[Base Metal]Key Macroeconomic Indicators for Base Metal Prices (2015-8-6)

SHANGHAI, Aug. 6 (SMM) – Wednesday evening saw a shortage of major reports. US ADP employment for July rose 185,000, below the expected 210,000 and June’s 237,000. But ISM non-manufacturing index improved over the expected 56.2 considerably, reaching 60.3, a ten-year high. Upbeat new order index and employment index lent support to dollar again.  

Prime Minister Alexis Tsipras said, " Greek has almost reached a negotiation with its international creditors. Greek may not accept new reforms but he will try to end the saying that Greek will exit from euro zone." Deadline falls on August 20 for Greek to repay EUR 3.5 billion to the European Central Bank. Should Greek default on this, the ECB will have no reason to provide Greek the ELA.

One large security firm in south China has been required to submit some traction records of large traders. China Development Bank and Agricultural Development Bank will issue RMB 300 billion of special construction bond to Postal Savings Bank of China to stabilize economy development, one provincial National Development and Reform Commission noted. The Standing Committee of the National People's Congress (NPC), China's top legislature, has included Property Tax Law in a legislation plan released this week.

US dollar index railed following a drop and finally ended down 0.13%. US crude oil prices slumped 1.91%. European and US stocks grew across the board. LME base metals all slipped.