SHANGHAIM, Jun. 22 (SMM) – Attention should be on US’s initial jobless claim in the week ending June 16, fresh reading of eurozone’s consumer confidence index in June, UK’s Brexit negotiation and US Federal Reserve official Jerome Powell’s address on Thursday. Rising ferrous metals raised market sentiment and base metals grew across the board on Wednesday’s night trading. Eyes should be on impact from ferrous metals on Thursday, but there is a small room for base metals to keep rising.
SMM Price Outlook for Base Metals on SHFE (Jun. 22, 2017)
US’s initial jobless claim from the week ending June 16 will be increase marginally, but this will not change market anticipation over US’s positive labor market. Fed officials are divergent on inflation, which will dominate rate hike and balance sheet path in the rest of year.
Eurozone’s consumer confidence index grew steadily from March 2016, and market participants eye on that if the data will remain in upward trend. Eurozone’s economy will keep optimistic, despite of slight decline in inflation.
