Vive la Revolution
2017 is a critical year for European politics not to mention the triggering of Article 50 and Trump.
A week relatively light on newsflow has seen metals largely trading around key technical levels, with the moving averages in particular in repeat throughout this commentary. The big mover has been copper, which had been in a steady decline since hitting recent highs above 7,000 $/MT.
The IEA report covering the month of October was released last week (click here), showing OPEC production 80k b/d lower than September, but overall global supply 100k b/d higher. Crucially the IEA reduced its demand forecast for 2018 by 190k/d.
Yesterday morning UK retail sales were released which showed that volumes as measured by the ONS grew by 0.3% in October following a downwardly revised 0.7% contraction in September.
Figures released yesterday showed that UK labour market remained steady. The unemployment rate remained firm at a joint 42-year low of 4.3% in the third quarter of 2017.
The Pound continued its losing streak this week as UK headline CPI inflation data missed the consensus of 3.1% and remained steady at 3% in October.