Key Macroeconomic Indicators for Base Metal Prices (2016-6-21)

SHANGHAI, Jun. 21 (SMM) –Market attention will focus on June ZEW economic sentiment index for Germany and the euro zone today. 

Base metals on the SHFE rose overnight, except tin. However, most metals met resistance at moving averages. Some base metals are expected to fall back today.  

ZEW economic sentiment index for Germany and the euro zone are expected to see no turnaround in June due to risks over UK exit from the euro zone. ZEW economic sentiment index for Germany and the euro zone both fell sharply in May, which was also mainly the result of uncertainty over UK exit from the euro zone.

US Fed Chairwoman Janet Yellen will give semiannual financial report tonight. Her remarks at the news conference after the June meeting gave a dovish tone. As such, the financial report may offer nothing new.