Metals Pack Weekly Fundamental Analysis September 9-13, 2013 Forecast – Silver & Copper

silver weekly bnsWeekly Analysis and Recommendations:

Silver ended the week at 23.88 gaining 63 cents on Friday while Copper closed at 3.261 up 17 points and Platinum ended the week at 1495350 up over $13 while Palladium added $10.60 to trade at 697.80. Precious metals finished the week on a strong note, as the latest reading on jobs kept the market guessing about the Federal Reserve’s quantitative easing programs. The U.S. economy added fewer jobs than economists expected, and the unemployment rate ticked lower, largely as the result of job hunters dropping out of the labor force. The share of working-age Americans who were employed or looking for work fell to 63.2 percent last month, its lowest level since 1978, a time when fewer women were participating in the labor force.

The Department of Labor reported Friday that the country’s employers expanded their payrolls by 169,000 jobs, below the consensus estimate of 175,000 new jobs, and unemployment dropped from 7.4 percent to 7.3 percent. The total number of unemployed persons remained little changed at 11.3 million, while the number of long-term unemployed, those jobless for 27 weeks or more, was about unchanged at 4.3 million. Those individuals constitute 37.9 percent of the unemployed, and their numbers have shrunk by just 733,000 in the past 12 months.

Date

Last

Open

High

Low

Change %

Sep 06, 2013

23.888

23.233

23.965

23.085

2.80%

Sep 05, 2013

23.238

23.548

23.673

23.043

-1.30%

Sep 04, 2013

23.545

24.368

24.432

23.377

-3.30%

Sep 03, 2013

24.348

24.230

24.528

24.028

0.52%

Sep 02, 2013

24.223

23.318

24.405

23.318

3.75%

On the industrial metal side, stronger PMI data and the overall global recovery is helping increase demands for the metals group. Chinese data was firm all week and there is a good deal more data due this weekend. Base metals pack traded on a positive note today due to weakness in the DX and marginal decline in inventories except Nickel. However, mixed global market sentiments and negative data from the UK and Euro Zone prevented sharp gains.

Copper gained around 0.7 percent mainly on weakness in the DX. Decline in inventories by 0.5 percent which stood at 600275 tonnes supported an upside. However, mixed global market sentiments and unfavorable data from the UK and Euro Zone prevented sharp increase in the prices on the LME.

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 and we provide daily updates and outlooks.

Historical: From 2011 to present

Highest: 44.188 on Aug 22, 2011

Average: 31.108 over this period.

Lowest: 18.183 on Jun 28, 2013

metals 97w

Economic Highlights of the coming week that affect the Currency Markets

Courtesy of Business Spectator: A busy week for global data with a series of Chinese reads at the front end and a slew of US figures at the tail.

On Sunday, China will unveil its trade balance for August, with Bloomberg tipping a surplus of $US22.8 billion. Imports and exports for the month will also be unveiled as part of the release.

Monday delivers the latest read of China’s inflation. Bloomberg expects the inflation rate to remain steady at 2.7 per cent.

On Tuesday, China will release the August reads for industrial production and retail sales. Bloomberg is tipping a 9.8 per cent lift in the former, year-on-year, and a 13.3 per cent jump in the latter, year-on-year. In the US, consumer credit figures for July will be released.

Thursday will deliver the July read on wholesale inventories out of the US, with Bloomberg tipping a 0.3 per cent increase in the month.

On Friday, the import price index for July and the monthly budget statement will be released out of the US. Later on Friday night, the producer price index and retail sales are set for release in the US. Bloomberg expects a month-on-month lift of 0.1 per cent in the former, and 0.3 per cent bump in the latter.

Government Bond Auctions this week:

Sep 09 15:30 Italy

Sep 10 08:10 Holland

Sep 10 09:30 UK

Sep 10 14:30 UK

Sep 10 17:00 US

Sep 11 09:30 Germany

Sep 11 09:30 Swiss

Sep 11 14:30 Sweden

Sep 11 15:30 Italy

Sep 11 17:00 US

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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