Metals Pack Fundamental Analysis September 12, 2013 Forecast – Silver & Copper

Metals Pack Fundamental Analysis September 12, 2013 Forecast – Silver & Copper
Metals Pack Fundamental Analysis September 12, 2013 Forecast – Silver & Copper

Analysis and Recommendations:

Silver is trading at 23.133 recovering some of yesterday’s losses to trade at 23.133, copper climbed also to trade at 3.287. Other precious metals such as platinum gained slightly reaching 1477.65 along with palladium which gained over 1% to trade at 700.40. Silver prices decreased by 3.04 percent in Yesterday’s trading session on the back of decline in Spot gold prices coupled with downside in the base metal packs. Further, expectation among the market participants that the US Federal reserve may start reducing bond buying program soon added downside pressure on the prices. However, sharp downside in the prices was cushioned on the back of strong economic data from china, weakness in DX along with rise in risk appetite in the global markets.

Silver prices should trade on the negative note on the back of expectation among the market participants that the US Federal reserve may start reducing bond buying programme soon. Further, expectation of weak economic data from UK may add downside pressure on the prices. Additionally, mixed global market sentiments may keep prices under pressure. However, weakness in DX may cushion sharp downside in the prices.

Base Metals on LME traded on negative note on the expectations among the market participants that the US Federal reserve may start reducing bond buying program soon. However, strong economic data from China along with the rise in risk appetite in the global markets cushioned sharp fall in the prices. LME Copper decreased by 0.43 percent

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.

Economic Data September 11, 2013 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Sep. 11

 

KRW

 

 

South Korean Unemployment Rate 

3.1%

 

3.2% 

 

3.2% 

 

 

 

 

JPY

 

 

BSI Large Manufacturing Conditions 

15.2

 

7.2 

 

5.0 

 

 

 

 

JPY

 

 

CGPI (MoM) 

0.3%

 

0.4% 

 

0.5% 

 

 

 

 

AUD

 

 

Westpac Consumer Sentiment 

4.70%

 

 

 

3.50% 

 

 

 

 

EUR

 

 

French Non-Farm Payrolls (QoQ) 

-0.2%

 

-0.2% 

 

-0.2% 

 

 

 

 

EUR

 

 

German CPI (MoM) 

0.0%

 

0.0% 

 

0.0% 

 

 

 

 

EUR

 

 

German CPI (YoY) 

1.5%

 

1.5% 

 

1.5% 

 

 

 

 

HUF

 

 

Hungarian CPI (YoY) 

1.3%

 

1.7% 

 

1.8% 

 

 

 

 

GBP

 

 

Average Earnings Index +Bonus 

1.1%

 

1.2% 

 

2.2% 

   

 

 

GBP

 

 

Claimant Count Change 

-32.6K

 

-22.0K 

 

-36.3K 

   

 

 

EUR

 

 

German 10-Year Bund Auction 

2.060%

 

 

 

1.800% 

 

 

 

 

EUR

 

 

Portuguese CPI (YoY) 

0.2%

 

0.6% 

 

0.8% 

 

 

 

 

PLN

 

 

Polish Current Account (EUR) 

-178.00

 

-11.00 

 

574.00

   

 silver 0911bnsnla

Upcoming Economic Events that affect the CHF, EUR, GBP, CAD and USD

Date

Time

Currency

Event

Forecast

Previous

Sep. 12

07:45

EUR

French CPI (MoM) 

 

-0.3%

 

08:00

EUR

Spanish CPI (YoY) 

1.5%

1.8%

 

09:00

EUR

Italian Industrial Production (YoY) 

-2.5%

-2.1%

 

10:00

EUR

Industrial Production (MoM) 

0.1%

0.7%

 

10:00

EUR

Industrial Production (YoY) 

-0.1%

0.3%

 

13:30

USD

Import Price Index (MoM) 

0.4%

0.2%

 

13:30

USD

Initial Jobless Claims 

328K

323K

 

13:30

USD

Continuing Jobless Claims 

2960K

2951K

 

19:00

USD

Federal Budget Balance 

-152.0B

-97.6B

Government Bond Auction

Date Time Country 

Sep 12 09:10 Sweden

Sep 12 09:30 UK

Sep 12 15:00 US

Sep 12 15:30 Italy

Sep 12 17:00 US

Sep 13 10:00 Belgium

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