Key Macroeconomic Indicators for Base Metal Prices (2016-12-14)

SHANGHAI, Dec. 14 (SMM) – The market still remains cautious ahead of the announcement of Fed’s interest rate decision. Base metals will move weakly today.

US November retail sales due for release today may fall as employment in the retailing sector decreased 9.3% YoY in November, the lowest in the same period from 2010, due mainly to impact from online shopping. US salary growth also slowed in November. but Markit manufacturing PMI new order and production indexes improved noticeably, and US Conference Board’s CCI hit the highest from July 2007 in November, meaning US consumption outlook is still promising.

Base Metals to See Weak Trading, SMM Says

API crude oil inventories in the US unexpectedly grew significantly, pushing down NYMEX January oil and fueling uncertainty over crude oil market. But due to agreement to cut output, any impact on oil prices will be limited.