SHANGHAI, May 11 (SMM) –Market will eye crude oil inventory report on Wednesday.
Crude oil prices have been holding firm recently due to a series of unexpected news. But base metals prices will be more subject to market fundamentals and Chinese factors, with impact from crude oil movement waning. Should crude oil prices return to declines, market sentiment will be dampened somewhat, though.
The API’s US crude oil stocks surged 3.45 million barrels last week, well above forecast. This sent US crude oil futures contract for June delivery down slightly. Base metals prices might take a hit if the EIA’s US crude oil stocks, due for release tonight, also show big increase.
See SMM price forecast, please click: Trading at Lows Expected to Continue, SMM Says