SHANGHAI, Nov. 23 (SMM) –Market attention will focus on US crude oil inventory changes, as well as a series of economic data from the US and the euro zone on Wednesday, including US housing market data and consumer confidence index.
Manufacturing PMI in the US has been rising steadily since May, and Markit’s preliminary US manufacturing PMI should extend growth in November, which will strengthen the dollar. Preliminary manufacturing PMIs in Germany, France and the euro zone are expected to be positive, too, in November.
Markit’s US manufacturing PMI improve significantly in October from September, with new order index rising to the best level since October 2015. So, US durable goods orders should improve as well in October.
API's US crude oil stocks fell more than expected last week, but gasoline stocks grew as many as 2.68 million barrels. Such mixed data left US crude oil futures prices for January delivery struggling.
See SMM price forecast, please click: Rising Momentum to Continue in Base Metals, SMM Says