Key Macroeconomic Indicators for Base Metal Prices (2016-10-21)

SHANGHAI, Oct. 21 (SMM) – Home price index in China’s 70 large and medium cities in September and eurozone October CCI will be released today. The US dollar index rose overnight, taking a toll on commodities. Some base metals may fall, with lead still promising.

Home price index in China’s 70 large and medium cities is expected to rise further. The China Index Academy (CIA) reported prices for newly constructed houses in China’s 100 cities averaged RMB 12,617/m2, up 2.83% MoM, with the growth up 0.66% from August, and up 16.64% YoY. Prices for newly constructed houses in Beijing and Shanghai averaged RMB 24,372/m2, up 21.49% YoY.

Eurozone October CCI should improve, as Sentix CCI for eurozone in October topped both forecast and August. Besides, ZEW economic sentiment index in October almost doubling expectations and August’s.