Key Macroeconomic Indicators for Base Metal Prices (2016-8-17)

SHANGHAI, Aug. 17 (SMM) – Base metals fluctuated in a wide range overnight and diverged. This will continue today.

UK’s unemployment rate due for release today is expected to remain low, meaning the country’s job market is free from UK’s vote to leave the EU. But the sideeffect from the vote is expected to hurt the country’s job market and in turn weigh on the pound.

API’s crude oil inventories in the US unexpectedly fell, but gasoline inventories jumped, weighing down crude oil. NYMEX September oil tumbled, but then clawed back some gains.

Atlanta Fed Chairman said US is close to full employment, and it will be feasible for the Fed to raise rates for two times this year. New York Fed Chairman also sees possibility of a Fed rate hike in September, and the Fed is expected to hike rates by over one time before 2017.