Key Macroeconomic Indicators for Base Metal Prices (2016-6-24)

SHANGHAI, Jun. 24 (SMM) –Market will eye Germany June IFO index and University of Michigan’s consumer confidence index today. Result of UK referendum, due for release in the afternoon, will come under the spotlight. So far, people voting to stay in the EU slightly outnumber those choosing to leave. Any unexpected result is also likely, though. 

Germany June ZEW sentiment index beat forecast, but market expects the country’s June IFO sentiment index to drop. 

US IBD consumer confidence was in line with forecast, but dropped slightly from May. The University of Michigan’s preliminary consumer confidence index was slightly better than forecast, but also slipped from May, indicating concerns over US economic outlook. As such, the University of Michigan’s final consumer confidence index is expected to miss forecast.    

UK referendum result will be released region by region, which will add to volatility in base metals. The biggest impact, though, will come from the final result.

See SMM price forecast, please click: Market to Stay Cautious before UK Result, SMM Says