Key Macroeconomic Indicators for Base Metal Prices (2017-3-14)

Published: Mar 14, 2017 09:25 (GMT+8)
China’s industrial, consumption and investment data in February, US annualized February PPI and ZEW economic climate index for Germany and Europe in March will be released today. Base metals surged at

SHANGHAI, Mar. 14 (SMM) – China’s industrial, consumption and investment data in February, US annualized February PPI and ZEW economic climate index for Germany and Europe in March will be released today. Base metals surged at first but then fell overnight. Pressure from moving average will constrain further price gains of base metals.

China’s major economic indicators were mixed. Manufacturing was strong. But Chinese leaders are still confident toward Chinese economy. Commerce Minister Zhong Shan said consumption is now the major driving force for domestic growth, boding well for consumption growth in February. China’s property market will cool down due to tightening credit, which will be mirrored in February’s investment in the property market.

Eurozone inflation climbed further recently. The market expects Germany’s February CPI to rise. European Central bank President hinted last Thursday they will not lower interest rate. The market expects the bank to tighten its monetary policy in the near term. If Germany’s inflation climbs, tightening of policy will accelerate. US February PPI is expected to rise.

If the OPEC monthly oil report due for release today shows output increase, oil prices will be greatly weighed down, and vice versa.

 

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