Metals Pack Fundamental Analysis October 7, 2014 Forecast – Silver & Copper
Analysis and Recommendations:
Silver recovered 159 points to trade at 16.985 after declines on Friday. Precious metals recovered as European markets opened. Copper added 21 points to trade at 3.0190. Elsewhere in metals, platinum was down 0.6 per cent at $1,213.00 an ounce, and palladium was down 0.3 per cent at $750.20 an ounce. Copper has been hit by a combination of weaker growth in Europe and China, a buoyant dollar and prospects for a surge of supply.
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Copper and aluminium bounced on Friday, a day after touching multi-month lows, but traders said the move may not last as investors remained worried about a strong dollar and weaker demand in top metals consumer China. The metal in London increased as much as 0.5 percent, advancing for a second day. The unemployment rate dropped to 5.9 percent in September, the lowest since July 2008, the U.S. Labor Department said Oct. 3. Employers added 248,000 workers to payrolls last month, more than the 215,000 forecast in a Bloomberg survey.
“The U.S. economic growth seems good at the moment,” said Chae Un Soo, a metals trader at Korea Exchange Bank Futures Co. “It will increase demand for metals.”
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more recent analysis and information in our weekly reports.
Today’s economic releases actual vs. forecast:
Cur. |
Event |
Actual |
Forecast |
Previous |
|
EUR |
German Factory Orders |
-5.7% |
-2.5% |
4.9% |
|
CAD |
Ivey PMI |
|
53.0 |
50.9 |
Upcoming Economic Events that you should be monitoring:
Currency |
|
JPY |
Monetary Policy Statement |
AUD |
Cash Rate |
AUD |
RBA Rate Statement |
JPY |
BOJ Press Conference |
CHF |
Foreign Currency Reserves |
GBP |
Halifax HPI m/m |
CHF |
CPI m/m |
CHF |
Retail Sales y/y |
GBP |
Manufacturing Production m/m |
GBP |
BOE Credit Conditions Survey |
CAD |
Building Permits m/m |
GBP |
NIESR GDP Estimate |
USD |
JOLTS Job Openings |
Government Bond Auction
Date Time Country Auction
Oct 07 06:00 Swiss Announces details of optional bond auction on Oct 08
Oct 07 09:00 Norway Bond auction
Oct 07 09:15 Austria RAGB auction
Oct 07 9:30 UK Auctions 3.5% 2045 Gilt
Oct 07 15:30 Italy Announces details of BOT auction on Oct 10
Oct 07 17:00 US 3Y Note auction
Oct 08 09:30 Germany Eur 4.0bn Oct 2019 Bobl auction
Oct 08 09:30 Swiss Bond auction (for decision)
Oct 08 15:30 Italy Announces details of BTP
Oct 08 17:00 US 10Y Note auction
Oct 09 09:03 Sweden I/L bond auction
Oct 09 17:00 US 30Y bond auction
Oct 10 09:10 Italy BOT auction