Copper Fundamental Forecast – September 13, 2016

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Published: Sep 12, 2016, 11:26 GMT+00:00

Copper fell 19 points on an otherwise quiet trading day to trade at 2.073 near the bottom of its recent trading range as stocks and currencies around the

Copper Fundamental Forecast – September 13, 2016

Copper fell 19 points on an otherwise quiet trading day to trade at 2.073 near the bottom of its recent trading range as stocks and currencies around the globe tumbled on the strength of the US dollar ahead of the Bank of Japan and the FOMC meetings next week. The dollar index, which measures the greenback against a basket of currencies, was down 0.1 percent at 95.219. he dollar began the week on the back foot on Monday as a bout of risk aversion underpinned the yen, though the U.S. currency garnered some support on renewed talk of a possible rate hike by the Federal Reserve as early as this month.

copper fell to its weakest level since June on Monday after risk aversion roiled wider markets, and as investors turn increasingly bearish on the metal given prospects for rising supply.

Jitters on Wall Street spilled across markets on Monday after investors were rattled by rising bond yields and talk the Federal Reserve might be serious about lifting U.S. interest rates as early as next week.

Adding to jitters, China’s central bank chief economist said the country should take steps to curb the flow of capital into the property market and state-owned companies to help slow the rise of debt levels in the economy.

Emerging Chinese copper demand after a summer factory lull and buying by traders buoyed by cheap premiums and weak global prices looks set to fuel a recovery in China’s copper imports this month after a plunge to 12-month lows in August. But traders and analysts said that may not be enough to offset the impact of an expected flood of new supply this year.

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September 13, 2016

CNY	FDI – Foreign Direct Investment (YTD) Y	2	4.3
AUD	RBA Assistant Governor Kent Speech	2
CNY	Retail Sales Y	2	10.2	10.3
CNY	Industrial Production Y	2	6	6.1
EUR	Wholesale Price Index M	2	0.2
EUR	Wholesale Price Index Y	2	-1.4
EUR	Consumer Price Index Y	2	0.4	0.4
EUR	Index of Consumer Prices M	2	-0.1	-0.1
EUR	Index of Consumer Prices Y	2	0.3	0.3
EUR	Consumer Price Index M	2	0.1	0
GBP	Producer Price Index – Input M	2	3.3	0.5
GBP	Producer Price Index – Input Y	2	4.3	8.1
GBP	PPI Core Output Y	2	1	1.3
GBP	Producer Price Index – Output M	2	0.3	0.3
GBP	Producer Price Index – Output Y	2	0.3	1.1
GBP	PPI Core Output M	2	0.4	0.2
GBP	Consumer Price Index M	2	-0.1	0.4
GBP	Consumer Price Index Y	3	0.6	0.7
GBP	Core Consumer Price Index Y	3	1.3	1.4
EUR	ECB President Draghi’s Speech	3
EUR	ZEW Survey – Economic Sentiment	3	4.6	6.7
EUR	ZEW Survey – Current Situation	2	57.6	56
EUR	ZEW Survey – Economic Sentiment	2	0.5	2.5
USD	10-Year Note Auction	2	1.503
USD	Monthly Budget Statement	2	-113

Government Bond Auctions

Date Time Country Auction

Sep 13 11:00 Netherlands Eur 2-3bn 0% Jan 2022 DSL

Sep 13 11:10 Italy Holds bond auction

Sep 14 11:05 Norway Holds bond auction

Sep 14 11:30 UK 0.125% 2046 I/L Gilt

Sep 14 11:30 Germany Eur 1bn 2.5% Jul 2044 Bund

Sep 15 10:30 Spain Holds bond auction

Sep 15 11:03 Sweden Holds I/L bond auction

Sep 15 11:50 France Holds bond auction

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