Metals Pack Fundamental Analysis October 29, 2014 Forecast – Silver & Copper

By:

Updated: Aug 25, 2015, 03:00 UTC

Analysis and Recommendations: Silver added 102 points as trader bought up the cheap commodity after it fell to a recent low. Silver still remains weak at

Metals Pack Fundamental Analysis October 29, 2014 Forecast – Silver & Copper

Analysis and Recommendations:

Silver added 102 points as trader bought up the cheap commodity after it fell to a recent low. Silver still remains weak at 17.263. Copper at the same time gained 13 points to trade at 3.077 as global sentiment seemed to shift back to commodities today. Copper was perched near its highest in two weeks on Tuesday on a seasonal pick up in Chinese demand, but traders were cautious ahead of a key US monetary policy meeting. Copper prices picked up on Tuesday October 28 on looming strikes in Indonesia and Peru and rumors of stockpiling by China’s State Reserve Bureau.

Output from Indonesia’s Grasberg copper mine operated by Freeport-McMoRan is running at around two-thirds of capacity because of a strike, a government official said on Tuesday, but a union leader said the workers had been suspended. The Grasberg complex in Indonesia’s remote Papua province is one of the world’s biggest copper mines and any prolonged disruption of output could support prices of the metal, which have fallen almost 10 percent this 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 actual vs. forecast:

Cur.	Event	Actual	Forecast	Previous
JPY	Retail Sales (YoY) (Sep)	2.3%	0.6%	1.2%
USD	Core Durable Goods		0.5%	0.4%
USD	Durable Goods Orders		0.5%	-18.4%
USD	S&P/CS HPI Composite –		5.8%	6.7%
USD	CB Con. Confidence		87.0	86.0

Upcoming Economic Events that you should be monitoring:

Time	Cur.	Imp.	Event	Actual	Forecast	Previous
	JPY		Industrial Production		2.2%	-1.9%
	NZD		Business Confidence			13.4%
	CAD		RMPI (MoM) (Sep)		-1.0%	-2.2%
	USD		FOMC Statement
	USD		Fed Funds Target Rate		0.25%	0.25%