Key Macroeconomic Indicators for Base Metal Prices (2016-10-25)

Published: Oct 25, 2016 09:22

Save

Market will eye US August home prices, October IBD consumer confidence index and October Richmond Fed Manufacturing Index today.

SHANGHAI, Oct. 25 (SMM) –Market will eye US August home prices, October IBD consumer confidence index and October Richmond Fed Manufacturing Index today.

US housing starts and building permits fell sharply in August, and new home sales and existing home sales fell unexpectedly. But, single home permits increased in August, and inventories of existing house are limited. Home prices rose faster than wages. Hence, US housing market is still positive and home price index is expected to extend gains in August.

Negative US September employment data and uncertainty over the result of US presidential election might dampen consumer confidence index. The University of Michigan’s preliminary consumer confidence index in October hit the lowest since September 2015, due mainly to uncertainty over the result of US presidential election and soft wage growth. As such, IBD consumer confidence index might weaken in October.

ECB president’s speech earlier left the door open for stimulus measures in December and his speech today will be closely watched.

See SMM price forecast, please click: Base Metals to Rise, SMM Says

base metal price forecast base metal prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

9 hours ago

Aurubis Raises Full-Year Profit Guidance on Strong Market and Operational Prospects

German copper producer Aurubis on Friday raised its full-year profit guidance, saying stronger market and operational prospects put the company's profits on track to exceed previous expectations.The company said persistently high metal prices, expected revenue growth from recycled material processing, and higher sulphuric acid sales in H2 would support its performance.Aurubis's metal products have broad applications across multiple industries.The copper market has maintained robust demand due to strong copper demand from AI data centers and electrification construction.Aurubis raised its full-year operating pre-tax profit (EBT) guidance from the previous expectation of 375 million to 467 million euros to 425 million to 525 million euros.

9 hours ago

Citigroup: Copper Prices to Find Support at $13,000/mt, Caution Urged Amid U.S.-Iran Tensions

Citigroup said on Friday that copper prices were expected to find solid support near $13,000/mt, but also cautioned investors to remain prudent, as a renewed escalation in U.S.-Iran tensions could trigger risk-off sentiment in the market, easily pushing copper prices lower.

9 hours ago

Copper Prices Hit Three-Month High on Supply Concerns from Grasberg Mine Delay

London copper prices climbed to a three-month high and were on track for their best weekly performance since January. This came after mining giant Freeport-McMoRan said the production recovery at its Grasberg mine in Indonesia would be slightly delayed, boosting market expectations of tightening supply.

9 hours ago