Copper futures lower amid Fed stimulus uncertainty

Investing.com - Copper futures were lower on Monday, amid ongoing expectations the Federal Reserve will begin unwinding its stimulus program sooner than previously expected.

The Fed's stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.

On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.273 a pound during European morning trade, down 0.8%.

Copper prices fell to a session low of USD3.270 a pound earlier, the weakest level since October 29. The December contract ended 0.06% lower on Friday to settle at USD3.298 a pound.

Copper prices were likely to find support at USD3.246 a pound, the low from October 29 and resistance at USD3.325 a pound, the high from November 1.

Market players looked ahead to the release of key U.S. economic data later in the week to help assess the timing for a reduction in the Fed's bond-purchasing program.

The U.S. is set to release preliminary data on third quarter economic growth on Thursday, while October's highly-anticipated nonfarm payrolls report is scheduled for Friday.

The central bank sounded more optimistic than anticipated in its assessment of the economy following its policy-setting meeting last week, sparking speculation the Fed could start tapering stimulus at its December meeting.

Meanwhile, copper traders shrugged off data showing that service sector activity in China improved to a 14-month high in October.

China's top Communist Party officials will meet in Beijing from November 9-12, amid expectations that the country's new government will unveil economic reforms.

The Asian nation is the world's largest copper consumer, accounting for almost 40% of world consumption last year.

Elsewhere on the Comex, gold for December delivery inched up 0.1% to trade at USD1,314.10 a troy ounce, while silver for December delivery shed 0.55% to trade at USD21.71 a troy ounce.

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Forex - NZD/USD rises but gains limited

Investing.com - The New Zealand dollar rose against its U.S. counterpart on Monday, but gains were limited as expectations for the Federal Reserve to soon begin scaling back its bond purchases continued to support the greenback.

NZD/USD hit 0.8289 during late Asian trade, the pair's highest since October 31; the pair subsequently consolidated at 0.8291, rising 0.38%.

The pair was likely to find support at 0.8193, the low of October 30 and resistance at 0.8338, the high of October 25.

Demand for the greenback remained supported after unexpectedly strong U.S. manufacturing data on Friday added to expectations that the Federal Reserve could start to taper its stimulus program as soon as next month.

Federal Reserve Bank of Dallas President Richard Fisher said Monday that the recent fiscal standoff in Washington counteracted the role of the Fed's easy money policies in the economic recovery. The comments came during a speech in Sydney.

The kiwi was lower against the Australian dollar with AUD/NZD gaining 0.28%, to hit 1.1457.

Also Monday, official data showed that retail sales in Australia 0.8% in September, beating expectations for a 0.4% increase, after an upwardly revised 0.5% rise the previous month.

A separate report showed that job advertizements in Australia fell 0.1% in October, following a 0.2% increase the previous month.

In addition, Australia's house price inflation rose 1.9% in the third quarter, confounding expectations for a 2.1% increase, after an upwardly revised 2.7% rise in the the three months to June.

Later in the day, the U.S. was to release data on factory orders.

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Gold futures hold steady near 2-week low

Investing.com - Gold futures were little changed near a two-week low on Monday, as ongoing uncertainty over the direction of U.S. monetary policy kept investors in a cautious mood.

Gold prices have largely tracked shifting expectations as to whether the Fed would start tapering its USD85-billion-a-month asset-purchase program by the end of the year.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,314.30 a troy ounce during European morning trade, up 0.1%.

Prices held in a tight range between USD1,311.00 a troy ounce, the daily low and a session high of USD1,315.80 a troy ounce. The December contract ended 0.79% lower on Friday to settle at USD1,313.20 a troy ounce.

Gold futures were likely to find support at USD1,273.80 a troy ounce, the low from October 17 and resistance at USD1,327.30, the high from November 1.

Federal Reserve Bank of Dallas President Richard Fisher said earlier that the Fed should scale back its stimulus measures as soon as possible.

Speaking at a conference in Sydney on Monday, Fisher said a "fiscally irresponsible" U.S. government counteracted the effects of accommodative Fed policy.

He also added that he did not expect the central bank's USD85-billion-a-month bond-buying program to increase or go on indefinitely.

'At the earliest possible moment we need to focus on transitioning back to having an interest-rate-driven monetary policy,' Fisher said.

Market players now looked ahead to the release of key U.S. economic data later in the week to help assess the timing for a reduction in the Fed's bond-purchasing program.

The U.S. is set to release preliminary data on third quarter economic growth on Thursday, while October's highly-anticipated nonfarm payrolls report is scheduled for Friday.

The central bank sounded more optimistic than anticipated in its assessment of the economy following its policy-setting meeting last week, sparking speculation the Fed could start tapering stimulus at its December meeting.

Gold traders have closely been looking out for U.S. data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases.

Elsewhere on the Comex, silver for December delivery shed 0.65% to trade at USD21.70 a troy ounce, while copper for December delivery declined 0.65% to trade at USD3.277 a pound.

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European stocks higher amid ECB stimulus talk; Dax up 0.29%

Investing.com - European stocks were higher on Monday, supported by growing speculation the European Central Bank may add more stimulus measures, while expectations for the Federal Reserve to soon begin tapering its bond purchases persisted.

