Comex Commodity Technical Outlook

GOLD

Gold moved higher overnight to open at 1235.00/1236.00. Shortly after open, it touched a low of 1227.25/1228.25 before surging to the day’s high of 1248.50/1249.50 on dollar weakness following weaker-than-expected U.S. jobs data with non-farm payrolls adding a meagre 74k jobs in December against the 196k forecasted by economists. The metal closed the day at 1247.00/1248.00.

Gold closed higher this week at 1247, the third up-week in a row. While the test of the major low at 1180 was encouraging last week, it is too early to call an end to the strong downtrend that has been in place since the high of 1921 in 2011. 

The 50% retracement of the rally from 2008 to 2011 provides resistance; this is at 1301. There is strong support at the 1180 low. We are inclined to think that this is simply a correction; and that we will retest the 1180 low and achieve the technical target of 1155 (61.8% retracement of the long-term rally). We would be stopped out of this view should gold rally past 1416, the last major high.

Gold rose after disappointing U.S. jobs data stirred speculation Fed will take a gradual approach to tapering its bond-buying stimulus this year.

U.S. nonfarm payrolls rose just 74,000 in December, the smallest increase since January 2011, while the unemployment rate fell to 6.7 percent

Dollar weakened fueling expectations for the Federal Reserve to trim its USD75 billion monthly bond-buying program at a slower pace than once expected.

Technical Levels

	S1	S2	R1	R2
GOLD	1232	1218	1254	1262

Commodity Contract S2 S1 R1 R2

SILVER

Silver edged higher overnight to open at 19.76/19.81. It briefly touched a low of 19.65/19.70 before reaching a high of 20.24/20.29 on the back of gold prior to concluding the session at 20.21/20.26.

Silver closed unchanged this week at 20.21 and has been trading sideways for the past six weeks. There is resistance from a downtrend that has been in place since August, which currently comes in at 20.85. Resistance from the larger downtrend, in place since the 2011 high of 49.79, comes in at 23.63. The trend remains bearish.

The gold-silver ratio is trading higher this week at 61.83. Support from the uptrend currently comes in at 60.18. There is resistance at 67.46, the last major high. The trend remains bullish.

Silver rose as investors recalibrated their expectations for Federal Reserve policy after a much weaker-than-expected reading on the U.S. labor market.

The Bureau of Labor Statistics reported earlier that the U.S. economy added 74,000 jobs in December, well below expectations for a 196,000 increase.

Fed asset purchases tend to weaken the dollar by suppressing long-term interest rates, thus making prices an attractive hedge.

Technical Levels

	S1	S2	R1	R2
SILVER	19.76	19.31	20.46	20.71

Commodity Contract S2 S1 R1 R2

COPPER

Comex, copper for March delivery jumped 1.29% on Friday to settle the week at USD3.341 a pound. Prices of the industrial metal lost 1.3% on Thursday to end at USD3.299 a pound. Comex copper prices shed 0.26% on the week.

China’s copper imports inched up 1.3 percent in December on a month earlier propped up by contracted shipments even as a cash crunch depressed spot purchases, but arrivals still fell 2.3 percent in 2013 due to lower term bookings of refined metal. China’s copper imports rose 29 percent to 441,291 tons last month from a year earlier, government data showed today. Total imports expanded 8.3 percent, while exports grew 4.3 percent. Stockpiles monitored by exchanges in London, New York and Shanghai are at the lowest since November 2012, with LME inventories dropping for a 46th day.

Copper rose as traders bet that an apparent slowdown in U.S. hiring could tweak Fed’s monetary policy and increase the appeal of industrial commodities.

China’s copper imports inched up 1.3% in December propped up by contracted shipments even as a cash crunch depressed spot purchases

Data showed China’s export growth weakened in December–raising concerns about metal demand if economic growth isn’t sustained.

Technical Levels

	S1	S2	R1	R2
COPPER	3.3051	3.2688	3.3621	3.3828

Commodity Contract S2 S1 R1 R2

CRUDE

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 New York Mercantile Exchange, light sweet crude futures for delivery in February rose 0.08% during Asian trading on Monday at USD93.02.
Nymex oil futures were likely to find support at USD91.24 a barrel, the low from January 9 and resistance at USD94.18 a barrel, the high from January 8. During the last week, U.S. crude futures, also known as West Texas Intermediate or WTI, lost 1.55%, the second consecutive weekly decline.

