SHANGHAI, Nov. 21 (SMM) – The macro front will be relatively quiet on Monday, with eyes on Chicago Fed National Activity Index.
US manufacturing PMI improved significantly in October from September. Growing expectations for US rate hike in December are based on recent positive US economic data. As such, there is a good chance that Chicago Fed National Activity Index will rise as well in October.
In crude oil market, data from Baker Hughes showed the number of active drilling wells in the US continued growing noticeably last week. But the negative impact on crude oil prices is negligible since market is optimistic that the OPEC will reach a deal over output cuts on November 30. Oil field in Iran’s Kirkuk was suspended from operations because of power shortage, which will offer some support to oil prices.
See SMM price forecast, please click: Strong Dollar to Weigh down Base Metals, SMM Says