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[Base Metal]Key Macroeconomic Indicators for Base Metal Prices (2015-8-3)
Aug 3,2015 09:59CST
price review forecast
Source:SMM
Last Friday, US dollar rallied following a drop. US labor cost index for Q2 rose 0.2% QoQ, its lowest since 1982, below forecast and previous value, pushing dollar down.

SHANGHAI, Aug. 3 (SMM) – Last Friday, US dollar rallied following a drop. US labor cost index for Q2 rose 0.2% QoQ, its lowest since 1982, below forecast and previous value, pushing dollar down. But later, US dollar regained the losses. US University of Michigan’s CCI for July came in at 93.1, lower than the 94 expected and July’s flash data of 93.3.

US crude oil prices slumped 3.45%. US active oil and gas rigs dropped 2 to 874 last week. But active oil rigs grew 5 to 664, hitting a fresh high since May 8. In the past five weeks, active oil rigs increased 36, also the largest rise last seen March 2014. As such, investors worried that US crude oil output will be set for rise, weighing on oil prices.

China official manufacturing PMI for July came in at 50, below forecast. Caixin’s manufacturing PMI, released previously, fell to a 15-month low, below 50 for five straight months. China National Bureau of Statistics explained that high temperature, storms, and some industrials’ production cut, equipment maintenance and technology upgrade may slow the industrial growth. Moreover, commodity prices slipped recently and some enterprises have been impacted. Demand stayed weak both at home and abroad, further worsening the situation.

The average price of new homes in 100 monitored Chinese cities for July came in at RMB 10,685/m3, up by 0.54% MoM, the third rise in three months.

US stocks dropped across the board while European stocks all jumped. US dollar index fell 0.27%. LME base metals all dropped except tin.

 

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