Crude oil pricecs rose during Asian trading on Monday after weaker-than-expected U.S. jobs data fanned speculation that the Federal Reserve will scale down its bond-buying program at a slower pace than previously anticipated.

Crudeoil settled flat recovering from lows on reports of production problems at a major U.K. oilfield stoked supply concerns.

China’s crude oil imports rose 13 percent in December from a year ago to a record 6.31 million barrels per day as two big refineries reopened.

Crude demand for this year could rebound slightly as new refineries open, though growth may be capped by a lack of momentum in the broader economy.

Technical Levels

	S1	S2	R1	R2
CRUDE	92.00	91.30	93.40	94.08

Commodity Contract S2 S1 R1 R2

COMEX Report: Commodity Technical Outlook

GOLD

Gold edged lower overnight to open at 1227.00/1228.00. Shortly after open, it briefly touched a high of 1228.00/1229.00 before declining quickly to a low of 1218.75/1219.75 as global equities edged higher and the Dollar strengthened following robust employment data from the U.S. that showed a better-than-expected increase in private sector jobs. Choppy trades for the remainder of the session led the metal to close higher at 1225.50/1226.50.

Gold tried lower today but held above our December high pivot of 1218. The close at 1225 keeps us in the bullish up cycle that started off 1882 on December 31. We like the idea of a test above 1252 while 1218 remains firm.

Gold ended with losses weighed down by upbeat U.S. private-sector jobs data

Minutes of Fed’s meeting, showed many members wanted to proceed with caution in trimming the central bank’s $85 billion monthly asset purchases.

SPDR gold trust holding dropped by 1.50 tonnes i.e. -0.19% to 793.12 tonnes from 794.62 tonnes.

Technical Levels

	S1	S2	R1	R2
GOLD	1218	1210	1232	1239

Commodity Contract S2 S1 R1 R2

 SILVER

Silver dropped overnight to open at 19.61/19.66, which was the high of the day. It then followed gold to a low of 19.30/19.35 before recovering to close at 19.51/19.56.

Silver is weak today closing at 19.51. The rejection of Silver near 20.38 has taken the shine off the metal. Major support is not seen until 18.91. 

The Gold-Silver ratio spiked higher again today with the ratio moving above recent high of 62.87. The topside appears the risk in the ratio with key resistance not seen until 64.10 the December 4 high.

Silver dropped after data showed that U.S. non-farm private employment rose at the strongest pace in two years last month.

US non-farm private employment rose by a seasonally adjusted 238,000 in December, easily surpassing expectations for an increase of 200,000

Two top Fed officials said they expected the bank to reduce stimulus at a steady pace.

Technical Levels

	S1	S2	R1	R2
SILVER	19.32	19.01	19.83	20.12

Commodity Contract S2 S1 R1 R2

COPPER

On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.360 a pound during European morning trade, little changed on the day. Comex copper prices traded in a range between USD3.355 a pound and USD3.372 a pound.

The March contract ended Tuesday’s session unchanged at USD3.359 a pound. Copper prices were likely to find support at USD3.330 a pound, the low from January 6 and resistance at USD3.387 a pound, the high from January 3.
Investors were turning their attention to the minutes of the Fed’s December meeting, due for release later Wednesday, for indications on the possible timing of further reductions in the central bank’s stimulus program.

Copper futures swung between small gains and losses in rangebound trade on Wednesday, as investors remained cautious ahead of the minutes of the Federal Reserve’s December meeting and the upcoming U.S. jobs report.

Copper ended with losses weighed down by a strong dollar and concerns about economic recovery in China.

Euro zone unemployment was unchanged at a record high for the eighth month in a row in November, but retail sales made the biggest monthly jump in 12 years.

US ADP employment in December grew more than expected, hitting a 13-month high and lifted market optimism toward US December non-farm employment data.

