Key Macroeconomic Indicators for Base Metal Prices (2016-7-13)

SHANGHAI, Jul. 13 (SMM) –Market attention will focus on China June trade and US crude oil stocks today. 

China’s exports are expected to remain poor in June, due mainly to global economic uncertainty and high base in the same period last year. Imports will show no improvement as well because of weak domestic demand.  

President of the US Federal Bank of Minneapolis said this morning that the US Fed has not yet fulfilled two major goals, citing disappointing inflation and employment data. He added that the US Fed should remain patient over interest rate hike issue.   

API’s US crude oil stocks surged unexpectedly last week, but this seemed to have little impact on crude oil prices. US crude oil futures prices for August delivery fell only slightly, and then rebounded. 

See SMM price forecast, please click: Divergence to Intensify in Base Metals, SMM Says