Key Macroeconomic Indicators for Base Metal Prices (2016-3-23)

SHANGHAI, Mar. 23 (SMM) – Eyes will be on US last week’s crude oil inventories reported by the EIA and API and US February new home sales on Wednesday.

US February new home sales may improve, which however, will not wane expectation for weakening of US housing market. Given sharp fall in US February exist-home sales and continuous gains in US home price index, tight supply and rising house prices will pose pressure on US property market.

Attention will be also turning to speeches delivered by Chairmen of Philadelphia Federal Reserve and Federal Reserve Bank of ST.Louis. This will pose direct effect on movements of US dollar.

US last week’s API crude oil inventories surged near 8.8 million bbl, far beating forecast. But plunge in gasoil inventories helped curb declines in crude oil prices. 

Range-Bound Trading Expected in Base Metal Market, SMM Says