Key Macroeconomic Indicators for Base Metal Prices (2015-9-10)

SHANGHAI, Sept. 10 (SMM) –The July JOLTs job openings figure rose to 5.75 million, much higher than the 5.30 million expected, and hitting an all-time high. The figure in June was revised from 5.25 million to 5.32 million, and the quits stayed at 1.9%. Despite poor non-farm employment data in August, some economists expect the figure will be revised upwardly. The former US finance minister Summers wrote in his blog strongly advising the Fed against raising interest rate in September, believing the downshift in China and global economy is dragging down recovery in the US. This added to uncertainties when the Fed will hike its benchmark rate.

The EIA lowered its forecast of global crude oil demand by 90,000 bbl to 1.17 million bbl/day. The EIA finds global demand for crude oil continues to slow, which will weigh down crude oil prices further.

Chinese Premier Li Keqiang said at the Davos Forum China’s economy is facing pressure but is still controllable. Yuan’s exchange rate will be maintained stable, helping ease market concerns.

The US dollar index rose 0.09%; the euro against the US dollar climbed 0.04%; US stocks dropped, while European stocks grew. LME copper, aluminum and zinc prices closed with declines, while lead, tin and nickel prices gained.