SILVER surged to a 30-year high on Monday as Libyan unrest sent commodity prices soaring. Add this to the market’s talk of huge demand for immediate delivery of silver (the rumour on Friday was that the COMEX exchange was short large amounts of silver for March delivery). This talk of a squeeze added more than 10 per cent to the price in just three trading days. Spread Co offers a spread on Spot Silver of $33.46-$33.49.
Energy company Centrica is posting figures on Thursday, where profits are expected to be 29 per cent higher. The hike in figures has been put down to extremely cold winters and tighter household incomes hiking the price of customers’ heating bills. Looking at the technicals, the relative strength index is above 70, suggesting a possible lasting uptrend, and for as long as 334p remains the support level, there could be further upside. Capital CFDs quotes 348.8p-349.3p.
Shares in bookmaker William Hill continue to climb, despite the increase in the horse racing levy announced last week. They hit 197.1p on Monday. There is strong resistance between 198p-202p so this might be a good level to close any long bets or even take a speculative short. Spread Co offers a spread on William Hill of 196.6p-197.1p
Crude oil prices are spiralling amid the growing uncertainty in the Middle East, with prices lining up a challenge on the big $100/barrel level yet again for US crude. Concerns that oil output from Libya will be disrupted are very much at the front of everyone’s mind, but arguably any uncertainty in Saudi Arabia would prove the most significant tipping point. Some of the more bullish forecasts for crude may have been dismissed and on demand alone their predictions look rather overdone. The IG Markets price on US Light Crude is $93.18-$93.24.
Power company Drax will be looking to continue the gains of the last three months. It is set to announce preliminary results today. The CMC Markets spread is 395.88p-396.82p.