Technical Levels

	S1	S2	R1	R2
COPPER	3.3260	3.3095	3.3680	3.3935

Commodity Contract S2 S1 R1 R2

CRUDE

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in February traded at USD92.55 a barrel during Asian morning trade, up 0.23%. On Wednesday New York-traded oil futures held range bound between USD92.48 a barrel and USD92.64 a barrel.
The February contract settled down at USD92.61 a barrel on Wednesday. Nymex oil futures were likely to find support at USD92.57 a barrel, the low from Dec. 2, and resistance at USD94.58 a barrel, Monday's high.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 2.68 million barrels in the week ended Jan. 3, beating expectations for a decline of 849,000 barrels. Total U.S. crude oil inventories stood at 357.9 million barrels as of last week.
The report also showed that total motor gasoline inventories increased by 6.24 million barrels, significantly higher than expectations for a gain of 2.28 million barrels. 

Crude oil dropped after official data revealed gasoline and distillates stockpiles rose, while falling crude inventories cushioned losses somewhat.

The U.S. EIA said in its weekly report that U.S. crude oil inventories fell by 2.68 million barrels

While Libyan officials say production could recover to nearly 600,000 barrels per day (bpd) this week. More Updates

Technical Levels

	S1	S2	R1	R2
CRUDE	91.60	90.97	93.52	94.81

Commodity Contract S2 S1 R1 R2

Global Economic Data

TIME	DATA	PRV	EXP	IMPACT
7.00P.M	Unemployment Claims	339K	337K	STRONG
11.31P.M	30-y Bond Auction	3.9	2.4	LOW

Unemployment Claims

Source	Department of Labor (latest release)
Measures	The number of individuals who filed for unemployment insurance for the first time during the past week;
Usual Effect	Actual < Forecast = Good for currency;
Frequency	CRUDE Released weekly, 5 days after the week ends;
Next Release	Jan 16, 2014
FF Notes	This is the nation's earliest economic data. The market impact fluctuates from week to week - there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes;
Why Traders Care	Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy;
Also Called	Jobless Claims, Initial Claims;

30-y Bond Auction

Source	Treasury Direct (latest release)
Measures	Highest yield on 10-year bonds the government sold at auction, and the bid-to-cover ratio of the auction;
Usual Effect	No consistent effect - there are both risk and growth implications;
Frequency	Conducted monthly;
Next Release	Feb 13, 2014
FF Notes	Auction results are reported in an 'X.XX|X.X' format - the first number is the highest interest rate of the bonds sold, and the second number is the bid-to-cover ratio (number of bids made per bid accepted);
Why Traders Care	Yields are set by bond market investors, and therefore they can be used to decipher investors' outlook on future interest rates. The bid-to-cover ratio represents bond market liquidity and demand, which can be used to gauge investor confidence;
Also Called	Treasury Auction, Note Auction;

COMEX Commodity Technical Analysis Report

GOLD
Gold edged higher overnight to open at 1229.00/1230.00. It  dipped shortly after open to a low of 1226.50/1227.50 and then  quickly surged to a two-week high of 1240.00/1241.00 while  global equities fell and the Dollar remained steady. As well, thin  volumes were expected following a snowstorm that hit the U.S.  Northeast as the metal traded within range for the rest of the  afternoon before closing under at 1238.50/1239.50.

Gold is closing the week at 1238. The weekly price action is quite  encouraging from a price perspective. Last week’s candle was a  “Inside week” or “Harami” which means “pregnant” in Japanese. This week Gold touched a fresh cycle low to 1182 but the close  above last week’s high of 1219 shows as an outside week reversal.  This is bullish. Focus now is on December high of 1267. Big picture,  the inability to break the 2013 low at 1180 is encouraging.
Gold prices gained rallying for a second consecutive day with a boost from renewed fund buying and equities’ weakness.
Fed Chairman said U.S. central bank is committed to highly accommodative policy even after deciding last month to trim its bond-buying stimulus.
Bullion prices dropped heavily last week as solid U.S. economic data underlined expectations the Federal Reserve will begin curbing stimulus. 

