Metals Pack Fundamental Analysis October 10, 2013 Forecast – Silver & Copper
LONDON- Analysis and Recommendations: Silver dipped by 323 points to trade at 22.12 while copper followed the metals pack downward to trade at 3.258 down by 35 points. Precious metals eased ahead of the FOMC minutes release due this afternoon and as President Obama seemed to offer an olive branch to republican offering to negotiate after a stop gap bill is passed to get the government back to work and moving forward. The Shanghai Futures Exchange copper price fell on Wednesday October 9, as concerns about protracted US political stand-off dominated financial markets. The most-traded January copper contract settled at 51,870 yuan ($8,450) per ton, down 490 yuan from the settlement price on October 8, the first trading day after the week-long holiday. “For the macro economy, concerns about the US budget deadlock spilling over to the debt ceiling debate captured market focus. Investors are afraid this will suppress economic growth, and demand.
Silver prices decreased by 0.27 percent in yesterdays trading session on the back of strength in Dollar Index coupled with decline in pot gold prices. Additionally, weak global market sentiments along with the fear about US Debt default added downside pressure on the prices.
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