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Industrial and Base Metals Fundamental Analysis – August 14, 2015 – Forecast – Copper, Palladium & More

By:
Barry Norman
Published: Aug 13, 2015, 11:23 UTC

Analysis and Recommendations: Copper added 3 points to trade at 2.353 moving off a six year low as fears over China’s currency policies eased and markets

Industrial and Base Metals Fundamental Analysis – August 14, 2015 – Forecast – Copper, Palladium & More

Metals Thursday Bns
Analysis and Recommendations:

Copper added 3 points to trade at 2.353 moving off a six year low as fears over China’s currency policies eased and markets began to return to normal. Palladium dipped $7.40 to 615.70 as the greenback regained its strength. Beijing’s surprise devaluation of its currency earlier this week rattled global markets, sending stocks, metals and Asian currencies sharply lower. opper rose for a second session on Thursday as expectations of no further devaluation of Chinese yuan pressured the dollar and buoyed hopes of demand revival in the world’s biggest importer.

China’s central bank has stepped up intervention in yuan trading, ordering state banks to buy yuan at designated rates on behalf of the monetary authorities, among other emergency measures, banking sources with direct knowledge of the matter told Reuters on Thursday.

The shift in policy caused investors to raise questions about the health of the world’s second-largest economy and threatens to dent the competitiveness of countries that compete with China in the global exports market.

The Chinese yuan has lost more than 3% against the U.S. dollar since the central bank said Tuesday it would allow markets greater input in setting the value of the currency.

The onshore yuan fell again Thursday, but the moves have been more gradual since the People’s Bank of China intervened late Wednesday to support the currency after sharp declines.

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:

Cur.

 

Event

Actual

Forecast

Previous

 

  NZD

 

Business NZ PMI (Jul)

53.5

 

55.2

 

 

  GBP

 

RICS House Price Balance (Jul)

44%

42%

40%

 

 

  AUD

 

RBA Assist Gov Kent Speaks  

 

 

 

 

 

  EUR

 

German CPI (MoM) (Jul)

0.2%

0.2%

0.2%

 

 

  EUR

 

Spanish CPI (YoY) (Jul)

0.1%

0.1%

0.1%

 

 

  EUR

 

Spanish HICP (YoY) (Jul)

0.0%

-0.1%

-0.1%

 

 

  CHF

 

PPI (MoM) (Jul)

-0.3%

-0.2%

-0.1%

 

 

  EUR

 

Account of Monetary Policy Meeting  

 

 

 

 

 

 

Copper(15 minutes)20150813065346

Upcoming Economic Events that you should be monitoring:

Friday, August 14, 2015

Cur.

 

Event

Actual

Forecast

Previous

 

  NZD

 

Core Retail Sales (QoQ)

 

0.7%

2.9%

 

 

  EUR

 

German GDP (QoQ) (Q2)  

 

0.5%

0.3%

 

 

  EUR

 

Core CPI (YoY) (Jul)

 

1.0%

1.0%

 

 

  EUR

 

CPI (MoM) (Jul)

 

-0.6%

0.0%

 

 

  EUR

 

GDP (QoQ) (Q2)  

 

0.4%

0.4%

 

 

  USD

 

PPI (MoM) (Jul)

 

0.1%

0.4%

 

 

  CAD

 

Manufacturing Sales (MoM) (Jun)

 

2.1%

0.1%

 

 

  USD

 

Industrial Production (MoM) (Jul)

 

0.3%

0.3%

 

 

  USD

 

Michigan Consumer Sentiment (Aug)  

 

93.5

93.1

   

Government Bond Auctions

Date Time Country

Aug 13 11:10 Italy Auctions BTPs/CCTeus

Aug 19 11:30 Germany Eur 5bn Sep 2017 Schatz

Aug 19 11:03 Sweden Holds bond auction

Aug 20 10:30 Spain Auctions Bonos/Obligaciones

Aug 20 11:30 UK Auctions 4.25% 2036 Gilt

Aug 21 17:30 Italy Announces details of CTZ/BTPei on 26 Aug

 

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