Key Macroeconomic Indicators for Base Metal Prices (2017-6-23)-Shanghai Metals Market

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Key Macroeconomic Indicators for Base Metal Prices (2017-6-23)

Price Review & Forecast 09:26:51AM Jun 23, 2017 Source:SMM

SHANGHAIM, Jun. 23 (SMM) – Attention should be on final reading of France’s GDP in Q1 2017, fresh reading of Markit manufacturing PMIs from France, Germany, Eurozone and US in June and US’s new home sales in May on Friday. Base metals increased across the board on Thursday’s night trading, but tended to drop at the tail of trading, weighed by the moving averages. Base metals are expected to remain divergent on Friday.

Fresh reading of Markit manufacturing PMIs from France, Germany and eurozone will be mixed in June, but will stay high, showing prudent economy growth in eurozone.

SMM Price Outlook for Base Metals on SHFE (Jun. 23, 2017)

Fresh reading of US’s Markit manufacturing PMI has fell for four months in a row, and fresh reading of Markit manufacturing and service PMIs both hit the lowest level since September 2016 in April 2017. The data decreased further in May, showing that US lacks of upward strength on economic growth in Q2. Eyes should be on US’s fresh reading of Markit manufacturing PMI in June.

US’s pending home sales registered the third high since February 2007 in May 2017, which was higher than expected and previous data. As US’s real estate keeps positive with tight inventory, firm price and high purchase interest, new homes sales is predicted to be brisk in May, despite of slight decrease in pending home sales in April.

Key Macroeconomic Indicators for Base Metal Prices (2017-6-23)

Price Review & Forecast 09:26:51AM Jun 23, 2017 Source:SMM

SHANGHAIM, Jun. 23 (SMM) – Attention should be on final reading of France’s GDP in Q1 2017, fresh reading of Markit manufacturing PMIs from France, Germany, Eurozone and US in June and US’s new home sales in May on Friday. Base metals increased across the board on Thursday’s night trading, but tended to drop at the tail of trading, weighed by the moving averages. Base metals are expected to remain divergent on Friday.

Fresh reading of Markit manufacturing PMIs from France, Germany and eurozone will be mixed in June, but will stay high, showing prudent economy growth in eurozone.

SMM Price Outlook for Base Metals on SHFE (Jun. 23, 2017)

Fresh reading of US’s Markit manufacturing PMI has fell for four months in a row, and fresh reading of Markit manufacturing and service PMIs both hit the lowest level since September 2016 in April 2017. The data decreased further in May, showing that US lacks of upward strength on economic growth in Q2. Eyes should be on US’s fresh reading of Markit manufacturing PMI in June.

US’s pending home sales registered the third high since February 2007 in May 2017, which was higher than expected and previous data. As US’s real estate keeps positive with tight inventory, firm price and high purchase interest, new homes sales is predicted to be brisk in May, despite of slight decrease in pending home sales in April.