Home / Metal News / Key Macroeconomic Indicators for Base Metal Prices (2017-1-11)

Key Macroeconomic Indicators for Base Metal Prices (2017-1-11)

iconJan 11, 2017 09:30
Source:SMM
The US dollar index rallied after hitting a two-day low on Tuesday, and is expected to remain range-bound.

SHANGHAI, Jan. 11 (SMM) – The US dollar index rallied after hitting a two-day low on Tuesday, and is expected to remain range-bound. Barack Obama’s farewell speech and Trump’s press conference will be a focus of markets. Trump’s border tax and fiscal stimulus attracted market attention, rising volatility in the US dollar. SHFE base metals remained strong.

China’s currency supply in December mostly fell short of or hold flat at November’s, meaning slowing Chinese economy.

Base Metals to Lurch Upper, SMM Says

UK Prime Minister hinted on Sunday that UK will exit single market to curb migrants. Australia former prime minister also said UK should exit EU tariff alliance. This will continue to weigh down the pound. According to UK’s seasonally adjusted trade data, the country’s trade deficit will expand, compounding pressure on the pound. UK’s November industry output is promising, though.

OPEC countries reached their first agreement on output cut issue from 2008 on November 2016, constraining daily production at 32.50 million barrels in six months starting January 1, 2017. API’s crude oil inventories in the US returned to positive territory last week, while EIA’s oil inventories are expected to grow significantly, extending losses of crude oil prices. 

base metals

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

SMM Events & Webinars

All