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04 Dec 2016 | 12:09 AM
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Weekly

Commodity Research Report: Metals and Energy Weekly

The ECB slashed its benchmark interest rate to a record-low 0.25%, confounding expectations for the central bank to hold rates steady. The central bank also cut its marginal lending to 0.75% from 1% and left its deposit facility rate unchanged at 0.0%....
11 Nov 2013 | 12:00 PM

Highlights:

  • The ECB slashed its benchmark interest rate to a record-low 0.25%, confounding expectations for the central bank to hold rates steady. The central bank also cut its marginal lending to 0.75% from 1% and left its deposit facility rate unchanged at 0.0%.
  • U.S non-farm payrolls report showed employers added 204,000 jobs in October, the Labor Department reported, widely beating estimates of an increase of 120,000 and the 148,000 jobs created in September. Average job growth over the past three months exceeded a 200,000 pace, matching the strong gains recorded earlier this year. Private sector added 212,000 jobs last month, the strongest read since February.
  • The shutdown pushed the jobless rate higher to 7.3 percent from 7.2 percent in September. That’s the first increase in three months.
  • The U.S. economy expanded at a 2.8 per cent annual rate from July through September, a surprising sign of strength ahead of the 16-day partial government shutdown. Exports rose, businesses stocked up, home construction increased and state and local governments spent at the fastest pace in four years.
  • The Commerce Department said that U.S factory orders increased 1.7 percent in September from August. That followed a 0.1 percent decline in August and a 2.8 percent plunge in July.
  • The ISM's nonmanufacturing purchasing managers' index rose to 55.4 in October from 54.4 in September.
  • Energy Information Administration showed oil use in the world's biggest oil consumer topped 20 million barrels a day for a second straight week. That was the strongest showing since January 2009.
  • On November 6, the DOE reported an increase in crude inventories of 1.6 million barrels compared to analysts’ expectations of a crude oil inventory build of 1.7 million barrels.
  • The U.S. Energy Information Administration reported that total gas inventories rose last week to 3.814 trillion cubic feet, 2.9 percent below last year's record highs at that time but 1.5 percent above the five-year average.

 

Week ahead: Copper (Buy)

  • U.S Nonfarm payrolls data has underpinned expectations of strong recovery in the world’s largest economy. Copper prices are likely to benefit from strong data that was released in the last week
  • U.S jobless claims plunged sharply last week, signaling robust economic recovery in the U.S. The number of new applications for unemployment benefits fell by 9,000 to 336,000 in the week ended Nov. 2, the Labor Department said
  • The U.S. economy expanded at a 2.8 per cent annual rate from July through September, a surprising sign of strength
  • China's copper imports in October rose 26.4 percent from October 2012.
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