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Early Metal Assessment (June 2nd)
International Metals Trading Parameters LME Trading Quotes Variety Openings Lower Open Volume Volume Increases and decreases Inventory and Increases or Reduces Copper-460 Tin+424 3655-120 Lead 972.5+204 Zinc+1019 Aluminum+1171 Nickel+255 8064+186 LME Position Information Copper Increases or decreases in positions of aluminum positions increase or decrease CASH /15JUN 23074 -649 45779 -3352 16JUN/20JUL 46444 -213 21JUL/17AUG 37420 -507 18AUG/3MTH 2018 REST OF AUG 0 0 0 0 05AUG/ 63MTH 57715 -25 LME Copper and Aluminium Trading Volume Office Trading Morning Trading Sessions Floor Trading Session II Floor Trading Mixed Trading Afternoon Sessions Floor Trading Session II Floor Trading Mixed Trading Day Trading (including adjustments , off-site trading volume) Copper 1232 68371 Aluminum LME copper and aluminum contract premium spot / 3 months June / 3 Month July/3 Months August/3 Months 3 Months/15 Months 3 Months/27 Months LME Copper 177.5b 150.5/145.5b 97.5/92.5b 34.5/29.5b 387b 563b LME Aluminum 11c 5/8c 0.5/3.5c 1b/2c 42.5b 79b Note: June/3 months, July/3 months, August/3 months data from AMT. The COMEX market opened higher on the month and closed lower and closed at a lower range. 0506 150.50 153.85 149.10 153.80 +3.30.00 148.80 144.00 148.55 +2.90.15 146.00 141.00 144.95 +2.70.00 153.85 138.00 142.05 +2.70.20 139.20 139.20 139.20 +2.35.80 137.30 133.80 137.30 +2.85.50 135.05 131.50 135.05 +2.60.45 133.45 133.45 133.45 +2.60.90 131.90 131.90 131.90 +2.60 173 (COMEX 0505-0601 holds 89669, compared with 1798 in the previous session. ) US CFTC Copper Market Position Chart Non-Commercial Open Positions Commercial Open Positions Reported Total Open Positions Unreported Positions Total Positions Speculative Net Multi Dates Long Shorts Interterm Longs Long Shorts Long Shorts Long Shorts 2005-02-22-03-01-03-08-03-15-03-22-03-29-04-05-04-12-04-19-04-26-05-03-05-10-05-17 -05-24 LME Intramarket Commentary · Reuters commentary LME market: London Metal Exchange (LME) copper closed higher on Wednesday, but volatility for the trading day was boosted by fund buying. Larger. Boosted by copper price rebound, other gold They also rallied higher, with the exception of Tin & Nickel. The technical selling pressure pressured the LME's tin to fall to a 5-month low of $7,705. As the US dollar advanced, the copper price fell in the morning. However, boosted by fund buying, copper prices ended late in the session. Rebound. Despite the early opening of the LME copper at the low of $3022.50, copper prices rebounded late in the wake of fund buying. Copper prices rose to a high of $3,000-3,100 in late trades. Copper buying failed to trigger a small stop-loss bid. Increased by US$3100. LME's copper stocks on June 1 decreased by 900 tons to 44,325 tons. Affected by the rebound in copper prices, LME’s three-month aluminum price rose, but the increase was modest. LME zinc rose to a one-month high of US$1,295.50 per month. t. COMEX Copper: Copper futures hit a five-and-a-half-week high before the close on Wednesday. Traders said strong fundamentals encouraged the fund to buy. July copper rose 2.90 cents to 1.4855 pounds per pound, the intraday high since April 26. The high of 1.4880 and the low is located at 1.44. Spot copper for June rose 3.30 cents to $1.5380 per pound, while other monthly contracts closed 2.35-2.60 cents higher. "As long as the stock market remains firm, I think copper will follow. It's stronger." An analyst said. COMEX copper traded at the end Estimated at 29,000, compared with Tuesday's 16,900. Economic News US May ISM manufacturing index shows weakening growth momentum Foreign news reports on June 1, a newer report released shows that in the rapid reduction in price pressures and employment reduction Under the circumstances, U.S. manufacturing continued to expand moderately in May. The Institute for Supply Management reported that its index of manufacturing activity in May was 51.4, 53.3 in April and 55.2 in March. The average economist's previous forecast was 52.0. Norbert Ore, who is in charge of the survey, said that although this indicates that manufacturing has achieved a longer period of growth in the past 16 years, this figure also indicates that the manufacturing sector is losing momentum. The index of manufacturing activity in May was in June 2003. Lower level. In the report, ISM found that price pressures have changed significantly since the summer of 1975, and hiring activities have also experienced the first decline in nearly two years. The ISM May price index was 58.0, and April was 71.0. If the price pressure increases in May, it indicates that the inflation pressure in the manufacturing industry has increased for the 39th month. In its report, the ISM pointed out that some respondents said that price pressures appear