Key Macroeconomic Indicators for Base Metal Prices (2016-7-14)

SHANGHAI, Jul. 14 (SMM) –Market will eye US June PPI and last week’s initial jobless claims today, as well as policy decision for the BOE’s July meeting. 

US import & export price index was mild in June, meaning low possibility of improvement for US inflation in June. Annual rate of US PPI remained low in June. US initial jobless claims remained below 300,000 last week.

The US Fed’s Beige Book showed positive outlook for overall US economic fields, mild growth in employment and mild inflationary pressure. But the Beige Book also pointed out that US consumer expenditures showed signs of softening and manufacturing sector was mixed. The US dollar index slipped following release of the Beige Book. 

The BOE will announce result for its July policy meeting later in the day. BOE governor sent signals of looser monetary policy earlier. The British pound will take a hit if the BOE loosens monetary policy as expected. 

See SMM price forecast, please click: Volatility Stay on Mixed Factors, SMM Says