Metals Pack Fundamental Analysis October 31, 2014 Forecast – Silver & Copper

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Updated: Aug 25, 2015, 07:00 UTC

Analysis and Recommendations: Silver fell to its lowest point this year and is currently trading at 16.862 down by 402 points but traders are entering the

Metals Pack Fundamental Analysis October 31, 2014 Forecast – Silver & Copper

Analysis and Recommendations:

Silver fell to its lowest point this year and is currently trading at 16.862 down by 402 points but traders are entering the market to buy up the cheap commodity. Copper gave up 38 points to trade at 3.066 against the strong US dollar. China has sent investigators to the southern province of Guangdong to probe a sevenfold surge in precious-metals exports as the government intensifies scrutiny of increasing irregularities in the country’s trade figures. Shipments of precious metals, including jewelry, rose to about $10.8 billion in September from $1.39 billion a year earlier, according to customs data released October 13.

Silver for immediate delivery dropped 1.3 percent to 16.8-6 an ounce in London, after touching 16.8013, the lowest since October 6. Platinum fell 0.6% to 1,253.25 an ounce. Palladium lost 0.9% to 787.75 an ounce, after a five-day increase which was the longest stretch since August.

Copper led other metals lower on Thursday after encouraging comments by U.S. monetary officials on the state of the world’s top economy sparked a dollar rally.

The Federal Reserve on Wednesday ended its monthly bond purchase program and dropped a characterization of U.S. labour market slack as “significant” in a show of confidence in the economy’s prospects.

A reduction in cheap liquidity weakens support for metals prices and a stronger dollar tends to weigh on commodities because, priced in dollars, they become more expensive for holders of other currencies.

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
AUD	HIA New Home Sales	0.0%		3.3%
GBP	Nationwide HPI (YoY)	9.0%	8.5%	9.4%
GBP	Nationwide HPI (MoM)	0.5%	0.3%	-0.1%
GBP	MPC Member Cunliffe
EUR	Spanish GDP (QoQ)	0.5%	0.5%	0.6%
EUR	German Unemployment	-22K	5K	9K
EUR	German Unemployment	6.7%	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 Speaks

Upcoming Economic Events that you should be monitoring:

Cur.	Event	Actual	Forecast	Previous
JPY	Household Spending		-4.3%	-4.7%
JPY	National Core CPI (YoY)		3.0%	3.1%
JPY	Tokyo Core CPI (YoY)		2.5%	2.6%
AUD	PPI (YoY) (Q3)			2.3%
AUD	PPI (QoQ) (Q3)			-0.1%
AUD	Private Sector Credit		0.4%	0.4%
JPY	BoJ Press Conference
EUR	German Retail Sales		-1.0%	2.5%
EUR	French Consumer		-0.3%	-0.7%
EUR	Italian CPI (MoM)		-0.2%	-0.4%
EUR	Core CPI (YoY) (Oct)		0.8%	0.8%
EUR	CPI (YoY) (Oct)		0.4%	0.3%
EUR	Unemployment Rate		11.5%	11.5%
USD	Core PCE Price Index			1.5%
CAD	GDP (MoM) (Aug)		0.0%	0.0%
USD	Chicago PMI (Oct)		60.0	60.5
USD	Michigan Consumer		86.4	86.4