Technical Levels

	S1	S 2	R 1	R2
GOLD	1226	1214	1245	1251

Commodity Contract S2 S1 R1 R2

SILVER
Silver dipped marginally lower overnight to open at 20.08/20.13. It  dropped to a session low of 20.00/20.05 before lifting to a high of  20.22/20.27 on the back of gold and then finally concluding the  day at 20.20/20.25 on low volumes.
Silver is closing the week unchanged near 20.20. The fresh cycle  low to 18.85 can bounce higher is encouraging. Silver remains  below the December low of 20.47. A close above this level would  open a move to 21.23 the 38.2% of our 4 month down move off  25.09.

 The gold-silver ratio is higher this week at 61.45 compared to last  Friday’s 60.23 close. The ratio has been as high as 62.87 this week.
Silver rose as anticipation that two widely watched commodity indexes will drive more money to gold and silver buoyed prices of the precious metals
Markets are looking towards a slew of data this week, including U.S. nonfarm payrolls and trade numbers, to gauge the strength of economic recovery
Holdings at ishares silver trust dropped by 0.49% i.e. 49.15 tonnes to 9909.49 tonnes from 9958.64 tonnes. 

Technical Levels

	S1	S 2	R 1	R2
SILVER	19.96	19.62	20.30	20.64

Commodity Contract S2 S1 R1 R2

 COPPER
Copper settled down -0.88%  as expectations of higher supplies and concerns over Chinese growth weighed on the market. Copper has gained some support from a lack of readily available refined metal because of falling exchange stocks. But ample copper concentrate seen flowing into the market this year will result in swelling supplies.

A services gauge from China’s statistics bureau and logistics federation dropped to 54.6 in December. Inventories tracked by the Shanghai Futures Exchange reached 125,654 tons this week, the lowest in almost a year, according to data. Orders to remove copper from LME warehouses dropped the most since August to 235,100 tons. Copper stocks in LME-monitored warehouses are at the lowest level since January 2013. Cancelled warrants on the LME now account for about 65 percent of total stocks, so inventories on hand are actually less than the headline figure implies.
Silver rose as anticipation that two widely watched commodity indexes will drive more money to gold and silver buoyed prices of the precious metals
Markets are looking towards a slew of data this week, including U.S. nonfarm payrolls and trade numbers, to gauge the strength of economic recovery
Holdings at ishares silver trust dropped by 0.49% i.e. 49.15 tonnes to 9909.49 tonnes from 9958.64 tonnes. 

Technical Levels

	S1	S 2	R 1	R2
COPPER	3.3378	3.3206	3.3798	3.4046

Commodity Contract S2 S1 R1 R2

CRUDE
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in February traded at USD94.12 a barrel, up 0.16%.
Earlier on Friday, New York-traded oil futures hit a session low of USD93.38 a barrel. During last week, crude futures dropped 6%.
On Thursday, crude futures tumbled 3% to settle at USD95.44 a barrel on the Nymex. It was the sharpest one-day decline since early November 2012.
Libya’s National Oil Corporation said Thursday that exports could soon return to near normal levels after political protesters agreed to stop months of blockages. Libyan oil production has fallen sharply since July with protesters disrupting output at many of the country’s oilfields.

Expectations for increased exports from South Sudan also weighed.
In the U.S., the Energy Information Administration said Thursday that crude oil inventories fell by 7.01 million barrels in the previous week, far surpassing market expectations for a decline of 2.98 million barrels.
Crude oil futures rose during the Asian session on Monday as they recovered from last week’s fall, which was caused by rising production in the U.S. and an increase in international supplies
Crude oil dropped as the market braced for rising Libyan output, while soft Chinese service-sector data softened demand.
The U.S. EIA reported in its weekly report that U.S. crude oil inventories fell by 7.01 million barrels in the week last week
Expectations for increased exports from South Sudan also nudged prices lower. 

