Key Macroeconomic Indicators for Base Metal Prices (2016-11-3)-Shanghai Metals Market

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Key Macroeconomic Indicators for Base Metal Prices (2016-11-3)

Industry News 09:22:45AM Nov 03, 2016 Source:SMM

SHANGHAI, Nov. 3 (SMM) – Base metals overnight stabilized at the end of trading, and are expected to consolidate at lows today.

Markit’s flash manufacturing PMI in September for the US fell both short of August’s final figures and market expectations, with new order sub-indice hitting the lowest since December 2015. As such, US September flash durable goods orders were both weaker than expected and August. Markit’s final manufacturing PMI in September for the US was revised upwardly from flash data, but still fell short of August’s final data, and new order growth was also the slowest in 9 months, boding ill for US final September durable goods orders.

Fed left interest rate unchanged in November, in line with market expectations, but hinted the likelihood of a Fed rate hike in December increased. The US dollar rallied. 

Key Words:  base metals 

Key Macroeconomic Indicators for Base Metal Prices (2016-11-3)

Industry News 09:22:45AM Nov 03, 2016 Source:SMM

SHANGHAI, Nov. 3 (SMM) – Base metals overnight stabilized at the end of trading, and are expected to consolidate at lows today.

Markit’s flash manufacturing PMI in September for the US fell both short of August’s final figures and market expectations, with new order sub-indice hitting the lowest since December 2015. As such, US September flash durable goods orders were both weaker than expected and August. Markit’s final manufacturing PMI in September for the US was revised upwardly from flash data, but still fell short of August’s final data, and new order growth was also the slowest in 9 months, boding ill for US final September durable goods orders.

Fed left interest rate unchanged in November, in line with market expectations, but hinted the likelihood of a Fed rate hike in December increased. The US dollar rallied. 

Key Words:  base metals