to have stabilized after they have risen. At the same time, the ISM said that the employment index fell to 48.8, from 52.3 in April to 53.3 in March. In other respects, the ISM new order index for May was 51.7, which was 53.7 in April; the production index was 54.9, and it was 56.7 in April. The ISM also said in its report that the manufacturer's inventory index for May was 47.8, which was 47.9 in April, indicating a further decline in manufacturing inventories. Many analysts on Wall Street had worried that ISM data would be worse than expected given the weaker performance of surveys in some of the more recent regional factories. U.S. Construction Spending in April Hits Historical Highs Foreign Power Reported on June 1st, U.S. construction spending soared to a record high in April, which is yet another evidence that the housing market has remained unabated. The Commerce Department stated on the 1st that the total construction expenditure in April rose by 0.5%, and the seasonally adjusted annual rate reached a record high of 1.067 trillion US dollars. The revised construction expenditure in March was revised up by 0.6%, which was an increase of 0.5% from the initial report. In February, the increase in construction expenditures was revised from the 0.5% reported earlier to 1.2%. Economists had predicted that construction spending in April will increase by 0.6%. According to the recently released economic data, the performance of the US residential market in April was still quite strong. In April, existing home sales increased to a record high, and the number of new housing starts soared by 11.0%, and sales of pre-sale homes also unexpectedly increased during the month. Residential construction spending climbed 0.5% in April, and the seasonally adjusted annual rate was US$603.2 billion. The data for March was revised to a 0.6% increase, compared with an initial increase of 0.3%. Non-residential construction expenditure rose by 0.6%, and the revised figure in March was a 0.7% increase. The overall private construction expenditure increased by 0.8%, and the seasonally adjusted annual rate was US$828.9 billion. The data for March was revised to a 0.7% increase, compared with a 0.5% increase from the initial data. Except for the construction expenses of hotels, churches, and power facilities, construction expenditures in all departments have increased. Public building spending fell by 0.4% to US$238 billion. The increase after the menstrual correction was 0.4%, an increase of 0.3% from the initial figure. Federal construction spending fell by 7.9% in April, but spending by states and local governments increased by 0.2% to a record high of US$220 billion. The Eurozone's quarterly GDP grew by a seasonally adjusted quarter rate of 0.5%. According to a report released on June 1, Eurostat released data showing that the Eurozone’s seasonally adjusted quarterly GDP was boosted by export growth. The quarterly rate rose by 0.5%, which is in line with the preliminary data released earlier. However, Eurostat will reduce its annual growth rate of euro area GDP from the previous 1.4% from the previous quarter to 1.3%. Economists had expected that Eurostat would reduce the euro zone's quarterly GDP growth rate to 0.4%. Compared with the sluggish state in the second half of 2004, the economic performance of the Eurozone in the previous quarter has improved, but the growth of the economy almost depends on the increase in exports. According to Eurostat, consumer spending in the euro zone grew by only 0.3% in the previous quarter, only half of the fourth quarter of 2004, and investment spending fell by 0.7%, almost completely offsetting the increase in the fourth quarter of 2004. The decline in business confidence. In the same period, government spending also fell. The euro zone's exports in the previous quarter increased by 0.2% from the fourth quarter of 2004, and imports fell by 1.1%. It is expected that with the slowdown of global economic growth, the possibility of export-led economic growth in the euro zone will become increasingly low. The economic growth in the euro zone in the previous quarter was extremely uneven, with Germany’s economy growing by 1.0%, Italy shrinking by 0.5%, Finland’s and Holland’s economy shrinking, and Spain’s economy growing by 0.9%. Eurozone unemployment rate was unchanged at 8.9% in April. June 1st, Eurostat released data showing that despite the recent decline in the euro exchange rate, global economic growth is slowing and eurozone companies are making profits. The pressure on rates has made it difficult for them to hire new employees. The unemployment rate in the euro zone remained at 8.9% in April, which was the same as in March and April 2004. This data is consistent with expectations. From the perspective of international standards, the unemployment rate in the euro zone remains at a