Metals News
Key Macroeconomic Indicators for Base Metal Prices (2015-9-7)
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10:18AM
Sep 7,2015
Source:SMM

SHANGHAI, Sept. 7 (SMM) – The number of US non-farm employment added was 173,000 in August, much lower than the 217,000 growth expected. But unemployment rate fell from 5.3% to 5.1%, its lowest since April 2008. US non-farm employment in July was revised upwardly from 215,000 to 245,000, with the number for June revised from 231,000 to 255,000. Salaries per hour also increased 0.3% in August, higher than July’s and market expectations. Richmond Fed Chairman Jeffrey Lacker thinks the conditions meet Fed’s requirements for an interest rate hike.

German seasonally adjusted factory orders in July fell 1.4%, lower than market expectations, and data in June was revised from 2% growth to 1.8% increase. German economy lacks momentum to maintain growth in Q3.

Baker Hughes data show the number of US oil drillings decreased 13 to 662, its first decline over the last seven weeks, and the largest drop in three months. This is believed to positively affect crude oil market.

The CSRC said it will study introduction of a stock index circuit breaker system, a point at which trading will be suspended for a period of time in response to substantial drops.

The US dollar index dropped 0.09%. European and US stocks mostly fell sharply. LME base metals prices all closed with declines. 


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