SHANGHAI, May 17 (SMM) – The market will lack solid macroeconomic news today. US crude oil inventories last week will be eyed. Eurozone annualized April CPI before seasonal adjustment and 30-year fixed mortgage rates last week will be released today. Base metals fell initially and then rose overnight, but still met resistance from moving average. Base metals will continue to diverge today.
SMM Price Outlook for Base Metals on SHFE (May 17, 2017)
Eurozone annualized April CPI before seasonal adjustment will hold flat at 1.9%.
UK’s employment market remained strong. ILO unemployment rate has dropped to a low level. If ILO unemployment rate in March is in line with market expectations, any effects on the market will be limited. The market is more focused on salary changes, which will be decisive for the pound today. The Bank of England Chairman Mark Carney said last week employment positions increased, and salary will maintain upward momentum this year.
API crude oil inventories for the US last week grew 882,000 barrels, and refined oil inventories also unexpectedly grew. This weighed down NYMEX June oil prices.
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