relatively high level. In the United States, the unemployment rate was 5.2% in March and 4.4% in Japan. The high unemployment rate in the euro area has damaged consumer confidence in the past two years, and in 2005 promoted a wave of opposition to the ruling party. According to Eurostat, the recent labor market is unlikely to show significant improvement. According to a survey of purchasing managers announced on the 1st, manufacturers have laid off their staff for 48 consecutive weeks in May, and the pace has reached a faster level since September 2003. Given that other recent data also show that the economic activity in the euro area has weakened, the European Central Bank is almost certain that it will keep the interest rate unchanged at 2.0% for the 24th consecutive month at the meeting on June 3. Eurostat said that the number of unemployed in the EU in April was 13 million, higher than the 12.8 million in March. The unemployment rate was flat at 8.9%. UK Manufacturing Purchasing Managers' Index fell to 47.3 in May before the value was 49.1. On June 1st, due to lower domestic demand and high oil prices pushing up manufacturers’ costs, the UK’s May Manufacturing Purchasing Managers Index was revised since April. The latter 49.1 fell to 47.3, the second consecutive month of contraction. If the index is higher than 50, it means that the manufacturing industry is expanding, and if it is lower than 50, it means that the manufacturing industry is shrinking. Previously, the May May manufacturing confidence index announced on May 26 fell to -1 from 5 in April and was a 5-month low. International Financial Markets Dow Jones Industrial Average Nasdaq Composite London FTSE Frankfurt DAX Paris CAC40 10566.13 +98.65 2091.61 +23.39 5011.00 +47.00 4527.17 +66.54 4178.25 +57.52 USD/CHF EUR/USD USD/JPY GBP/USD Dollar Index 1.2509 1.2513 1.2254 1.2259 108.31 108.36 1.8137 1.8143 88.32 +0.56 Gold crude oil CRB Baltic dry goods index 416.2 54.10 +2.10 304.33 +3.50 3219 -60 Global stock market US stocks intraday - Inflation limited Dow Jones rose 81 points US stock market rose significantly on Wednesday, Fed adjusted The high interest rate action may be nearing its end, overshadowing the late gains in oil prices. The Dow Jones Industrial Average closed up 81.58 points or 0.78% to 10549.06, and it once rose 118 points. The Nasdaq index rose 19.22 points or 0.94% to 2087.86. The S&P 500 index rose 10.72 points or 0.90% to 1202.22. The Philadelphia Semiconductor Index rose 3.16 points or 0.74% to 432.11. Mild inflation data and uncertain overseas conditions also triggered the bond market to rise. The yield on the 10-year US bond fell to 3.89%, a low level since April 2004, and it was 3.98% late Tuesday. Analysts said that the stock market has performed steadily, but the market still has considerable doubts because the current stock price is not low. Due to the weak ISM data, and Dallas Fed president's remarks show that the tightening policy will be relaxed, the stock market rose in the morning. However, as oil prices soared, they rose by nearly 2.50 US dollars, causing the morning buying to step on the brakes. New York’s July crude rose 2.63 dollars to settle at 54.60 dollars per barrel. On Thursday, the United States will publish labor costs, factory orders and initial jobless claims. The May employment report will be announced on Friday, and investors have become more cautious today. Analysts said that with the dollar's lead, the stock market may continue to rise tomorrow, but before the employment report is announced, the increase may not be too large. It is estimated that the number of newly-employed workers in the United States in May will be 175,000. However, some analysts say that actual data may be significantly lower than this estimate, and may even be reduced rather than increased. The stock market was more bullish than the bullish ones. On the New York Stock Exchange, the number of homes rose more than the number of homes, which was about 3 to 1, with a turnover of 1.4 billion shares. In the Nasdaq stock market, the number of homes rose more than the number of homes, which was about 2 to 1, and the turnover was 1.8 billion shares. The May ISM manufacturing index, which investors paid close attention to, was slower than expected and the stock market rose. The rate of expansion of the index has been slow since June 2003, and the employment and price index has also been weak. Analysts said that the ISM report has two advantages. Economic slowdown and austerity are very different, and the data shows that the economy is still expanding. Moreover, the percentage of purchasing managers reporting a rise in commodity prices has fallen sharply, indicating that there is insufficient evidence of upward pressure on prices and inflation. And the ISM report also made it impossible for the Fed to raise interest rates in the next