Key Macroeconomic Indicators for Base Metal Prices (2016-3-9)

SHANGHAI, Mar. 9 (SMM) – Base metals prices should continue falling on Wednesday with overall bearishness. Major reports are still lacking today and eyes will be on US last week’s crude oil inventories released by EIA and API.

Growth in US crude oil inventories beat forecast last week but crude oil prices rebounded rapidly following a modest drop after inventory data released by the EIA. However, should crude oil inventories grow further, base metals will face downward pressure.

US API crude oil inventories increased 4.4 million bbl last week and as a result, the April-delivery oil futures headed for losses after a gain.

One officer of the Monetary Policy Committee of BOE expressed that the BOE will likely raise its interest rate next. But the officer also showed his warns about negative interest rate. 

Shanghai Base Metals to Extend Losses, SMM Says