Key Macroeconomic Indicators for Base Metal Prices (2015-12-23)

Published: Dec 23, 2015 09:46

Save

Major economic indicators scheduled for release today include US crude oil inventories, new home sales and PCE price index, which are expected to be mixed.

SHANGHAI, Dec. 23 (SMM) – Major economic indicators scheduled for release today include US crude oil inventories, new home sales and PCE price index, which are expected to be mixed. This will trigger market speculations at what pace the Federal Reserve will raise its interest rate in the future, but will give little effect on base metals. As investors leave the market ahead of the Christmas holiday, trading will mute, leaving base metals prices in check.

US November PCE price index is expected to improve. US November core CPI met Fed’s target, excluding food and crude oil. Should crude oil prices rise in H2 2016, US CPI will improve further.

US durable goods orders in November are not promising. ISM November manufacturing index fell from 50.1 in October to 48.6, the lowest since June 2009, due to lower production of automobile and metals against soft demand.

University of Michigan’s December CCI for the US is expected to rise, basing on rebounding IBD December CCI in December and better outlook for the US job market. Nevertheless, growth in US salaries is still limited.

OPEC basket oil prices dropped to an 11-year low of USD 30.74/mt on Tuesday, boding ill for the crude oil market. But API crude oil inventories in the US fell more than expected last week, which will give some support to oil prices.

base metal

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

15 hours ago

Shuangli Mining Launches Upgraded Iron Mine, Aiming for 870,000 MT Annual Iron Ore Output

Recently, Inner Mongolia Shuangli Mining Co., Ltd. (hereinafter referred to as "Shuangli Mining") held the completion and trial production ceremony for the upgrading and capacity expansion project of the mining and beneficiation system at the No. 2 Iron Mine in the Geqi mining area.Once the project reaches full production, it will produce 870,000 mt of iron ore concentrates, 9,580 mt of copper concentrates, 5,432 mt of lead concentrates, and 2,052 mt of zinc concentrates annually, injecting new momentum into Shuangli Mining's green and high-quality development.

15 hours ago

Mar 24, 2026 17:21

East China Special Steel's Ferromolybdenum Tender Price Fell, Procuring 120 mt

[Molybdenum-Iron Tender Information] SMM, March 24: It is reported that on March 23, a special steel group in east China announced the tender price for a new round of ferromolybdenum procurement, with the tax-inclusive plant-delivered acceptance-settled price at 277,500 yuan/mt, down 2,000 yuan/mt from the tender price on March 18. The public tender purchase volume was 120 mt (bid volume), while the actual total purchase volume remained to be determined.

Mar 24, 2026 17:21

Mar 18, 2026 16:56

[SMM Hot-Rolled Coil Daily Transactions] Spot Transactions Weakened Somewhat

[SMM Daily Hot-Rolled Coil Trading] On March 18, the total daily trading volume of hot-rolled coil among SMM sample enterprises in four cities (Shanghai, Lecong, Tianjin, and Ningbo) was 14,430 mt, down 640 mt day on day, or 4.2%, with up 14.43% YoY on a calendar basis and down 26.56% YoY on a lunar calendar basis.

Mar 18, 2026 16:56