Key Macroeconomic Indicators for Base Metal Prices (2016-4-26)

SHANGHAI, Apr. 26 (SMM) – Base metals are expected to see weak trading on Tuesday with eyes on Germany’s retail sales data for March and US Conference Board CCI for April.

US monthly durable goods orders may improve in March as US ISM manufacturing PMI posted the first growth in March since August 2015. And the order sub-index hit a high of 58.3 since November 2014.

US April IBD CCI and University of Michigan’s CCI underperformed those in March. Therefore, US Conference Board CCI for April may also miss forecast.

The annualized import price index from Germany will likely be negative in March. The country’s final annualized CPI for March was in line with expectation but the PPI registered declines in the same period. This fails to give clear direction to movement of inflation in Germany. 

Rising Momentum Wanes in Base Metal Market, SMM Says