Key Macroeconomic Indicators for Base Metal Prices (2016-11-22)

Published: Nov 22, 2016 09:24

Save

Market will eye euro zone consumer confidence index and US existing home sales on Tuesday.

SHANGHAI, Nov. 22 (SMM) –Market will eye euro zone consumer confidence index and US existing home sales on Tuesday.

Housing starts in the US rose 26% MoM and hit 9-year high in October, with annualized units beating 1.17 million units expected and 1.05 million units in September. Home prices stayed high in October, suggesting house inventories were tight. Even if existing home sales for October are slightly below forecast, US housing market outlook remains positive.

The euro zone’s consumer confidence index has been rising most of the months over the past year. Preliminary consumer confidence index should rise as well in November. ECB president said this year is the first year that GDP in the euro zone has recovered to level seen before the 2008 global financial crisis.

Investors will close watch ECB president’s speech today to seek clues as to tone for next month’s monetary policy.

See SMM price forecast, please click: Base Metals to Lurch Higher, SMM Says

base metal price forecast base metal prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

16 mins ago

Copper Discount Slowly Recovers, But Upward Momentum Weak Amid Ample Supply

Looking ahead to tomorrow, the discount for spot copper is expected to continue its slow recovery, though the room for improvement remains limited.Intraday trends showed spot premiums stabilizing, with traders holding firm on pricing and only non-registered copper discounts narrowing slightly. Downstream acceptance is gradually improving.The narrowing month spread may reduce warrant delivery interest. Supply remains ample due to sustained arrivals of domestic and imported copper, alongside high social inventories. Downstream operations are recovering, but demand growth is too slow to significantly boost premiums.In short, the discount is slowly correcting, but upward momentum is weak.

16 mins ago

20 mins ago

Supply-demand Rebalancing Continues to Advance SHFE Copper Spot Discounts Gradually Stabilize [SMM Shanghai Spot Copper]

[Shanghai Spot Copper] For tomorrow, Shanghai spot copper discounts are expected to continue a modest recovery trend, but the room for improvement is limited. During the second trading session of the day, spot premiums and discounts for SHFE copper gradually stabilized, with suppliers making no significant price adjustments. Only non-registered copper discount quotes dropped slightly, indicating an increased willingness among suppliers to hold prices firm. Meanwhile, downstream acceptance of current prices has been gradually improving, and buying and selling sentiment remains stable. In terms of market structure, the price spread between futures contracts for the next month narrowed slightly, suggesting that suppliers' willingness to ship to delivery warehouses may have decreased. On the supply side, domestic copper and previously locked-price imported sources continue to arrive, coupled with high social inventory, resulting in an overall ample supply of circulating goods. On the demand side, downstream enterprises are steadily resuming production, and buying and selling sentiment has rebounded MoM, but the overall pace of recovery remains slow, making it difficult to provide strong support for premiums and discounts. Overall, while spot premiums and discounts are slowly recovering, there are still upward resistance.

20 mins ago

2 hours ago

Copper Prices Fell Stimulating Downstream Restocking Spot Premiums Rose [SMM South China Spot Copper]

2 hours ago