SHANGHAI, Feb. 21 (SMM) – Attentions should be on fresh reading of February Markit manufacturing PMIs from France, Germany, Europe and US and final reading of France’s January CPI on Tuesday. Prices both on LME and SHFE markets rallied across the board on Monday’s night trading. However, it is unclear if the prices will keep rising on Tuesday as keynote is fluctuation.
SMM Price Outlook for Base Metals on SHFE (Feb. 21, 2017)
US’s Philadelphia Fed's manufacturing index and NY Empire State manufacturing index both increased higher than expected in February. Philadelphia Fed's manufacturing index rose for seven months in a row in February, hitting the highest level from early 1984. NY Empire State manufacturing index increased 6.5 to 18.7, hitting a 2-year high. This strengthens expectation over rising Markit manufacturing PMI in February, supporting US dollar index to rise.
Manufacturing PMIs from eurozone and its economies will stay firm in February. France’s annual CPI continued rising since February 2016 and increased higher than expected in January. This, combined with low base, will result in firm CPI in February, slowing depreciation of euro.
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