three meetings. Fisher, president of the Dallas Fed Bank, also told CNBC that the cycle of tightening the credit of the central bank may be close to withdrawing. The United States also announced that construction spending in April rose by 0.5%, also lower than analysts' estimates. The French referendum rejected the new EU constitution on Sunday. The US stock market continues to be affected by European stock markets. The vote resulted in the resignation of the French Prime Minister on Tuesday and caused the euro to fall to a seven-month low against the US dollar earlier this week. Analysts said that a further drop in the euro is expected to have a significant impact on bonds and also a slight impact on the stock market. Funds withdrew from the European market and transferred to the United States. Among Dow Jones 30-share constituent stocks, there are 24 gains. With a strong online advertising outlook, Credit Suisse First Boston raised Google’s stock price target to US$350 and technology stocks rose. Piper Jaffray also raised Google's share price target to $300 yesterday. Google (GOOG-US) shares rose 9.96 to 287.23 US dollars, or nearly 3.6%. Yahoo! (YHOO-US) and eBay (EBAY-US) also rose simultaneously. Isonics (ISON-US) rose 0.43 to 3.53 US dollars, the chip maker said that in May has completed the first sale of 300 mm silicon wafers, as expected. Semiconductor leading Intel (INTC-US; Intel) rose 0.37 to 27.33 US dollars, or 1.4%, Applied Materials (AMAT-US) rose 0.23 to 16.65 US dollars, or 1.3%. Analysts said that since April 15, the gains of technology stocks have already begun. In addition, consumer cycle stocks also rose, indicating that until 2006, both economic and corporate profits will be healthy. In terms of falling stocks, luxury home builder Hovnanian Enterprises (HOV-US) fell 1.35 to 60.75 U.S. dollars. The company said that with the increase in house prices and market share, the profit growth in the previous quarter was about 50%, but this quarter's profit forecast Below the average analyst estimate. Its stock price fell 2.2%. European stocks closed higher on June 1st, June 1 reported that European stocks were higher in early trading days in June, and exporting stocks were stimulated by anticipation that the Netherlands’ negative vote against the European Union’s constitutional treaty would weaken the euro. Energy company stocks benefited from the rise in oil prices, while the US stock market also helped in the early session. The French CAC 40 index closed up 1.4% to 4,178 points; the German DAX 30 index rose 1.5% to 4,527 points; the Dutch AEX index rose 1.9% to 371.52 points; and the British FTSE 100 index rose 0.95% to 5,011 points. The Dutch referendum on the EU Constitutional Treaty is in progress. It is expected that the voting will end at 9:00 am on the 1st of June local time (3 pm EDT). Oil and gas company stocks became the stocks with a large increase in European stock markets and were affected by the renewed rise in oil prices. In terms of economic news, the European Commission adjusted its forecast for the growth rate of the European economy in the second quarter to 0.1% to 0.5%, a 0.1% increase; and the European GDP growth forecast for the third quarter was maintained at 0.2% to 0.6%. constant. At the same time, the European purchasing managers' index fell again in May, still below the key level of 50, indicating that the European economy is shrinking. The European purchasing managers' index fell to 48.7 in May, down from 49.2 in April, which is also lower than economists generally expected. The bond market US Treasury bonds all closed on the 1st. Foreign media reported on June 2. US Treasuries closed higher on the 1st. The 10-year Treasury bond yield fell to a low level in more than a year, due to weak US manufacturing data. In addition, a newly appointed Federal Reserve (Federal) official indicated that the interest rate cycle is nearing completion. The 10-year US Treasury bond trade was active, and the yield closed down to 3.89%, which was the lowest level since April 2, 2004. The two-year US Treasury bond rate, which is more sensitive to the Fed’s monetary policy, fell to 3.48%, which was the lowest level since February 23 this year. Richard Fisher, who took office as president of the Dallas Fed on April 1, was unusually admitting in an interview with the CNBC television channel that the Fed’s current rate hike cycle is like the eighth inning of a baseball game and will be 6 The next meeting held on the 29th to the 30th of the month means that the game will enter the ninth inning. But Fisher also pointed out that the Fed may choose overtime based on inflation. Fisher's comments prompted the US Treasury bond to rise sharply because its speech was quickly interpreted by investors as the Fed's process of raising short-term interest rates has begun to come to an end. The data