Technical Levels

	S1	S 2	R 1	R2
CRUDE	93.30	92.64	95.18	96.40

Commodity Contract S2 S1 R1 R2

  

Global Economic Data

TIME:IST	DATA	PRV	EXP	IMPACT
8.30P.M	ISM Non-Manufacturing PMI	53.9	54.6	STRONG
8.30P.M	Factory Orders m/m	-0.9%	1.8%	MEDIUM

ISM Non-Manufacturing PMI

Source	Institute for Supply Management (latest release)
Measures	Level of a diffusion index based on surveyed purchasing managers, excluding the manufacturing industry;
Usual Effect	Actual > Forecast = Good for currency;
Frequency	Released monthly, on the third business day after the month ends;
Next Release	Feb 5, 2014
FF Notes	Above 50.0 indicates industry expansion, below indicates contraction. Source changed series from unadjusted to seasonally adjusted as of January 2001. Source changed series calculation formula as of Feb 2008;
Why Traders Care	It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy;
Derived Via	Survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories;

Factory Orders m/m

Source	Census Bureau (latest release)
Measures	Change in the total value of new purchase orders placed with manufacturers;
Usual Effect	Actual > Forecast = Good for currency;
Frequency	Released monthly, about 35 days after the month ends;
Next Release	Feb 4, 2014
FF Notes	This report contains a revision of the Durable Goods Orders data released about a week earlier, and fresh data regarding non-durable goods;
Why Traders Care	It's a leading indicator of production - rising purchase orders signal that manufacturers will increase activity as they work to fill the orders;

FOMC Member Stein Speaks

Description	Due to deliver a speech titled "Banks as Patient Debt Investors" at the American Economic Association Conference, in Philadelphia;
Source	Federal Reserve (latest release)
Speaker	Federal Reserve Governor Jeremy Stein;
Usual Effect	More hawkish than expected = Good for currency;
FF Notes	FOMC voting member May 2012 - Jan 2018;
Why Traders Care	Federal Reserve FOMC members vote on where to set the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy;
Acro Expand	Federal Open Market Committee (FOMC);

COMEX Commodity Technical Outlook

SILVER

Silver edged lower overnight to open at 19.41/19.46. It declined to a low of 18.72/18.77 and then spiked to a high of 19.82/19.87 on thinly traded volumes before concluding the session at 19.36/19.41.

Silver had a rough day trading to fresh 6 month lows toward 18.75 before bouncing to close at 19.39. Silver has fallen 36% YOY and still looks like risk is toward our 2013 low of 18.26. The ability to hold this level will be key moving forward as a break opens the 2010 low of 14.68. 

The gold-silver ratio is closing at 61.93. We would expect the 60.00 to 64.00 range to hold for the near future.

Silver yesterday settled flat at 43876 as major exchanges where closed yesterday on New Year holiday

The Conference Board reported earlier that its index of U.S. consumer confidence improved to 78.1 in December from 72.0 in November

The Fed has rolled out multiple rounds of bond purchase since the 2008 financial crisis.

Technical Levels

	SUPPORT 1	SUPPORT 2	RESISTANCE 1	RESISTANCE 2
SILVER	19.32	19.03	20.41	20.99

Commodity Contract  S2 S1 R1 R2

GOLD

Gold moved lower overnight to open at 1196.50/1197.50. It declined to a low of 1182.00/1183.00 while global equities traded near 6-year highs as investors moved away from safe-haven assets on expectations of a strong economic recovery in 2014 and rising benchmark bond yields combined with rising consumer confidence in the U.S. The metal then rose to a session high of 1214.00/1215.00 on low year-end volumes as the Euro appreciated against the Dollar. Thereafter, it traded within range for the rest of the afternoon to finally close at 1203.00/1204.00.

Gold is closing today largely unchanged from yesterday despite having a large range. The metal took a run at the 2013 lows today but fell $2 short at 1182. The failure trade resulted in a $30 bounce to 1213. It has been a bad year for Gold falling -28% YOY. This is the first down year after 12 consecutive years of gains. From a price perspective, the down side in the metal remains vulnerable with $1,087 the 50% of our 12 year range the next massive support.

Gold settled flat at 28418 as all major exchanges in all regions where closed for the New Year.

Gold tumbled in 2013, with Fed’s plan to step away from ultra-loose monetary policy undermining the investor rationale for holding bullion.

Investors had largely shrugged off industry data revealing that the Chicago purchasing managers’ index fell to a seasonally adjusted 59.1.

