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
General Administration of Customs: China's Copper Cathode Imports Rose 7.99% YoY in May, Breakdown of Import and Export Data
3 hours ago
General Administration of Customs: China's Copper Cathode Imports Rose 7.99% YoY in May, Breakdown of Import and Export Data
Read More
General Administration of Customs: China's Copper Cathode Imports Rose 7.99% YoY in May, Breakdown of Import and Export Data
General Administration of Customs: China's Copper Cathode Imports Rose 7.99% YoY in May, Breakdown of Import and Export Data
3 hours ago
GACC: China's May Copper Ores and Concentrates Imports Down 1.74% YoY, Breakdown of Import and Export Data
3 hours ago
GACC: China's May Copper Ores and Concentrates Imports Down 1.74% YoY, Breakdown of Import and Export Data
Read More
GACC: China's May Copper Ores and Concentrates Imports Down 1.74% YoY, Breakdown of Import and Export Data
GACC: China's May Copper Ores and Concentrates Imports Down 1.74% YoY, Breakdown of Import and Export Data
3 hours ago
Cobre Panama copper mine is deemed generally compliant and is expected to resume production.
13 hours ago
Cobre Panama copper mine is deemed generally compliant and is expected to resume production.
Read More
Cobre Panama copper mine is deemed generally compliant and is expected to resume production.
Cobre Panama copper mine is deemed generally compliant and is expected to resume production.
Breaking News | SGS Audit Shows Cobre Panama Mine Compliance Rate Near 88%, Obstacles to Production Resumption Further Cleared On June 19, Panama's Ministry of Environment released the final audit report by Switzerland's SGS on First Quantum's Cobre Panama copper mine. The audit covered 370 commitments from 2019 to 2023, with an overall compliance rate of approximately 88%. Technical and operational standards scored the highest (90.20%), followed by environmental compliance. SGS pointed out that issues were concentrated in areas such as biodiversity management, and do not constitute structural deficiencies. According to SMM, maintenance of key equipment at the mine is proceeding normally. If the production resumption permit is granted, production is expected to resume at a relatively fast pace. The mine has been suspended since November 2023, with an annual capacity of approximately 350,000 mt of copper. The Panamanian government has established a cross-departmental working group to evaluate subsequent decisions.
13 hours ago
Key Macroeconomic Indicators for Base Metal Prices (2017-5-25) - Shanghai Metals Market (SMM)