Key Macroeconomic Indicators for Base Metal Prices (2017-6-21)

Published: Jun 21, 2017 09:30

Save

Eyes should be on US’s API and EIA crude oil inventory from the week ending June 16 and pending home sales in May on Wednesday.

SHANGHAIM, Jun. 21 (SMM) – Eyes should be on US’s API and EIA crude oil inventory from the week ending June 16 and pending home sales in May on Wednesday. Most base metals dropped from highs on Tuesday’s night trading and some metals stopped falling at the tail of trading. Base metals will be divergent on Wednesday.

US’s pending home sales are expected to stay high in May due to brisk demand, despite of low inventory and high housing price, raising market optimistic outlook over home sales. According to US’s National Association of Realtors (NAR), US’s pending home sales will grew 3.5% to 5.64 million in 2017 and will keep rising by 2.8% to 5.80 million in 2018.

SMM Price Outlook for Base Metals on SHFE (Jun. 21, 2017)

MSCI released results of market classification and announced to include China’s A-share in the MSCI Emerging Markets Index and the MSCI ACWI Index, which will be taken place in June 2018. 222 China A Large Cap stocks, representing on a pro forma basis approximately 0.73% of the weight of the MSCI Emerging Markets Index, will be included, which will shore up domestic stock market.

Federal Reserve Bank of Dallas Chairman delivered a speech on Wednesday morning that US Federal Reserve’s slow rate hike will help economic growth and soft inflation will not be a trend.

US’s API crude oil inventory dropped from the week ending June 16, while gasoline and refined oil inventories registered higher-than-expected growth. COMEX 1708 oil fell from high to USD 43/bbl.

Macroeconomic Indicators base metals

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 to learn 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

17 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

17 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

17 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

17 hours ago