The UK breathed a sigh of relief as Scotland voted NO to independence by 55% to 45%. It appears those whose head was ruling their hearts were quieter than their opposites.
The focus for us was on the central banks, first the Fed and then the PBoC came out with dovish statements / action on the interest rate front. While both pointed to a further extension of their low interest the markets were left with the question why. This is especially so in the US as strong Q2 GDP recovery and other data have not been enough to convince the FOMC to nudge rates higher. The longer this is delayed the greater the danger that the economy delays investment decisions and creates a self induced downturn. The consensus is that the monetary authorities in the US and UK will move rates in Q2 next year. In China the central bank injected 100 billion yuan into each of the five biggest state owned banks. In a move seen aimed at alleviating pressure ahead of the October 1 national day holiday and the Golden Week holiday that follows.
While both actions boosted the metal mid week it appears they looked at the doubled edged sword and chose the blunt side of caution.
|
19/Sep/14 |
|
|
Cu $ 3M |
|
|
07.00 |
6,856 |
|
Off c/s |
6,868.50 |
|
Back |
41.50 |
|
Off 3/s |
6,827.00 |
|
17.00 |
6,834 |
|
0700~1700 |
-22 |
|
High |
6,864 |
|
Low |
6,784 |
|
Range |
80 |
|
Stocks |
154,375 |
|
Decrease |
-400 |
|
Al $ 3M |
|
|
07.00 |
1,992 |
|
Off c/s |
1,949.50 |
|
Contango |
-33.50 |
|
Off 3/s |
1,983.00 |
|
17.00 |
1,978 |
|
0700~1700 |
-14 |
|
High |
1,994 |
|
Low |
1,975 |
|
Range |
19 |
|
Stocks |
4,671,500 |
|
Decrease |
-11,950 |
|
Zn $ 3M |
|
|
07.00 |
2,279 |
|
Off c/s |
2,250.50 |
|
Contango |
-11.50 |
|
Off 3/s |
2,262.00 |
|
17.00 |
2,277 |
|
0700~1700 |
-2 |
|
High |
2,282 |
|
Low |
2,255 |
|
Range |
27 |
|
Stocks |
753,175 |
|
Decrease |
-475 |
|
Pb $ 3M |
|
|
07.00 |
2,088 |
|
Off c/s |
2,068.00 |
|
Contango |
-10.00 |
|
Off 3/s |
2,078.00 |
|
17.00 |
2,085 |
|
0700~1700 |
-3 |
|
High |
2,092 |
|
Low |
2,070 |
|
Range |
22 |
|
Stocks |
225,275 |
|
Decrease |
-200 |
|
Ni $ 3M |
|
|
07.00 |
17,952 |
|
Off c/s |
17,755.00 |
|
Contango |
-75.00 |
|
Off 3/s |
17,830.00 |
|
17.00 |
17,783 |
|
0700~1700 |
-169 |
|
High |
17,978 |
|
Low |
17,750 |
|
Range |
228 |
|
Stocks |
339,042 |
|
Decrease |
-246 |
|
Sn $ 3M |
|
|
07.00 |
21,213 |
|
Off c/s |
21,200.00 |
|
Contango |
-25.00 |
|
Off 3/s |
21,225.00 |
|
17.00 |
21,350 |
|
0700~1700 |
137 |
|
High |
21,350 |
|
Low |
21,116 |
|
Range |
234 |
|
Stocks |
9,845 |
|
Decrease |
-40 |
|
Gold, Spot $ |
|
|
07.00 |
1,223.6 |
|
17.00 |
1,219.1 |
|
WTI Crude |
|
|
07.00 |
92.96 |
|
17.00 |
91.67 |
|
DJ Industrial 30 |
|
|
07.00 |
17,266 |
|
17.00 |
17,287 |
|
EUR/US$ |
|
|
07.00 |
1.2914 |
|
17.00 |
1.2837 |
|
US$/Yen |
|
|
07.00 |
109.16 |
|
17.00 |
108.95 |
|
A$/US$ |
|
|
07.00 |
0.8968 |
|
17.00 |
0.8936 |
|
US 10yr Bond % |
|
|
07.00 |
2.65 |
|
17.00 |
2.60 |
|
Prices wk change |
|
|
12/09/14 |
19/09/14 |
|
Cu |
-4 |
|
Al |
-51 |
|
Zn |
0 |
|
Pb |
-35 |
|
Ni |
-642 |
|
Sn |
70 |
|
Gold $/oz |
-13.90 |
|
Oil S/bbl |
-1.41 |
|
DJ |
296 |
|
US$/€ |
-0.012 |
|
US$/Yen |
1.68 |
|
US$/$A |
-0.0111 |
|
US 10Yr bnd |
0.01 |
|
LME Stocks wk change |
|
|
12/09/14 |
19/09/14 |
|
Cu |
-2,100 |
|
Al |
-49,175 |
|
Zn |
-1,850 |
|
Pb |
-625 |
|
Ni |
5,208 |
|
Sn |
15 |