Metals Pack Fundamental Analysis September 3, 2013 Forecast – Silver & Copper

Metals Pack Fundamental Analysis September 3, 2013 Forecast – Silver & Copper
Metals Pack Fundamental Analysis September 3, 2013 Forecast – Silver & Copper
Analysis and Recommendations:

Silver traded at 24.010 along with Copper which climbed close to 3% today after Chinese data showed growth in manufacturing. Copper climbed to 3.283 adding 50 points. Platinum eased by $1.65 to trade at 1525.45 following precious metals on the weak side. Palladium climbed to 724.70 gaining 85 cents in today’s quiet session. Precious metals eased as geopolitical tensions fell a bit after President Obama decided to seek Congressional approval before attacking Syria. With the US in the midst of the Labor Day holiday and congressional break, it is unlikely that the decision will be made within the next few days. Global PMI’s data releases sent copper and industrial metals soaring with China reporting above 50 showing expansion touching its highest level in 16 months. While eurozone PMI’s reported well above forecast including a surge in UK data metals were please to react to the good news.

The amount of silver held by the world’s largest silver-backed exchange traded fund rose by 0.4 percent to 10,600.69 tonnes for the week ending on 29th August 2013.For the month of August 2013 holdings gained around 1.75 percent and on a year till date basis holdings surged by more than 5 percent.

Copper advanced for the first time in five days and silver snapped a three-day slump. WTI fell to $106.95 a barrel and U.S. natural gas jumped as much as 3 percent to $3.689 per million British thermal units, the highest since July 25, on speculation warmer weather will boost demand for electricity to power air conditioners. Commodities outperformed stocks and bonds last month. The S&P GSCI gauge of 24 raw materials rose 3.4 percent in August as U.S. crude reached a two-year high and gold rallied close to a bull market.

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 2, 2013 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Sep. 02

 

KRW

 

 

South Korean CPI (YoY) 

1.3%

 

1.5% 

 

1.4% 

 

 

 

 

KRW

 

 

South Korean CPI (MoM) 

0.3%

 

0.4% 

 

0.2% 

 

 

 

 

JPY

 

 

Capital Spending (YoY) 

0.0%

 

-2.0% 

 

-3.9% 

 

 

 

 

AUD

 

 

Building Approvals (MoM) 

10.8%

 

4.0% 

 

-6.3% 

   

 

 

AUD

 

 

Company Operating Profits 

-0.8%

 

0.7% 

 

3.5% 

   

 

 

CNY

 

 

Chinese HSBC Manufacturing PMI 

50.1

 

50.2 

 

50.1 

 

 

 

 

CHF

 

 

SVME PMI 

54.6

 

55.9 

 

57.4 

 

 

 

 

EUR

 

 

Italian Manufacturing PMI 

51.3

 

51.0 

 

50.4 

 

 

 

 

EUR

 

 

French Manufacturing PMI 

49.7

 

49.7 

 

49.7 

 

 

 

 

EUR

 

 

German Manufacture PMI 

51.8

 

52.0 

 

52.0 

 

 

 

 

EUR

 

 

Manufacturing PMI 

51.4

 

51.3 

 

51.3 

 

 

 

 

GBP

 

 

Manufacturing PMI 

57.2

 

55.0 

 

54.8 

   

 silver copper 0901bnsnla

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

Date

Time

Currency

Event

Forecast

Previous

 Sep. 03

09:30

GBP

Construction PMI 

56.5

57.0

 

15:00

USD

ISM Manufacturing Index 

54.5

55.4

Government Bond Auction

Date Time Country 

Sep 03 09:10 Norway

Sep 03 09:15 Austria

Sep 03 09:30 Belgium

Sep 03 09:30 UK

Sep 04 09:10 Sweden

Sep 04 09:30 Germany

Sep 05 08:30 Spain

Sep 05 08:50 France

Sep 05 15:00 US

Sep 06 15:30 Italy

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