SHANGHAI, Jun. 2 (SMM) – Eyes should be on US’s nonfarm payrolls, unemployment, salary growth in May and balance sheet in April and eurozone’s PPI in April on Friday. Base metals were mixed on Thursday’s night trading and met resistance at the moving average, except LME tin which broke through the moving average. Those metals will remain divergent on Friday.
SMM Price Outlook for Base Metals on SHFE (Jun. 2, 2017)
US’s ADP employment registered higher-than-expected growth in May, increasing market positive outlook on May’s nonfarm payrolls. Market participants expect nonfarm payrolls to drop slightly in May from April’s level, but this will not affect Federal Reserve’s rate-hiking track in June as employment data remained strong.
European Central Bank officials showed different opinions on easing monetary policy. Final reading of eurozone’s CPI rose 1.9% in April and fresh reading only lifted 1.4% in May, which was much lower than previous data and forecast. This raised ECB President’s wary sentiment. Attention should be on eurozone’s PPI in April, which is expected to rise.
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