Analysis and Recommendations: Copper recovered 12 points to trade at 2.342 near its highest point in a week while Palladium raised $5.42 to 649.42.
Copper recovered 12 points to trade at 2.342 near its highest point in a week while Palladium raised $5.42 to 649.42. Glencore, one of the world’s largest miners and producers of copper, said in a statement Wednesday that its copper production had eased two percent over the past nine months to 1,127,500 tonnes.
The Switzerland-based company explained the dip with dwindling production at its Alumbrera mine in Argentina, which is reaching the end of its mining life, as well as its suspension of activities at the Katanga mine in the Democratic Republic of Congo.
Sentiment also received a boost from data showing that activity in China’s services sector grew at its fastest pace in three months in July. The Caixin services purchasing managers’ index rose to 52.0 last month from September’s reading of 50.5.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
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 |
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USD |
API Weekly Crude Oil Stock |
2.800M |
|
4.100M |
|
||
NZD |
Employment Change (QoQ) (Q3) |
-0.4% |
0.4% |
0.1% |
|||
NZD |
Unemployment Rate (Q3) |
6.0% |
6.0% |
5.9% |
|
||
AUD |
Retail Sales (MoM) (Sep) |
0.4% |
0.4% |
0.4% |
|
||
AUD |
Trade Balance (Sep) |
-2.317B |
-3.000B |
-2.711B |
|||
CNY |
Caixin Services PMI (Oct) |
52.0 |
50.8 |
50.5 |
|
||
EUR |
German Services PMI (Oct) |
54.5 |
55.2 |
55.2 |
|
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EUR |
ECB President Draghi Speaks |
|
|
|
|
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EUR |
Markit Composite PMI (Oct) |
53.9 |
54.0 |
54.0 |
|
||
EUR |
Services PMI (Oct) |
54.1 |
54.2 |
54.2 |
|
||
GBP |
Services PMI (Oct) |
54.9 |
54.5 |
53.3 |
|
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USD |
FOMC Member Brainard Speaks |
|
|
|
|
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USD |
ADP Nonfarm Employment (Oct) |
|
180K |
200K |
Upcoming Economic Events that you should be monitoring:
Wednesday, November 4, 2015
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
AUD |
RBA Governor Stevens Speaks |
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JPY |
Monetary Policy Meeting Minutes |
|
|
|
|
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USD |
FOMC Member Stanley Fischer |
|
|
|
|
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EUR |
German Factory Orders (MoM) (Sep) |
|
1.0% |
-1.8% |
|
||
EUR |
ECB Economic Bulletin |
|
|
|
|
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EUR |
Retail Sales (MoM) (Sep) |
|
0.2% |
0.0% |
|
||
EUR |
ECB President Draghi Speaks |
|
|
|
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GBP |
Interest Rate Decision (Nov) |
|
0.50% |
0.50% |
|
||
GBP |
BoE MPC Meeting Minutes |
|
|
|
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GBP |
BoE Gov Carney Speaks |
|
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USD |
FOMC Member Dudley Speaks |
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USD |
Initial Jobless Claims |
|
262K |
260K |
|
||
USD |
Unit Labor Costs (QoQ) (Q3) |
|
2.3% |
-1.4% |
|
||
USD |
FOMC Member Stanley Fischer |
|
|
|
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USD |
FOMC Member Lockhart Speaks |
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Government Bond Auctions
Date Time Country
Nov 03 10:10 Austria Holds RAGB bond sale
Nov 04 15:30 Sweden Announces details of Bond on 11 Nov
Nov 04 N/A Holland Announces details of Bond on 10 Nov
Nov 05 09:30 Spain Auctions Bonos
Nov 05 09:50 France Auctions OATs
Nov 05 10:03 Sweden Holds I/L bond auction
Nov 09 12:00 Norway Details bond auction on 11 Nov
Nov 09 15:30 Italy Announces details of BTPs/CCTeu on 12 Nov
Nov 09 N/A US Holds 3-year note auction
Nov 10 10:30 UK 0.125% 2058 I/L Gilt auction
Nov 10 N/A Holland Eur 2.0-3.0bn 0% Apr 2018 DSL
Nov 10 N/A US Holds 10-year note auction
Nov 11 10:03 Sweden Holds bond auction
Nov 11 11:15 Norway Holds bond auction
Nov 11 10:30 Germany Eur 3bn 0.25% Oct 2020 Bobl
Nov 12 10:10 Italy Auctions BTPs/CCTeus
Nov 12 10:30 UK 4.25% 2039 Gilt auction
Nov 12 N/A US Holds 30-year bond auction