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
SMM Forecasts July 2026 Copper Foil Operating Rate and Shipments Both to Rise
4 hours ago
SMM Forecasts July 2026 Copper Foil Operating Rate and Shipments Both to Rise
Read More
SMM Forecasts July 2026 Copper Foil Operating Rate and Shipments Both to Rise
SMM Forecasts July 2026 Copper Foil Operating Rate and Shipments Both to Rise
[SMM Copper Foil July Market Forecast] SMM expects the overall operating rate of copper foil enterprises in July 2026 to be 92.15%, up 0.67 percentage points MoM and 14.87 percentage points YoY. Overall shipments in July are expected to increase by 0.79% MoM. The operating rate for lithium battery copper foil is expected to be 91.1%, and for electronic circuit copper foil, 94.24%.
4 hours ago
DRC's KCC Sealed and Production Halted by Tax Authorities!
6 hours ago
DRC's KCC Sealed and Production Halted by Tax Authorities!
Read More
DRC's KCC Sealed and Production Halted by Tax Authorities!
DRC's KCC Sealed and Production Halted by Tax Authorities!
According to local media in the DRC on July 10, the country’s General Directorate of Taxes (DGI) sealed off some offices and facilities of Kamoto Copper Company (KCC) in Kolwezi, Lualaba Province, on July 9. The DGI stated that KCC is involved in a tax arrears situation of nearly $3 billion. The sealing action led to the evacuation of some personnel, and copper and cobalt production at the affected sites was temporarily suspended. The exact scope of the sealing, its duration, and the actual impact on the mine and smelting systems remain to be further confirmed. As SMM has learned, KCC’s copper cathode production over the past two years has been around 190,000 mt each year. If the sealing measures persist and materially affect production or product deliveries, it is expected to cause periodic disruptions to copper and cobalt supply from the DRC. Going forward, close attention should be paid to the resumption of KCC’s operations and the progress of the tax dispute resolution.
6 hours ago
DRC's KCC Sealed and Production Halted by Tax Authorities!
7 hours ago
DRC's KCC Sealed and Production Halted by Tax Authorities!
Read More
DRC's KCC Sealed and Production Halted by Tax Authorities!
DRC's KCC Sealed and Production Halted by Tax Authorities!
7 hours ago
Key Macroeconomic Indicators for Base Metal Prices (2017-5-25) - Shanghai Metals Market (SMM)