend the laws of physics. Yet this is precisely what Congress attempts to do time and time again, no matter how many times history proves them wrong or economists easily demonstrate the harms caused by a certain policy. The nation would be well-served if Congress spent more time reading the works of Milton Friedman, and less time worrying about petty party spoils."This is not a recommendation to buy or sell.

Oil leak! January Crude Oil fell below $59 this morning, after the EIA announced that Crude Oil stocks rose by 5.1 million barrels last week. This was way above the 400,000 barrel gain most traders were expecting. A sizable build in Gasoline stocks and weather forecasts calling for average to above average temperatures in the eastern half of the US also weighed on Oil prices. The initial sell-off wiped out all of yesterday's gains from the slowdown of Oil movement through the Trans-Alaska Pipeline due to severe weather. However, some late day position squaring buying ahead of the long Thanksgiving holiday allowed the market to end the session well off the day's lows. Support for January Crude Oil comes in at $58.00, with resistance seen at $61.40. January Crude Oil closed at $59.24, down $0.93.
Going into the Thanksgiving holiday, Wheat futures ended on an up-note, as a purchase of US Soft Red Winter Wheat by Egypt had renewed the belief that US exports will soon pick-up steam. Egypt announced it bought 60,000 tons of US Wheat in addition to 120,000 tons of French Wheat. Floor sources also tied today's rally to unwinding of Corn/Wheat and Soybean/Wheat spreads. New-crop July Wheat led the way higher, as continued concerns about drought conditions in the Southern Plains have traders concerned about the state of the newly planted crop. Spread trading was active, as speculators continue to roll out of the December contract ahead of next week's first notice day on November 30th. Support for July Wheat comes in at $4.62, with resistance seen at $4.90. July Wheat closed at $4.87, up 12 1/2 cents.
Bears stand their ground! Gold and Silver prices ended little changed from yesterday, after tests of weekly highs were made in today's session. December Gold closed up 30 cents at $629, off a range of $627 to $635, low to high. Gold rallied along with the Euro versus the US Dollar early in the session, but Gold was unable to hold on to the gains, despite the Euro remaining firm into the New York dealing close. The bears rejected prices above $630 today, which suggests that Gold is not ready to break out of its trading range of $615 to $635. Momentum on the daily charts is sideways/down, as it has been since 11/13, but December futures have been unable to break down and close below critical support levels of $620, $610, and $600. Resistance remains at $630 and $637 respectively. Gold is likely to remain within the bounds of the well-worn trading range of the past few weeks.
December Silver futures lost 4 1/2 cents to settle $13.04. The session saw a high of $13.25 and a low of $13. Silver probed new weekly highs today, before losing its footing and falling into negative territory. The market did manage to hold the psychologically significant $13 per ounce level, despite the rejection of higher prices. Today's $13.25 high was the highest Silver price since 9/06, after which the market sold-off the next two weeks to trade below $11 per ounce. Silver bulls may need some time to break through the upper resistance at $13.50, as this price has been well-defended by bears in the past. Look for Silver to trade sideways while bulls regroup to attack resistance. Carl Christensen XPRESSTRADE analyst.

ALL MARKETS CLOSED TODAY DUE TO US THANKSGIVING HOLIDAY

US EIA: GASOLINE STOCK UP BY +1.4 M TO 201.7 M
US EIA:DISTILATE STOCK LESS BY -1.2 M TO 133.8 M
US EIA:CRUDE STOCK UP BY +5.1 M TO 341.1 M