During European morning trade, the EURO STOXX 50 rose 0.32%, France's CAC 40 gained 0.31%, while Germany's DAX 30 added 0.29%.

European equities remained supported after data on Thursday showing that euro zone inflation fell to a four year low in October sparked expectations for further rate cuts by the ECB.

Eurostat said consumer price inflation in the currency bloc rose 0.7% in October, the slowest pace since November 2009, after rising 1.1% in September.

Meanwhile, unexpectedly strong U.S. manufacturing data on Friday added to expectations that the Federal Reserve could start to taper its stimulus program as soon as next month.

Federal Reserve Bank of Dallas President Richard Fisher said Monday that the recent fiscal standoff in Washington counteracted the role of the Fed's easy money policies in the economic recovery. The comments came during a speech in Sydney.

Financial stocks were mixed, as French lenders BNP Paribas and Societe Generale gained 0.85% and 0.20%, while Germany's Deutsche Bank declined 0.63%.

Among peripheral lenders, Spanish banks BBVA and Banco Santander both dipped 0.03%, while Italy's Intesa Sanpaolo and Unicredit climbed 0.44% and 0.68% respectively.

Elsewhere, Dufry AG rallied 1.38% after the operator of duty-free shops reported increased revenue.

PostNL NV surged 5.90% after the Dutch postal operator raised its income guidance.

In London, FTSE 100 rose 0.47%, supported by gains in financial stocks.
HSBC Holdings saw shares advance 0.43% after saying third-quarter pretax profit rose 30% as the lender cut costs.

Meanwhile, Lloyds Banking gained 0.83% and Barclays jumped 0.91%, while the Royal Bank of Scotland underperformed, plummeted 2.09%.

Mining stocks added to gains, as Fresnillo rallied 1.33% and Vedanta Resources advanced 1.39%, while rivals Rio Tinto and Antofagasta surged 1.56% and 1.97% respectively.

On the downside, Ryanair Holdings dove 11.57% after cutting its profit forecast, due to rising competition and a weaker economy in Europe.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.14% rise, S&P 500 futures signaled a 0.18% gain, while the Nasdaq 100 futures indicated a 0.24% increase.

Also Monday, Markit research group said Spain's manufacturing purchasing managers' index rose to 50.9 in October, from a reading of 50.7 the previous month, in line with expectations.

Later in the day, the U.S. was to release data on factory orders.

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German manufacturing PMI rises unexpectedly

Investing.com - Germany's manufacturing PMI rose unexpectedly last month, data showed on Monday.

In a report, Markit Economics said that German manufacturing PMI rose to a seasonally adjusted 51.7, from 51.5 in the preceding month.

Analysts had expected German manufacturing PMI to remain unchanged at 51.5 last month.

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Crude oil holds near 4-month low with U.S. supply, Fed in focus

Investing.com - Crude oil futures traded near a four-month low on Monday, as ongoing concerns over rising U.S. inventories and expectations that a reduction in U.S. monetary stimulus is still possible by the end of the year weighed.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD94.78 a barrel during European morning trade, up 0.2%.

New York-traded oil futures traded in a range between USD94.46 a barrel, the daily low and a session high of USD94.90 a barrel.

The December contract ended down 1.84% on Friday to settle at USD94.61 a barrel, the lowest closing price since June 26.

Oil futures were likely to find support at USD93.71 a barrel, the low from June 26 and resistance at USD96.64 a barrel, the high from November 1.

Nymex oil futures lost 3.3% last week, the seventh weekly decline in the past eight weeks.

U.S. crude prices have been on a downward trend in recent weeks amid concerns the recent U.S. government shutdown created a drag on economic growth and eroded demand in the world's largest oil consumer.

U.S. crude oil inventories rose by 4.1 million barrels last week to 383.9 million barrels, the highest level since June.

Market players now looked ahead to the release of key U.S. economic data later in the week to help assess the timing for a reduction in the Federal Reserve's bond-purchasing program.

The U.S. is set to release preliminary data on third quarter economic growth on Thursday, while October's highly-anticipated nonfarm payrolls report is scheduled for Friday.

The central bank sounded more optimistic than anticipated in its assessment of the economy following its policy-setting meeting last week, sparking speculation the Fed could start tapering stimulus at its December meeting.

The Fed's stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery rose 0.45% to trade at USD106.41 a barrel, with the spread between the Brent and crude contracts standing at USD11.63 a barrel.

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U.K. construction PMI rises to 6-year high of 59.4 in October

Investing.com - U.K. construction sector activity in October expanded at the fastest rate since September 2007, fuelling optimism over the country's economic outlook, industry data showed on Monday.

In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers' index increased to a seasonally adjusted 59.4 in October from a reading of 58.9 in September.

Economists had expected the index to hold steady at 58.9 last month.

Commenting on the report, senior economist at Markit Tim Moore said, 'U.K. construction output continues to rise like a phoenix from the ashes, with housing, commercial and civil engineering activity all seeing strong rates of expansion at the start of the fourth quarter.'

Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.17% to trade at 1.5955.

Meanwhile, European stock markets remained higher. The EURO STOXX 50 rose 0.3%, France's CAC 40 added 0.3%, Germany's DAX inched up 0.3%, while London's FTSE 100 advanced 0.45%.

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Silver futures fall to 12-day low on Fed taper concerns

Investing.com - Silver prices traded at the lowest level in more than two weeks on Monday, as renewed uncertainty over when the U.S. Federal Reserve will scale back its stimulus measures weighed on sentiment.

Prices of the precious metal have largely tracked shifting expectations as to whether the Fed would start tapering its USD85-billion-a-month asset-purchase program by the end of the year.

On the Comex division of the New York Mercantile Exchange, silver futures for December delivery traded at USD21.70 a troy ounce during European morning trade, down 0.6%.

Silver prices fell to a session low of USD21.61 a troy ounce earlier, the weakest level since October 17.

The December contract ended 0.14% lower on Friday to settle at USD21.83 a troy ounce.

Futures were likely to find support at USD21.10 a troy ounce, the low from October 17 and resistance at USD22.62, the high from October 31.

Federal Reserve Bank of Dallas President Richard Fisher said earlier that the Fed should scale back its stimulus measures as soon as possible.

Speaking at a conference in Sydney on Monday, Fisher said a "fiscally irresponsible" U.S. government counteracted the effects of accommodative Fed policy.

He also added that he did not expect the central bank's USD85-billion-a-month bond-buying program to increase or go on indefinitely.

'At the earliest possible moment we need to focus on transitioning back to having an interest-rate-driven monetary policy,' Fisher said.

Market players now looked ahead to the release of key U.S. economic data later in the week to help assess the timing for a reduction in the Fed's bond-purchasing program.

The U.S. is set to release preliminary data on third quarter economic growth on Thursday, while October's highly-anticipated nonfarm payrolls report is scheduled for Friday.

The central bank sounded more optimistic than anticipated in its assessment of the economy following its policy-setting meeting last week, sparking speculation the Fed could start tapering stimulus at its December meeting.

Silver traders have closely been looking out for U.S. data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases.

Elsewhere on the Comex, gold for December delivery inched up 0.1% to trade at USD1,314.50 a troy ounce, while copper for December shed 0.65% to trade at USD3.277 a pound.

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Grain futures mixed; Corn trades at 3-year low on crop prospects

Investing.com - U.S. grain futures were mixed on Monday, with corn prices trading at the lowest level since August 2010 amid expectations this year's corn harvest in the U.S. will be the largest on record.

On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD4.2663 a bushel, little changed on the day.

Corn prices traded in a tight range between USD4.2620 a bushel, the daily low and a session high of USD4.2700 a bushel.

The December corn contract fell to USD4.2560 a bushel on Friday, the weakest level since August 26, 2010, before settling at USD4.2720 a bushel, down 0.23%.

Futures have been on a downward trend in recent weeks as favorable weather conditions in key corn-growing states in the U.S. allowed farmers to accelerate the pace of the harvest.

According to the U.S. Department of Agriculture, nearly 59% of the corn harvest was completed as of last week. The agency also said that approximately 62% of the corn crop was rated in 'good' to 'excellent' condition.

Elsewhere on the CBOT, soybeans futures for January delivery traded at USD12.5650 a bushel, up 0.35%.

Prices of the oilseed traded in a range between USD12.5020 a bushel, the daily low and the weakest level since August 14 and a session high of USD12.5888 a bushel.

The January soy contract ended down 1.16% at USD12.5140 a bushel on Friday.

Meanwhile, wheat for December delivery traded at USD6.6988 a bushel, 0.35% higher.

Wheat prices held in a range between USD6.6600 a bushel, the daily low and a session high of USD6.7138 a bushel.

The December contract dropped to USD6.6440 a bushel on Friday, the lowest since September 25, before settling up 0.04% to end at USD6.6760 a bushel.

Wheat prices are down nearly 6% since hitting a four-and-a-half-month high of USD7.1120 a bushel on October 21 as market players monitored crop prospects in the U.S., South America and countries in the Black Sea-region.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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Rain expected in Delhi Wednesday onwards

The national capital New Delhi could witness rain from Wednesday, 6th of November onwards as a Western Disturbance is expected to reach the skies of Jammu & Kashmir. Weather in northwest India over Punjab, Haryana, some parts of Rajasthan and west Uttar Pradesh will also witness a change as skies in the region will be partly cloudy to cloudy with chances of rain.

Temperatures in Delhi during morning hours will remain below normal for next 24 hours. These temperatures will rise with the arrival of this Western Disturbance. However day temperatures in the region will fall.

Night temperatures in east and central India will fall due to northerly winds. Foothills of Himalayas in east Uttar Pradesh, Bihar, sub-Himalayan West Bengal and Sikkim will continue to experience fog for the next three days. Change in wind conditions will help in reducing the fog after this period.

An easterly wave from the Bay of Bengal will continue to affect south India over Tamil Nadu, Karnataka and Kerala during next two days. Good rains are expected to occur in these parts.

By: Skymetweather.com

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