Metals Pack Fundamental Analysis November 3, 2014 Forecast – Silver & Copper

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Updated: Aug 25, 2015, 07:00 UTC

Analysis and Recommendations: Silver lost an incredible 508 points to trade at 15.912 as precious metals lost their appeal. Copper gained 19 points after

Metals Pack Fundamental Analysis November 3, 2014 Forecast – Silver & Copper

Analysis and Recommendations:

Silver lost an incredible 508 points to trade at 15.912 as precious metals lost their appeal. Copper gained 19 points after the Bank of Japan ramped up its asset program to historical levels. Silver sank to $15.90 per ounce, reaching a low not witnessed since February 2010.

Precious metals have fallen sharply after the US Federal Reserve announced Wednesday that it will end its quantitative easing (QE) stimulus, after six years of pumping easy money into the US economy via asset purchases to shore up growth.

Copper was little changed on Friday as a dollar-rally threatened to extinguish its modest monthly gains, and as traders said further strength in the greenback may erode prices going into November.

The US dollar held at four-week highs against a basket of major currencies early on Friday, getting another boost from encouraging growth data a day after the Federal Reserve gave an upbeat assessment on the economy.

The global copper market will be in deficit for a fifth straight year in 2014 before switching to a surplus of about 390,000 tonnes next year, an industry group said this week. Elsewhere, there are indications Zambia may be backing away from plans to impose a 20 percent royalty rate on open pit mining in the country, a top executive with Barrick Gold Corp said on Thursday. The metal has been rising off-late on concerns that the strike at the Indonesia and the Peru mine may lead to a supply deficit by the year end. The global copper market is expected to be in a deficit for a fifth straight year in 2014 before switching to a surplus of about 390,000 tonnes next year, an industry group said this week.

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
JPY	Household Spending	1.5%	1.9%	-0.3%
JPY	National Core CPI (Sep)	3.0%	3.0%	3.1%
JPY	Tokyo Core CPI (Oct)	2.5%	2.5%	2.6%
AUD	PPI (QoQ) (Q3)	0.2%	0.2%	-0.1%
EUR	German Retail Sales	-3.2%	-1.0%	1.5%
JPY	BoJ Press Conference
EUR	French Consumer	-0.8%	-0.3%	0.9%
EUR	Italian CPI (MoM)	0.1%	-0.2%	-0.4%
EUR	CPI (YoY) (Oct)	0.4%	0.4%	0.3%
EUR	Unemployment Rate	11.5%	11.5%	11.5%
USD	Core PCE Price Index		0.1%	0.1%
CAD	GDP (MoM) (Aug)		0.0%	0.0%
USD	Chicago PMI (Oct)		60.0	60.5
USD	UM Consumer Sent		86.4	86.4

Upcoming Economic Events that you should be monitoring:

Cur.	Event	Actual	Forecast	Previous
AUD	AIG Manufacturing			46.5
AUD	Building Approvals			3.0%
CNY	Non-Manufacturing PMI			54.0
CNY	HSBC Mfg. PMI			50.4
EUR	Spanish Manufacturing			52.6
EUR	Italian Manufacturing		50.7	50.7
EUR	French Manufacturing		47.3	47.3
EUR	German Manufacturing		51.8	51.8
EUR	Manufacturing PMI		50.7	50.7
GBP	Manufacturing PMI			51.6
USD	ISM Employment		55.0	54.6
USD	ISM Manufacturing PMI		56.7	56.6