China’s PMI Eyed, Base Metal Prices Likely to Open Lower-Shanghai Metals Market

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China’s PMI Eyed, Base Metal Prices Likely to Open Lower

SMM Insight 12:15:47PM Feb 04, 2013 Source:SMM

SHANGHAI, Feb. 4 (SMM) – It was earlier expected that China’s manufacturing PMI would continue to rebound, but markets have been less than sensitive to China’s economic recovery. Manufacturing activities are in recession in the euro zone, except for Germany, which has shown signs of recovery. The US ISM manufacturing index was mixed judging from the data submitted by the Federal Reserve in twelve districts.   

The previous US ADP report was positive, triggering markets expectations that nonfarm payrolls would improve. It’s worth noting that position liquidation in base metal markets began to increase since the late European session last Thursday, which means longs will likely exit the market if nonfarm payrolls are positive as expected.  

The economic indicators from major economies are shown in the table below. 
 

Time(Beijing Time

Event

Previous Reading

Forecast

Feb. 1, 730

December unemployment rate in Japan

4.1%

4.1%

Feb. 1, 900

China’s official manufacturing PMI for January

50.6

51

Feb. 1, 945

Final reading of HSBC’s China January manufacturing PMI

51.5

52

Feb. 1, 1643

January manufacturing PMI in Italy

46.7

47.6

Feb. 1, 1648

Final reading of France’s January manufacturing PMI

42.9

42.9

Feb. 1, 1653

Final reading of France’s January manufacturing PMI

48.8

48.8

Feb. 1, 1658

Final reading of January manufacturing PMI in the euro zone

47.5

47.5

Feb. 1,1700

December unemployment rate in Italy

11.1%

11.3%

Feb. 1, 1728

January manufacturing PMI in the UK

51.4

51

Feb. 1, 1800

December unemployment rate in the euro zone

11.8

11.9

Feb. 1, 1800

Preliminary reading of January CPI in the euro zone

2.2%

-

Feb. 1, 2130

January unemployment rate in the US

7.8%

7.8%

Feb. 1, 2130

US January nonfarm payrolls

155,000

155,000

Feb. 1, 2255

Final reading of University of Michigan Consumer Sentiment Index in January

71.3

71.3

Feb. 1, 2300

Spending on US construction projects in December

-0.3%

0.6%

Feb. 1, 2300

US January ISM manufacturing index

50.7

50.5

Key Words:  China   manufacturing PMI   US 

China’s PMI Eyed, Base Metal Prices Likely to Open Lower

SMM Insight 12:15:47PM Feb 04, 2013 Source:SMM

SHANGHAI, Feb. 4 (SMM) – It was earlier expected that China’s manufacturing PMI would continue to rebound, but markets have been less than sensitive to China’s economic recovery. Manufacturing activities are in recession in the euro zone, except for Germany, which has shown signs of recovery. The US ISM manufacturing index was mixed judging from the data submitted by the Federal Reserve in twelve districts.   

The previous US ADP report was positive, triggering markets expectations that nonfarm payrolls would improve. It’s worth noting that position liquidation in base metal markets began to increase since the late European session last Thursday, which means longs will likely exit the market if nonfarm payrolls are positive as expected.  

The economic indicators from major economies are shown in the table below. 
 

Time(Beijing Time

Event

Previous Reading

Forecast

Feb. 1, 730

December unemployment rate in Japan

4.1%

4.1%

Feb. 1, 900

China’s official manufacturing PMI for January

50.6

51

Feb. 1, 945

Final reading of HSBC’s China January manufacturing PMI

51.5

52

Feb. 1, 1643

January manufacturing PMI in Italy

46.7

47.6

Feb. 1, 1648

Final reading of France’s January manufacturing PMI

42.9

42.9

Feb. 1, 1653

Final reading of France’s January manufacturing PMI

48.8

48.8

Feb. 1, 1658

Final reading of January manufacturing PMI in the euro zone

47.5

47.5

Feb. 1,1700

December unemployment rate in Italy

11.1%

11.3%

Feb. 1, 1728

January manufacturing PMI in the UK

51.4

51

Feb. 1, 1800

December unemployment rate in the euro zone

11.8

11.9

Feb. 1, 1800

Preliminary reading of January CPI in the euro zone

2.2%

-

Feb. 1, 2130

January unemployment rate in the US

7.8%

7.8%

Feb. 1, 2130

US January nonfarm payrolls

155,000

155,000

Feb. 1, 2255

Final reading of University of Michigan Consumer Sentiment Index in January

71.3

71.3

Feb. 1, 2300

Spending on US construction projects in December

-0.3%

0.6%

Feb. 1, 2300

US January ISM manufacturing index

50.7

50.5

Key Words:  China   manufacturing PMI   US