Key Macroeconomic Indicators for Base Metal Prices (2017-2-15)

SHANGHAI, Feb. 15 (SMM) – API and EIA crude oil inventories in the US, China’s real foreign direct investment, ILO’s December unemployment and December and January for the UK, eurozone December trade data, US retail sales and US industrial production will be released today. Fed Chairwoman Janet Yellen’s statement is hawkish. Acceleration of Fed rate hike will be appropriate given economic growth in the US. Base metals are expected to fluctuate weekly today as the US dollar index strengthens.

Base Metals to Remain under Pressure, SMM Says

ILO’s December unemployment and December and January for the UK will unlikely improve. Market expectations of Fed rate hike strengthened after Janet Yellen’s speech, weighing down the euro.

API crude oil inventories increased 9.94 million barrels last week, compared to the 3.18 million barrels growth expected, weighing down oil prices. US shale oil supply grew, undermining optimism from output cut by OPEC countries. If EIA crude oil inventories increase sharply last week, oil prices may extend losses.