SHANGHAI, Mar. 30 (SMM) – Base metals are expected to see weak trading on Wednesday with eyes on Chinese stock market.
Attention will be paid to US crude oil inventories reported by the API and EIA, US March ADP employment data and euro zone’s sentiment data for March.
US ADP employment data has remained above 200,000 people for four straight months from the end of 2015 to early 2016. US Philadelphia Fed's March manufacturing employment data and the sub-employment index of flash Markit manufacturing PMI performed well and US initial jobless claims stay below 300,000 people for 55 weeks in a row. As such, US March employment data should be positive.
A series of sentiment indexes from euro zone is predicted to be mixed in March. Germany’s March IFO business climate index ended declines and beat forecast, and both business expected and current condition indexes are higher than expected and February’s levels. However, Germany’s March ZEW economic sentiment index fell short of forecast and current condition index headed for losses.
US last week’s API crude oil inventories continued increasing with growth below forecast and previous level. The inventories in Cushing dropped 319,000 bbl, below previous fall of 1.37 million bbl. Those data dampened crude oil prices.