Key Macroeconomic Indicators for Base Metal Prices (2017-3-15)

SHANGHAI, Mar. 15 (SMM) – US crude oil inventories last week, February retail sales and New York Fed’s manufacturing index in March will be released today. Chinese Premier Li Keqiang’s statement at a press conference after the NPC & CPPCC and Netherlands’ general election will be also a focus of markets. Base metals mostly rose overnight and will remain range-bound today.

US February retail sales and New York Fed’s manufacturing index in March are expected to weaken, but will unlikely weaken market expectations of a Fed rate hike in March.

Populism prevailed in Europe recently. Geert Wilders, the leader of the Netherlands' far-right Party for Freedom (PVV) won the majority in poll, and may win the general election. This will add to market uncertainty.

API crude oil inventories in the US released this morning fell sharply, boosting NYMEX April oil prices to USD 48/mt. EIA oil inventories and monthly report will be released this evening.