Metals Pack Fundamental Analysis October 30, 2014 Forecast – Silver & Copper

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Updated: Aug 25, 2015, 07:00 UTC

Analysis and Recommendations: Silver fell 51 points to trade at 17.175 touching near its lowest point this month as traders turned away from precious

Metals Pack Fundamental Analysis October 30, 2014 Forecast – Silver & Copper

Analysis and Recommendations:

Silver fell 51 points to trade at 17.175 touching near its lowest point this month as traders turned away from precious metals as they suspect that FOMC will keep the things moving forward. Copper gained 10 points to reach its highest this month at 3.101 up by 10 points. Copper prices are trading higher due to the strikes at the Grasberg project in Indonesia, coupled with a strike set to begin Nov. 10 at the Antamina mine in Peru.

The daily inventory data released by the London Metal Exchange (LME) today showed a decline in the inventory levels of Aluminium, Lead and Zinc. Meanwhile, the data showed a rise in the inventory levels of Copper and Nickel. Some Chinese companies have difficulties of getting bank loans on stringent credit policy following the Qingdao port probe. In June, Qingdao port halted shipments of aluminum and copper during a probe into loan irregularities involving warehouse stocks.

The second Southeast Asian trader agreed, adding that he had not done any trade for the past few weeks. In addition, sources said some Chinese market participants had refrained from importing as the import-related loss had climbed to around Yuan 2,000/mt ($327/mt) from around Yuan 1,000/mt last 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
JPY	Industrial Production	2.7%	2.2%	-1.9%
NZD	Business Confidence	26.5%		13.4%
CAD	RMPI (MoM) (Sep)		-1.0%	-2.2%
USD	FOMC Statement
USD	Fed Funds Target Rate		0.25%	0.25%

Upcoming Economic Events that you should be monitoring:

Cur.	Event	Actual	Forecast	Previous
NZD	RBNZ Rate Statement
AUD	HIA New Home Sales			3.3%
GBP	Nationwide HPI (MoM)		0.3%	-0.2%
GBP	MPC Member Cunliffe
EUR	Spanish GDP (QoQ)		0.5%	0.6%
EUR	German Unemployment		5K	13K
EUR	German Unemployment		6.7%	6.7%
USD	GDP (QoQ) (Q3)		3.0%	4.6%
USD	GDP Price Index (QoQ)		2.0%	2.1%
USD	Initial Jobless Claims		283K	283K
USD	Fed Chair Yellen
EUR	German CPI (MoM)		-0.1%	0.0%