SHANGHAI, Mar. 20 (SMM) – Market players will see a light economic data calendar on Monday. Eyes should be on Germany’s February PPI on an annual basis and February Chicago Fed national activity index on Monday. Attention should also be on eurozone’s Finance Minister meeting and Bank of England Deputy Governor’s speech. US dollar index stayed at lows last Friday, allowing commodities to rise. Most precious metals and nonferrous metals increased and crude oil stabilized. Strong fundamentals also helped some metals to be firm. But, as most metals advanced to their previous highest level, market players are suggested to be wary of a possible decline.
SMM Price Outlook for Base Metals on SHFE (Mar. 20, 2017)
Germany’s February PPI is expected to increase sharply. Because final reading of Germany’s CPI hit the highest level in February since August 2012, on an annual basis, and exceeded European Central Bank’s target at 2% for the first time from September 2012. Besides, fresh reading of eurozone’s CPI rose to 2% in February and the hit a 3-year high, the first time to reach ECB’s target.
Newly commercial housing price at 67 of 70 mid and large cities increased in February on a yearly basis and this at 66 cities increased in January. Newly commercial housing price at 56 of 70 mid and large cities rose in February on a monthly basis and this at 45 cities increased in January. Vice Premier Zhang Gaoli indicated to prevent real estate bubble strictly and regulate it steadily.
