Key Macroeconomic Indicators for Base Metal Prices (2016-10-19)

SHANGHAI, Oct. 19 (SMM) – China’s September investment, consumption and industry output will be announced today. Stable economic indicators from China, combined with RMB 462 billion medium-term lending facility at 20 financial institutions by the People’s Bank of China, will boost base metals.

The macroeconomic situation analysis meeting held on Sunday predicted China’s economic growth in Q4 will remain steady at 6.7%. Government investment and the property market will also contribute to China’s economy.

UK’s unemployment rate in September and ILO’s 3-month unemployment rate ending August are expected to hold stable. Should the data turn out to be sluggish, the pound will be depressed.

API's crude oil inventories last week fell more than expected, and Cushing’s oil inventories continued to decline, pushing up NYMEX November oil prices.