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Industrial and Base Metals Fundamental Analysis, May 7, 2015 – Forecast – Copper, Palladium & More

Metals Wednesday bnsAnalysis and Recommendations:

Copper eased a few points to trade at 2.928 as traders booked profits otherwise the commodity remains strong as the US dollar declines and traders continue to hope for stimulus from China. Palladium tumbled over $5 to trade at 789.70.

Glencore the mining and commodities company led by billionaire Ivan Glasenberg reported a 9 percent decline in copper production after ore grades fell and a Chilean mine shut for maintenance.

Output of copper from mines in Africa, Australia and South America was 350,700 metric tons in the first quarter, the Baar, Switzerland-based company said Tuesday in a statement. That compared with 385,600 tons a year earlier.

Copper may trade higher as expectations of additional stimulus from China have risen after consistent weak economic data from the nation. However, strength in the DX along with Greece default concerns will restrict sharp gains.

ForexTraq 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.

Today’s economic releases actual vs. forecast:

Cur.

 

Event

Actual

Forecast

Previous

 

 

 

 

Japan – Greenery Day

  NZD

 

Employment Change (QoQ)

0.7%

0.8%

1.2%

 

 

  AUD

 

Retail Sales (MoM) (Mar)

0.3%

0.4%

0.7%

 

 

  GBP

 

Services PMI (Apr)

59.5

58.5

58.9

 

 

  USD

 

ADP Nonfarm Employment

 

200K

189K

 

 

  USD

 

Fed Chair Yellen Speaks  

 

 

 

 

 

 copper wed

Upcoming Economic Events that you should be monitoring:

Thursday, May 7, 2015

Cur.

 

Event

Actual

Forecast

Previous

 

  AUD

 

Employment Change (Apr)

 

5.0K

37.7K

 

 

  AUD

 

Full Employment Change (Apr)

 

 

31.5K

 

 

  AUD

 

Unemployment Rate (Apr)

 

6.2%

6.1%

 

 

  EUR

 

German Factory Orders (MoM) (Mar)

 

1.5%

-0.9%

 

 

  RUB

 

Central Bank reserves (USD)

 

 

353.5B

 

 

  USD

 

Initial Jobless Claims

 

280K

262K

 

 

  CAD

 

Building Permits (MoM) (Mar)

 

2.5%

-0.9%

   

Government Bond Auctions

Date Time Country

May 07 08:30 Spain Auctions 0.5% Oct 2017 Bono, 0.55%

May 07 09:10 France Auctions OATs

May 07 09:10 Sweden Holds inflation-linked bond auction

May 08 10:00 Norway Details bond auction on 12 May

May 08 15:30 Italy Announces details of BTP

May 12 09:15 Norway Holds bond auction

May 13 09:10 Italy Auctions BTPs/CCTeus

May 13 09:30 Germany Eur 3bn Feb 2025 Bund

May 13 14:30 Sweden Details bond auction on 20 May

May 14 09:30 UK Auctions 2% 2020 Conventional Gilt

 

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