Key Macroeconomic Indicators for Base Metal Prices (2017-5-25)

Published: May 25, 2017 09:42 (GMT+8)
Market will eye last week’s US initial jobless claims, OPEC’s half-year meeting and minutes of the US Fed’s May policy meeting.

SHANGHAI, May 25 (SMM) – Market will eye last week’s US initial jobless claims, OPEC’s half-year meeting and minutes of the US Fed’s May policy meeting.    

US initial jobless claims for last week are expected to be in a normal range, which will have limited impact on US dollar. 

Minutes of the US Fed’s May policy meeting showed US Fed officials agreed to announce details for plans of scaling back balance sheet in the short term and consider it appropriate to begin reducing balance sheet from this year. US Fed officials understand that it is a cautious and wise approach to wait for more evidence to show economic slowdown is just temporary. This means the US Fed wishes to raise interest rate, but is willing to wait for more economic data. This caused the US dollar index to fall.   

The OEPC will hold its 172th half-year meeting today. Members of the OPEC will discuss matters over extending production cuts during the meeting so as to lift oil prices and stabilize market. It is pointed out that oil prices may rise initially and then fall back since positive impact from the meeting has been priced in.  


See SMM price forecast, please click: SMM Price Outlook for Base Metals on SHFE (May 25, 2017)


 

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
【Flash | BHP-Funded Programme Advances Drilling at Argentina’s El Destino Copper-Gold-Molybdenum Target】
2 hours ago
【Flash | BHP-Funded Programme Advances Drilling at Argentina’s El Destino Copper-Gold-Molybdenum Target】
Read More
【Flash | BHP-Funded Programme Advances Drilling at Argentina’s El Destino Copper-Gold-Molybdenum Target】
【Flash | BHP-Funded Programme Advances Drilling at Argentina’s El Destino Copper-Gold-Molybdenum Target】
Kobrea Exploration Corp. announced the approval of a US$4 million 2026/27 exploration programme for the Western Malargüe Mining District in Mendoza Province, Argentina, fully funded by BHP. The programme includes diamond drilling at the El Destino copper-gold-molybdenum porphyry target, induced-polarisation surveys at El Destino and KBX-17, as well as geological mapping, geochemical sampling and hyperspectral work. The exploration alliance covers seven projects totaling approximately 733 square kilometres, where copper, gold and molybdenum geochemical anomalies have been identified. SMM analysis: approval of the new budget moves the BHP-Kobrea partnership from an alliance framework into an active drilling phase. However, the properties remain at an early exploration stage, with no molybden
2 hours ago
【Flash | Glencore Targets Q1 2027 Environmental Filing for El Pachón Copper-Molybdenum Project】
2 hours ago
【Flash | Glencore Targets Q1 2027 Environmental Filing for El Pachón Copper-Molybdenum Project】
Read More
【Flash | Glencore Targets Q1 2027 Environmental Filing for El Pachón Copper-Molybdenum Project】
【Flash | Glencore Targets Q1 2027 Environmental Filing for El Pachón Copper-Molybdenum Project】
Glencore plans to submit the environmental impact report for its El Pachón copper-molybdenum project in Argentina in Q1 2027 and aims to secure approval under the Incentive Regime for Large Investments, or RIGI, before July 2027. Glencore previously reported approximately 6 billion tonnes of mineral resources grading an average 0.43% copper, 2.2 g/t silver and 130 g/t molybdenum, equivalent to around 0.013% Mo. Based on the disclosed tonnage and average grade, the resource contains roughly 780,000 tonnes of in-situ molybdenum, although this does not represent reserves, recoverable metal or future production. During the 2025/26 exploration season, the project completed 53 drill holes totaling 21,246 metres and advanced preliminary road and bridge infrastructure.
2 hours ago
【Flash | Glencore Secures RIGI Approval for Argentina’s Agua Rica Copper-Gold-Silver-Molybdenum Project】
2 hours ago
【Flash | Glencore Secures RIGI Approval for Argentina’s Agua Rica Copper-Gold-Silver-Molybdenum Project】
Read More
【Flash | Glencore Secures RIGI Approval for Argentina’s Agua Rica Copper-Gold-Silver-Molybdenum Project】
【Flash | Glencore Secures RIGI Approval for Argentina’s Agua Rica Copper-Gold-Silver-Molybdenum Project】
Glencore announced that its Agua Rica project, known as MARA, has received approval under Argentina’s Incentive Regime for Large Investments, or RIGI. The large-scale copper-gold-silver-molybdenum deposit contains approximately 1.2 billion tonnes of measured and indicated mineral resources grading an average 0.03% molybdenum. Based on the disclosed tonnage and grade, the resource contains roughly 360,000 tonnes of in-situ molybdenum; however, this does not represent reserves, recoverable metal or future molybdenum production. Glencore also brought forward expected first production from the Alumbrera restart to H2 2027 from H1 2028. Alumbrera’s processing, logistics and workforce infrastructure is expected to support the future development of MARA. SMM analysis: RIGI approval improves the project’s fiscal and regulatory certainty, but no final investment decision, molybdenum recovery plan or molybdenum output guidance has been announced, leaving no direct near-term impact on molybdenum supply.
2 hours ago