Metals Pack Fundamental Analysis October 9, 2014 Forecast – Silver & Copper

Analysis and Recommendations:

Silver soared to trade at 17.377 adding 137 points taking cues from gold. Copper declined 6 points as more problems in China hit the wires with Services PMI missing expectations and the comments from the IMF. Silver dropped 0.8 percent. It hit its weakest level since March 2010, at $16.66, on Monday. The International Monetary Fund cut its global economic growth forecasts for the third time this year on Tuesday, warning of weaker growth in core euro zone countries, Japan and big emerging markets like Brazil. In its flagship World Economic Outlook report, the Washington-based lender cut its global growth expectations to 3.3 percent for this year and 3.8 percent for next year. In July it had expected growth of 3.4 percent in 2014 and 4 percent in 2015.

The Shanghai Futures Exchange is opening after a week-long holiday.  Copper climbed as some traders covered short positions ahead of a seasonally stronger quarter for demand, with focus shifting to China markets which are reopening after a week-long break. The Federal Reserve could reasonably be expected to raise U.S. interest rates in mid-2015, an influential Fed policymaker said on Tuesday in a speech that cautiously predicted a rebound in U.S. economic growth and inflation. The International Monetary Fund cut its global economic growth forecasts for the third time this year on Tuesday.

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:

 

Upcoming Economic Events that you should be monitoring:

Government Bond Auction

Date Time Country Auction

Oct 08 09:30 Germany Eur 4.0bn Oct 2019 Bobl auction

Oct 08 09:30 Swiss Bond auction (for decision)

Oct 08 15:30 Italy Announces details of BTP

Oct 08 17:00 US 10Y Note auction

Oct 09 09:03 Sweden I/L bond auction

Oct 09 17:00 US 30Y bond auction

Oct 10 09:10 Italy BOT auction