Key Macroeconomic Indicators for Base Metal Prices (2017-2-24)

SHANGHAI, Feb. 24 (SMM) – Eyes should be on final reading of US’s February Michigan consumer sentiment index and monthly January new home sales on Friday.

US dollar index on Thursday’s night trading due to Secretary of the Treasury’s negative comment and technical correction, but US dollar index will rally with positive factors. Most base metals dropped due to negative market sentiment and technical correction and will keep falling on Friday with panic sentiment.

SMM Price Outlook for Base Metals on SHFE (Feb. 24, 2017)

Germany’s import price index will increase in January on an annual basis according to rising inflation. Fresh reading of US’s consumer sentiment index declined to 95.7 in February on a monthly basis, missing market expectation. If the final reading increases as expected, it will send US dollar index up. US’s new home sales are expected to increase sharply in January with low base.