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
Codelco Did Not Announce the Shutdown of Chuquicamata and Ministro Hales
8 mins ago
Codelco Did Not Announce the Shutdown of Chuquicamata and Ministro Hales
Read More
Codelco Did Not Announce the Shutdown of Chuquicamata and Ministro Hales
Codelco Did Not Announce the Shutdown of Chuquicamata and Ministro Hales
SMM News on August 17: Recently, the market has been circulating claims that “Codelco will shut down the Chuquicamata and Ministro Hales mines.” According to SMM, Codelco currently has no plan to shut down Chuquicamata and Ministro Hales.
8 mins ago
Codelco Reshuffles Management Across Multiple Divisions; Chuquicamata and Ministro Hales Welcome New Heads
1 hour ago
Codelco Reshuffles Management Across Multiple Divisions; Chuquicamata and Ministro Hales Welcome New Heads
Read More
Codelco Reshuffles Management Across Multiple Divisions; Chuquicamata and Ministro Hales Welcome New Heads
Codelco Reshuffles Management Across Multiple Divisions; Chuquicamata and Ministro Hales Welcome New Heads
On August 14 local time in Chile, Codelco announced adjustments to the company’s senior executives and the management of multiple divisions. Ricardo Weishaupt will serve as General Manager of the Chuquicamata Division, with the appointment effective August 15; Thomas Gleisner Rivas, the current Mine Manager of the Ministro Hales Division, will serve as Acting General Manager of the division, effective September 1. In addition, Julio Díaz, Codelco’s current Vice President of Mining Resources, Development and Innovation, will serve as General Manager of the El Teniente Division, and Claudio Flores will serve as Acting General Manager of the Ventanas Division. The company also made adjustments to multiple vice president positions, including Northern Operations, South-Central Operations, Mining Resources and Development, Strategy, and Corporate Affairs. Codelco said the goal is to strengthen safety, stabilize company operations, and strictly implement strategies that can help Codelco restore operating results.
1 hour ago
True North Copper Raises A$18 Million to Complete Mt Oxide Copper Project Acquisition
2 hours ago
True North Copper Raises A$18 Million to Complete Mt Oxide Copper Project Acquisition
Read More
True North Copper Raises A$18 Million to Complete Mt Oxide Copper Project Acquisition
True North Copper Raises A$18 Million to Complete Mt Oxide Copper Project Acquisition
True North Copper has secured firm commitments for an A$18 million placement and plans to raise another A$2 million through an SPP. Around A$7.5 million will fund the final deferred payment for the Mt Oxide acquisition, while additional proceeds will support drilling and technical work at the Aquila copper-cobalt-silver discovery through 2027. Mt Oxide currently hosts approximately 220,000 tonnes of contained copper resources.
2 hours ago