Key Macroeconomic Indicators for Base Metal Prices (2017-1-4)

Published: Jan 4, 2017 09:18

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Economic data will make limited effect on base metals on Wednesday.

SHANGHAI, Jan. 4 (SMM) – Economic data will make limited effect on base metals on Wednesday. Attention should be on final reading of Eurozone’s Markit services and composite PMIs in December and fresh reading of CPI in December on a yearly basis. Base metals dropped across the board both on SHFE and LME markets on Tuesday, the first trading day in 2017. As base metals stopped falling and stabilized at the tail of Tuesday’s trading, metals are expected to revise slightly on Wednesday but will remain weak.

Base Metals to Stay Weak, SMM Says

Fresh reading of Eurozone’s CPI will keep rising in December for 8 months in a row, according to Eurozone’s inflation trend in 2016 and market’s expectation. Italy’s CPI will also be positive in December, on a yearly basis.

Eyes should be on oil price on Wednesday. Commodities, including crude oil, dropped across the board on Tuesday’s night trading, hurt by rising US dollar index. Market players are waiting for output cut at oil-producing countries. If the countries fail cutting output, or the reduction missed expectation, it will strike commodities unprecedentedly.

Macroeconomic Indicators base metals

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