SMM Weekly Price Outlook for Base Metals on LME and SHFE (Jul. 17-21, 2017)

New York Fed President Reaffirmed Stance of Holding Rates Steady, but Warned That a Prolonged War Could Simultaneously Push Up Inflation and Weigh on Economic Growth.Williams, President of the Federal Reserve Bank of New York and often referred to as the "third-ranking official" at the US Fed, said Thursday that the current monetary policy stance was "well positioned" to handle the risk of a sustained supply shock that could arise from the war in the Middle East. He warned that the conflict could push up inflation while suppressing economic activity, creating a dual pressure.

The CEO of copper producer KGHM stated that the company was seeking to invest in mines in Europe and Morocco to secure ore supply near its Polish smelting base and reduce logistics costs. In addition to its domestic assets in Poland, KGHM also operates the Robinson mine in the US and holds a 55% stake in the Sierra Gorda project in Chile. Last month, the company signed a memorandum on raw material cooperation with Morocco's National Office of Hydrocarbons and Mines and Moroccan mining company Managem Group.

Pakistan's Foreign Ministry spokesperson Andrabi stated that the date for the next round of US-Iran talks had not yet been determined. Andrabi said that Pakistan was playing an important role between the US and Iran. Pakistan's efforts led to the successful conclusion of a ceasefire agreement between the US and Iran, and it was hoped that Lebanon and the region would return to peace.