Key Macroeconomic Indicators for Base Metal Prices (2016-4-22)

SHANGHAI, Apr. 22 (SMM) – Base metals are expected to consolidate at lows and diverge today. Futures market slumped overnight with retreat of investors.

Eurozone manufacturing, service and composite PMIs in April are expected to top market expectations, meaning continuous recovery in the eurozone.

Philadelphia Fed’s manufacturing PMI in April weakened significantly. This adds to uncertainty over Markit’s flash manufacturing PMI in April, despite market optimism toward the index.

The market will focus on European Central Bank’s (ECB) interest rate decision for April and Mario Dragi’s statement today. The bank is expected to remain cautious, but will likely hint on further easing measures. 

See SMM price forecast, please click:Base Metals to See Speculative Enthusiasm Wane, SMM Says