Metals Pack Fundamental Analysis October 24, 2014 Forecast – Silver & Copper

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Updated: Aug 25, 2015, 02:00 UTC

Analysis and Recommendations: Silver tumbled 113 points to trade at 17.118 coming close to a 2014 low, while Copper added 16 points to reach 3.034. The

Metals Pack Fundamental Analysis October 24, 2014 Forecast – Silver & Copper

Analysis and Recommendations:

Silver tumbled 113 points to trade at 17.118 coming close to a 2014 low, while Copper added 16 points to reach 3.034. The metal recovered after the HSBC PMI manufacturing index highlighted an expansion in the activity in the world’s second largest economy and the world’s largest copper importer. The Chinese flash HSBC PMI index for October rose to a 3-month high.

Meanwhile, prices got a further boost after a similar PMI reading highlighted the expansion of both, the manufacturing as well as the service sector activity in Germany, the world’s third largest importer of Copper. Copper prices were under pressure after the International Copper Study Group (ICSG) data showed a production surplus in July.

Copper rose on Thursday after a slight pickup in growth in China’s vast manufacturing sector, but simmering uncertainties over the global economy kept a lid on prices. China’s factory sector grew a shade faster in October as firms saw more foreign and domestic orders, a private survey showed on Thursday, though the modest expansion likely won’t dispel concerns about the cooling Chinese economy.

China’s central bank is likely to hold its line against an interest rate cut even as growth slows to a quarter-century trough, as the politics of reform influence the conduct of monetary policy, government sources involved in internal policy discussions say.

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
NZD	CPI (QoQ) (Q2)	0.3%	0.5%	0.3%
AUD	Business Confidence	6		6
CNY	HSBC Mfg. PMI	50.4	50.3	50.2
EUR	French Mfg. PMI	47.3	48.5	48.8
EUR	French Services PMI	48.1	48.2	48.4
EUR	German Mfg. PMI	51.8	49.5	49.9
EUR	German Services PMI	54.8	55.0	55.7
EUR	Manufacturing PMI	50.7	49.9	50.3
EUR	Services PMI (Oct)	52.4	52.0	52.4
GBP	Mortgage Approvals	39.3K	41.5K	41.4K
GBP	Core Retail Sales (MoM)	-0.3%	-0.2%	0.3%
GBP	Core Retail Sales (YoY)	3.1%	3.4%	4.4%
GBP	Retail Sales (MoM)	-0.3%	-0.1%	0.4%
GBP	Retail Sales (YoY) (Sep)	2.7%	2.8%	3.7%
GBP	CBI Industrial Trends		-4	-4
USD	Initial Jobless Claims		282K	264K

Upcoming Economic Events that you should be monitoring:

Cur.	Event	Actual	Forecast	Previous
NZD	Trade Balance (MoM)		-700M	-472M
NZD	Trade Balance (YoY)		1,510M	2,020M
GBP	GDP (QoQ) (Q3)		0.7%	0.9%
GBP	GDP (YoY) (Q3)		3.0%	3.2%
USD	New Home Sales (Sep)		470K	504K
USD	New Home Sales (MoM)		-5.8%	18.0%