SHANGHAI, May 16 (SMM) – Eurozone seasonally adjusted GDP, ZEW’s Economic Climate Index and Current Condition Index for Germany and eurozone in May, US April housing starts and construction permits will be released today. Base metals mostly closed with gains but diverged.

NAHB Housing Market Index rose further in May in the US, reflecting strong real estate market, and boding well for US housing starts and construction permits in April.

 SMM Price Outlook for Base Metals on SHFE (May 16, 2017)

IMF said Germany’s economic outlook is bright, and may raise its forecast for Germany’s economic growth. Germany may maintain high current account surplus. The proportion of Germany’s current account surplus in GDP is expected to fell to 7.5% in 2022, compared to 2016’s 8.3%. ZEW’s Economic Climate Index for Germany is expected to continue rising in May. Eurozone Q1 GDP growth is expected to rise, boosting the euro.

IEA monthly oil report will be eyed. OPEC monthly oil report shows crude oil output decreased 18,000 barrels per day in April to 31.732 million barrels per day. But OPEC raised forecast for growth of oil supply from non-OPEC countries to 64%, and left forecast for global oil demand unchanged.