Key Macroeconomic Indicators for Base Metal Prices (2015-7-14)

SHANGHAI, Jul. 14 (SMM) – A deal on Greek debt issue was reached yesterday, boosting market sentiment. Eurozone leaders decided to give financial support to Greece through European Stability Mechanism with precondition that Greek Parliament will proposal regarding pass pension reform and sales tax hike, which had been objected by the referendum a week ago. This allowed European and US stocks to rise across the board and the US dollar index to gain.

After 18 days talks, an Iran nuclear agreement appeared likely, weighing down crude oil prices.

China Customs reports China’s exports in June were up 2.8% YoY, while imports fell 6.1% YoY, both topped market expectations. However, market players expressed their pessimism due to unstable domestic demand and sluggish demand overseas. When combined with constraining on RMB exchange rate, China will unlikely meet its foreign trade target for the year.

The US dollar index rose 1.01% to 96.796; NYMEX crude oil prices plunged 1.35% to 52.5; LME base metals prices rose across the board.