Key Macroeconomic Indicators for Base Metal Prices (2017-2-16)

SHANGHAI, Feb. 16 (SMM) – US January housing starts and annualized data, US January construction permits, the number of initial jobless claims and continued jobless claims last week will be released today. Fed Chair Janet Yellen did not give some clue as to the next rate hike, weighing down the US dollar. Base metals are expected to diverge today.

The risk that far-right forces will take place remains high in the eurozone. Anti-establishment political party won the majority of a poll. In this context, short momentum may predominate the euro.

Growth in US crude oil inventories was higher than expected for the second straight week, but was smaller than the previous week, helping oil prices claw back some losses. Over 90% of OPEC countries slashed output according to agreement in January. But higher shale oil production in the US led to oversupply, so oil prices will edge down.