Key Macroeconomic Indicators for Base Metal Prices (2016-11-10)

SHANGHAI, Nov. 10 (SMM) – US initial jobless claims last week and September industrial output in France and Italy will be announced today. Market focus will turn to the likelihood of Fed’s rate hike in December and possible policy Trump may push in the near term. Base metals are expected to consolidate at highs today.

The number of US initial jobless claims last week due for release today will remain in normal level, and below 300,000 for the 88th straight week.

St . Louis Fed Chair and San Francisco Fed Chair will speak today. Both of them think fit that December is a ideal point to raise rate.

Crude oil may be weighed down after the release of IEA crude oil inventories today. Last month’s report showed OPEC oil output hit a record high in September. Crude oil oversupply will last until H1 2017. OPEC countries continued to grow output in October.