Key Macroeconomic Indicators for Base Metal Prices (2016-5-24)

SHANGHAI, May 24 (SMM) – US new home sales in April and Germany’s annualized Q1 growth will be released today. As short momentum prevailed in the market, base metals should remain weak but diverge today.

Eurozone ZEW Economic Sentiment and German ZEW Current Conditions in May due for release today are expected to improve. Germany’s manufacturing, service and composite PMIs in May were upbeat, boding well for Eurozone ZEW Economic Sentiment and German ZEW Current Conditions.

US existing home sales were upbeat in April, so new home sales should be also promising. Pending home sales jumped 1.4% MoM in March, hitting their highest since May 2015, and compared with the 0.5% growth expected. Year-on-year growth was 3.4%.

See SMM price forecast, please click:Shorts Gain Upper Hand in Base Metals, SMM Says