Metals Pack Weekly Fundamental Analysis October 7 -11, 2013 Forecast a– Silver & Copper
SAN FRANCISCO (Oct 6) Silver ended the week at 21.678 after a very active week the commodity ended down just a few points. Silver closed on Monday at 21.723. Copper rose 1 percent on Friday, nickel jumped as much as 4 percent and tin surged 5.5 percent in thin-volume trading as top metals consumer China was away from the market due to a week-long national holiday. Some Federal agencies and programs stopped functioning. The Labor Department postponed Friday’s release of September non-farm payrolls data. The Commodity Futures Trading Commission did not publish its weekly Commitment of Traders report. The Thomson Reuters-Jefferies CRB index rose 0.3 percent as 13 of the 19 markets on the index closed higher. But the bellwether commodities price index notched its fourth straight weekly decline.
Chinese copper imports showed year-on-year growth in August13, as the country imported 387,564 tons of unwrought copper and copper products, higher in value by around 9 percent when compared. However, month-on-month, Chinese copper imports witnessed a decline of overall base metal prices last month. During the first eight months of Chinas imports of unwrought copper and copper products stood at 2.8 million tons showing a decline of more than 13 percent when compared to the same period last year.
Silver prices declined by 0.60 percent on the back of rise in risk aversion in the global markets. Further, weak economic data from UK and US added downside pressure on the prices. Additionally, concern over US government partial shutdown acted as a negative factor for the prices. However, weakness in Dollar Index (DX) cushioned sharp decline in the prices.