SHANGHAI, May 9 (SMM) – Eyes should be on China’s April credit and aggregate financing, US’s March JOLTs job vacancy and March’s wholesale inventory on Tuesday. Base metals were divergent on Monday’s night trading, and outperforming metal will roll back with lack of upward strength after meeting resistance. Base metals will drop slightly on Tuesday.
SMM Price Outlook for Base Metals on SHFE (May 9, 2017)
China’s new yuan loans are expected to drop in April due largely to tight monetary policy, stricter financial supervision, strengthening real estate regulations and seasonal factors. People’s Bank of China Governor Zhou Xiaochuan delivered a speech and said that China will hold neutral and prudent monetary policy and achieve a better balance among stable growth, deleverage, asset bubble prevention and systematic risk restraint.
However, China’s M2 money supply will increase in April on a yearly basis because of low base.
US’s Federal Reserve Bank of Minneapolis Chair will give a speech on Tuesday night. US Federal Reserve’s officials show divergent opinions again, and their mainstream view may give a clue on rate hike and balance sheet cut.
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