released shortly after Fisher spoke on the CNBC television channel showed that the level of U.S. manufacturing activity fell in May, which led investors to believe that the Fed's interest-rate cycle may be approaching its end. However, when an article in the online edition of The Wall Street Journal once again pushed Fisher into the public eye, selling pressure appeared. Fisher basically reiterated what he said on CNBC's television channel, but Fisher's emphasis on controlling inflation in the Wall Street Journal article prompted investors to sell US Treasuries. Fisher told the Wall Street Journal that the U.S. economic growth is strong and inflation remains a risk factor for the U.S. economy. What he is talking about is not inflation with a marked increase in risk, but the kind of inflation that slowly affects the family and begins to grow in the area of ​​personal consumption. The Fed has learned that the U.S. economy is doing well, but what the Fed does not know is whether the way it formulates policies has reached a level that will not increase the risk of inflation. Despite the sell-off, U.S. Treasury bond prices rose sharply on the 1st, and the market was active. Among them, the longer-term US Treasury bond prices closed at the intraday high. About 15:45 EDT (19:45 GMT), the 10-year US Treasury note rose 29/32 to 101 28/32, yielding 3.89%. The 30-year US Treasury bond rose 1 24/32 to 117 18/32, yielding 4.25%. The five-year US Treasury bond rose 17/32 to 101 3/32, yielding 3.63%. The three-year US Treasury bond rose 10/32 to 100 19/32, with a yield of 3.53%. The two-year US Treasury bond rose 7/32 to 100 1/32, yielding 3.48%. According to a report released by the Institute for Supply Management earlier this week, the level of manufacturing activity in the United States slowed in May, and the manufacturing activity index fell to 51.4 in May from 53.3 in April, which was more than expected. Traders had expected the index to fall to 52.0. An index above 50 indicates economic growth, and an index below 50 indicates economic contraction. Bond market participants believe that the ISM manufacturing index below 50 is expected to stop the Fed from further raising interest rates. However, the ISM employment index published before the release of the US employment report in May caused some bond investors to pay more attention. The index fell to 48.8 in May, falling below 50. The Labor Department will announce the May employment report on the 3rd. Economists expect non-farm payrolls to increase by 18.5 million in May, a decrease from the 274,000 in April. Foreign exchange market New York foreign exchange - EU manufacturing contraction The euro fell below 1.22 against the dollar The euro zone manufacturing contraction, and the European Central Bank and the European Commission lowered the economic growth forecast, the euro fell to an eight-month low against the dollar. Analysts said that there are few reasons to buy the euro. The economic growth in the euro zone remains sluggish, and it is difficult to improve in the short term. Since September 21, the euro has fallen below 1.22 US dollars for the first time. Dutch voters voted against the EU constitution, putting the euro under pressure. According to the export poll, 63% of voters voted against it. At 04:25 GMT, the euro fell 1.1% to $1.2164. It was 1.2303 late yesterday. The French voters voted to veto the EU Constitution on May 29, and the euro fell below $1.23 yesterday. Since the beginning of this year, the euro has fallen by 10.1%, a deeper decline since the first five months of 2001. The euro zone's economic retrogression caused the euro to fall. The economic growth of the United States will surpass Europe for the fourth consecutive year. Analysts said that investors have little reason to hold the euro. The manufacturing data released in Europe this morning was again disappointing. Since the French weekend’s referendum, the EU has also fallen into a political dilemma. The European Union said today that the euro area’s gross domestic product (GDP) grew by about 0.3% from the previous three months, which was lower than the 0.4% estimated on May 12. Analysts said that France’s rejection of the EU Constitution confirms that Europe is moving towards disintegration and instability. The deepening political and economic differences have shown that the risk of the dissolution of the European Union has greatly increased. When the euro started trading on January 1, 1999, it rose to 1.1804 US dollars, and fell to a record low of 82.30 cents on October 26, 2000. Then, due to the record high US trade and fiscal deficits, and the Fed interest rate was at a 40-year low, the US dollar fell for three consecutive years until 2004. Since June of last year, the Fed has escalated the target interest rate for overnight deposits to 3%. The European Central Bank has kept interest