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Key Macroeconomic Indicators for Base Metal Prices (2017-3-7)

iconMar 7, 2017 09:38
Source:SMM
Market players will see a light data calendar on Tuesday and eyes should be on Italy’s January PPI on an annual basis, final reading of eurozone’s GDP in Q4 2016 and US’s trade balance.

SHANGHAI, Mar. 7 (SMM) – Market players will see a light data calendar on Tuesday and eyes should be on Italy’s January PPI on an annual basis, final reading of eurozone’s GDP in Q4 2016 and US’s trade balance. China will release foreign exchange reserves in February 2017 recently. Base metals, except nickel, hit recent lowest level both on LME and SHFE markets on Monday’s night trading. However, as most metals approaches to the previous lowest level, the prices are expected to rally after meeting strong support. Base metals will keep divergent on Tuesday.

SMM Price Outlook for Base Metals on SHFE (Mar. 7, 2017)

Italy’s PPI has entered rising territory from June 2016 and is expected to keep rising. So, Italy’s January PPI will be positive. Final reading of eurozone’s GDP will be flat at fresh reading in Q4 2016, which will make limited effect to market.

Attention should be on Cambridge Energy Research Associates (CERA)’s annual meeting and Saudi Arabia’s Ministry of Petroleum and Mineral Resources Minister’s speech. If the Minister delivers signals to accelerate oil reduction, it will bull oil prices.

Macroeconomic Indicators
base metals

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