Technical Levels

	SUPPORT 1	SUPPORT 2	RESISTANCE 1	RESISTANCE 2
GOLD	1192	1181	1231	1249

Commodity Contract S2 S1 R1 R2
 

COPPER

On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.384 a pound during European morning trade, up 0.05%. Comex copper prices traded in a range between USD3.376 a pound and USD3.391 a pound.

Copper prices were likely to find support at USD3.368 a pound, the low from December 26 and resistance at USD3.431 a pound, the high from December 24. The March contract settled 0.07% lower on Monday to end at USD3.382 a pound.

Market players looked ahead to U.S. data on consumer confidence and manufacturing activity in the Chicago region later in the day, to gauge if the U.S. economy will be strong enough to allow the Fed to continue withdrawing support through 2014.

Copper futures were little changed on the final trading day of the year on Tuesday, with volumes expected to remain light as many investors already closed books before the end of the year.

Copper settled flat as trading was light as there was no major news and most investors were celebrating the New Year.

Growth in China’s factories slowed slightly in December as export orders and output weakened, official data showed

Dallas Fed service sector index rose to 12.5 in December, but December Chicago PMI was 59.1, falling more sharply than market expectations.

Technical Levels

	SUPPORT 1	SUPPORT 2	RESISTANCE 1	RESISTANCE 2
COPPER	3.3726	3.3488	3.4141	3.4318

Commodity Contract S2 S1 R1 R2

CRUDE

On the New York Mercantile Exchange, crude oil futures for February delivery rose by 0.31% while trading at USD 98.73 a barrel.
It earlier traded at a session high USD 98.77 a barrel. Crude oil was likely to find support at USD 99.06 and resistance at USD100.75.
Expectations for Libyan oil exports to resume to near normal levels sent prices falling Tuesday due to the added supply they'd bring to the global market.
Libyan oil operations faced glitches recently due to protesters disrupting production at various oilfields.Expectations for increased exports from South Sudan also nudged prices lower.
Trading volumes were thin as many investors already closed books before the end of the year, reducing liquidity in the market and increasing volatility, which helped exaggerate market moves.

Crude oil futures were higher during the Asian session on Thursday to start the New Year with exports from Libya a continued focus along with strife in South Sudan.

Crude oil nudged higher recovering some losses despite signs the Chinese economy lost some steam late last year.

Bumpy progress on resuming oil production in war-disrupted regions of Africa and the Middle East has been a recent factor in trading.

Crude oil inventories will release on Friday at 9.30pm as US market was closed on Wednesday. Expected inventory is -2.3M.

Technical Levels

	SUPPORT 1	SUPPORT 2	RESISTANCE 1	RESISTANCE 2
CRUDE	97.91	96.67	99.89	100.39

Commodity Contract S2 S1 R1 R2
Global Economic Data

TIME	DATA	PRV	EXP	IMPACT
7.00P.M	Unemployment Claims	338K	334K	STRONG
7.00P.M	ISM Manufacturing PMI	57.3	56.8	STRONG

Unemployment Claims

Source	Department of Labor (latest release)
Measures	The number of individuals who filed for unemployment insurance for the first time during the past week;
Usual Effect	Actual < Forecast = Good for currency;
Frequency	Released weekly, 5 days after the week ends;
Next Release	Jan 9, 2014
FF Notes	This is the nation's earliest economic data. The market impact fluctuates from week to week - there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes;
Why Traders Care	Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy;
Also Called	Jobless Claims, Initial Claims;

ISM Manufacturing PMI

Source	Institute for Supply Management (latest release)
Measures	Level of a diffusion index based on surveyed purchasing managers in the manufacturing industry;
Usual Effect	Actual > Forecast = Good for currency;
Frequency	Released monthly, on the first business day after the month ends;
Next Release	Feb 3, 2014
FF Notes	Above 50.0 indicates industry expansion, below indicates contraction;
Why Traders Care	It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy;
Derived Via	Survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories;
Also Called	Manufacturing ISM Report On Business;
Acro Expand	The Institute for Supply Management (ISM), Purchasing Managers' Index (PMI);