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

Published: May 25, 2017 09:42
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
China Reforms Real Estate Credit, Sets Loan Terms and Disbursement Rules
5 hours ago
China Reforms Real Estate Credit, Sets Loan Terms and Disbursement Rules
Read More
China Reforms Real Estate Credit, Sets Loan Terms and Disbursement Rules
China Reforms Real Estate Credit, Sets Loan Terms and Disbursement Rules
The People's Bank of China and the National Financial Regulatory Administration jointly issued the Opinions on Reforming and Improving Real Estate Credit Management and Accelerating the Establishment of a New Model for Real Estate Development.The Opinions specify that real estate development loans shall be subject to a lead bank system, with loan terms not exceeding 5 years for pre-sale projects and 7 years for completed-home sales projects. The Opinions also specify that personal housing loans shall have a maximum term of 40 years; if a newly built home being purchased is sold as a completed home, the personal housing loan shall be disbursed after the sale is registered; if it is sold on a pre-sale basis, the loan shall be disbursed only after the project completion is registered.
5 hours ago
Chile, Argentina, Bolivia, and Peru Sign Pact for Regional Mining Cooperation and Sustainable Development
6 hours ago
Chile, Argentina, Bolivia, and Peru Sign Pact for Regional Mining Cooperation and Sustainable Development
Read More
Chile, Argentina, Bolivia, and Peru Sign Pact for Regional Mining Cooperation and Sustainable Development
Chile, Argentina, Bolivia, and Peru Sign Pact for Regional Mining Cooperation and Sustainable Development
Officials from the mining authorities of Chile, Argentina, Bolivia and Peru held a ministerial meeting in Santiago, the capital of Chile, on the 28th and signed a joint statement calling for stronger regional cooperation, the sustainable development of critical minerals, technical exchanges and investment, and joint efforts to elevate the region’s position in the global critical minerals supply chain.The joint statement stressed that mining is an important driver of economic growth, job creation, human capital development and social progress. The four countries will cooperate to promote the sustainable development of critical minerals, strengthen experience sharing in geological research, mining regulation, public policy and professional talent development, and explore technical and institutional cooperation mechanisms, encouraging the public and private sectors to jointly participate in scientific research and innovation projects.
6 hours ago
Codelco Reports $1.966B H1 Profit, Copper Output Down 11%
6 hours ago
Codelco Reports $1.966B H1 Profit, Copper Output Down 11%
Read More
Codelco Reports $1.966B H1 Profit, Copper Output Down 11%
Codelco Reports $1.966B H1 Profit, Copper Output Down 11%
Codelco said on Friday that its H1 pre-tax profit was$1.966 billion, more than four times the $429 million in the same period a year earlier.The company said copper production in the January-June period was 564,000 mt, down 11% from634,000 mt in the same period of 2025.
6 hours ago