BM REPORT :- Base metals showed recovery following better-than-expected U.S. data and a surprise European Central Bank rate cut, while traders awaited a U.S. jobs report and a leadership meeting in China for more clues on the demand outlook. The U.S. economy grew by a faster-than-forecast 2.8 percent annual rate in the third quarter, the quickest pace since the third quarter of 2012, data showed. Separate data showed jobless claims fell in the last week. The latest U.S. numbers, combined with Fridays nonfarm payrolls report, will help investors gauge the timing of a Federal Reserve move to begin winding down its $85 billion-a-month bond-buying programme. In China, leaders will start a four-day meeting on Saturday to set a reform agenda for the next decade as they try to steer the economy towards more sustainable growth after three decades of breakneck expansion. Third-quarter metals demand from top consumer China was good, and financing demand remains strong, but a wall of supply from this year will keep copper prices in check. In industry news, the LME revised a proposal to fix backlogs in its warehouse network, mandating shorter queues and announcing a review of its agreement with warehouse owners.
Posted on: Fri, 08 Nov 2013 07:18:10 +0000
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