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Home / Metal News / Key Macroeconomic Indicators for Base Metal Prices (2016-10-26)

Key Macroeconomic Indicators for Base Metal Prices (2016-10-26)

iconOct 26, 2016 09:13
Source:SMM
Market will eye US crude oil stocks and September new home sales today. 

SHANGHAI, Oct. 26 (SMM) –Market will eye US crude oil stocks and September new home sales today. 

US housing starts, existing home sales and new home sales all fell in August. Housing starts fell to the lowest in one year and a half in September, which will tighten house inventories and allow home prices to extend gains, thus dampening new home sales. 

US crude oil stocks fell sharply last week, mainly because the US cut imports. The API’s US crude oil stocks, released this morning, rose significantly, sending crude oil prices down. But, the downside room for crude oil prices was limited due to falling crude oil stocks in Cushing. 

See SMM price forecast, please click: Base Metals to See Diverging after Tuesday’s Surge, SMM Says

 

base metal price forecast
base metal prices

For queries, please contact Michael Jiang at michaeljiang@smm.cn

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