Key Macroeconomic Indicators for Base Metal Prices (2016-12-29)

SHANGHAI, Dec. 29 (SMM) – Base metals weakened overnight, and will fluctuate weakly today given year-end cash tightness and current market sentiment.

The number of US initial jobless claims last week due for release today is expected to stay below 300,000.

After the announcement of US crude oil inventories last week, crude oil prices fell at one point. But with market expectations that oil producing countries will slash output soon, NYMEX February oil prices returned above all moving averages. Oil prices will remain strong in the near term.

API crude oil inventories last week for the US released this morning expectedly surged, weighing on oil price. But NYMEX February oil still remains in a strong territory.