SHANGHAI, Nov. 11 (SMM) – Base metals overnight remained strong, and will consolidate at highs today.
Germany’s annualized CPI has been rising since April, so Germany’s October CPI is expected to improve. With improvement in inflation rate in eurozone and eurozone countries, it is uncertain European Central Bank will prolong quantitative easing in December.
University of Michigan’s November CCI will improve further. But IBD November Household Finance Index fell from 59.9 to 58.9, and confidence toward government economic policy also decreased from 43.5 to 43.1. When combined with sluggish University of Michigan’s CCI this year, the November CCI may fall.
Crude oil output surged in September due to growth in Iraq, Libya, Iran and Nigeria, despite output decline in Saudi Arabia. OPEC’s report due for release today is expected to show crude oil output hitting record high in October, weighing on oil prices.