rates at 2% since 2003. The German Stern magazine reported that German Finance Minister Eichel discussed with the central bank president Weber that the EU may be disintegrated and that the euro has fallen from a high of $1.2341. However, the German Central Bank spokesman said that Weber did not participate in any such absurd discussions. Analysts said that this article only deepens the market's suspicions about the political situation in Europe, reflects the negative atmosphere of the euro, and highlights the market's intention to control bad news and sell the euro. The US Manufacturing Management Institute (ISM)'s May manufacturing index, finished product prices, and employment index all fell, and U.S. bonds rose. The 10-year bond yield fell to its lowest level since April 2004. At 05:00 Beijing time, the coupon rate was 4 1/8%, and the bonds due in May 2015 rose by more than 3/4 to 101 15/16, and the yield dropped by 10 basis points to 3.89%. The energy market comprehensive foreign news report on June 1st, the New York Mercantile Exchange (NYMEX) crude oil futures prices rose nearly 3 US dollars to close to $ 55 per barrel, but this kind of rally cannot be explained by fundamental factors. The rise in oil prices on the 1st shows the new bullish reasons found by the market. The OPEC (OPEC) is keeping a wait-and-see view. It is expected that the continuous growth of the US commercial oil inventories will soon be over, and that market participants are increasingly disillusioned with the US economic growth and the current crude oil futures market transactions. The staff seems to have found no reason to worry about the drop in oil prices. Instead, they turned their attention to the increasing demand for distillates. At this time, such concerns generally focus on the supply and demand of gasoline. Phil Flynn, senior energy analyst at Alaron Trading Corp. in Chicago, said that what the market is currently worried about is that the refineries that mainly refine gasoline and diesel will be in trouble. The current market demand for diesel is unprecedentedly high. July crude oil futures contract closed up 2.63 US dollars to 54.60 US dollars a barrel, or 5%. From the beginning of last week to the present, the price of crude oil futures has risen more than 12%. Gasoline futures for July delivery on the New York Mercantile Exchange soared 7.72 cents to US$1.5442 per gallon; June 1 was the earlier trading day for the July contract becoming a near-month contract. The July heating oil futures closed up 9.05 cents to 1.54 US dollars per gallon. Some traders said that news of Shell's accident at Texas refinery Deer Park Refinery was the cause of the sharp rise in crude oil futures on the 1st. However, many other people are skeptical of this claim. They believe that from the timing of the rise and the increase, it is difficult to say that the news is the main reason for the market's surge. Guy Gleichmann, president of the United Strategic Investors Group’s director of futures brokers, said that market players seem to be affected by the refinery’s news, but its role has been somewhat exaggerated. At present, all problems related to oil refineries have been quickly resolved. However, the rise in the market on the 1st still violates common sense in certain aspects. For example, the dollar’s ​​soaring to an eight-month high against the euro generally signals a drop in commodity prices. Some observers said that the weekly oil inventories data to be released on June 2 may curb the rise in oil prices. Affected by the Memorial Day holiday, the date of publication of this data was delayed by one day from normal. On the 1st of June in the precious metals market, COMEX July silver futures closed up 6.8 cents to 7.52 US dollars per ounce under more speculative buying support. Since July 30, silver futures have risen by 21 cents, which also closed up for seven consecutive trading days. Daily necessities and hedge funds are still the main buyers on the 1st. The good prospects for industrial demand and the emergence of strong energy markets also support investors buying silver futures. Most market analysts expect the silver futures price to be 7.74-7.75 US dollars per ounce. Comex8 gold futures fell 6 US dollars to an eight-month low of 415.80 US dollars, to close at 417.70 US dollars. Market participants pointed out that if the euro fell further, the recent gold selling will increase. Expected support at $416 and $414, and up target at $420, $422, and $424. Spot gold maintains a range of $414.55-417.88, with a near-term target range of $414-419. Nymex's 7-month platinum followed the silver trend and climbed $9.70. Further increases will depend on whether silver will maintain its earnings. September palladium closed down 75 cents to $184 an ounce, trading light on the 1st. Scarcity of buying is expected to limit its further downtrend.