SHANGHAI, Nov. 16 (SMM) – Base metals fell with ferrous metals on Tuesday. US crude oil inventories, October industrial output, inflation and home prices in November will be released today.
US annualized PPI entered an upward track from October 2015. Besides, Trump will push fiscal expansion, increasing market expectation that inflation will grow. Long-end yields of US debt climbed significantly recently, boding well for US annualized PPI in October. This may grew the likelihood of a Fed rate hike in December.
US manufacturing PMI rose in October, so US October industrial output may also improve. But capacity utilization rate will unlikely rise to 80% in October.
UK’s unemployment rate fell. The number of people finding a permanent job jumped in the eight months before October, and increased October, meaning optimistic outlook for UK’s job market.
API crude oil inventories for the US last week rose, weighing down NYMEX December oil. If EIA crude oil inventories also increase, market expectations that crude oil prices will improve may weaken.