Key Macroeconomic Indicators for Base Metal Prices (2017-7-3)

SHANGHAI, Jul. 3 (SMM) –Market will eye June manufacturing PMI from China, the euro zone, Germany, France, the UK and the US on Monday. 

China’s official manufacturing PMI diverged from Caixin’s figure in May. Caixin’s China manufacturing PMI fell below 50 for the first time in 11 months. China’s official manufacturing PMI rose more than expected in June. However, manufacturing PMI at SMEs under China’s official manufacturing PMI fell MoM in May, except large companies. As such, Caixin’s China manufacturing PMI might drop in June. 

Manufacturing sector in the euro zone and members of the euro zone has been recovering since last year, so manufacturing PMIs in major economies of the euro zone are expected to remain firm. 

Manufacturing index of the Federal Reserve of Philadelphia was better than expected in June, and manufacturing index of the Federal Reserve of New York returned to growth in June after falling for three months in a row. As such, US manufacturing PMI should rise in June. 

See SMM price forecast, please click: SMM Price Outlook for Base Metals on SHFE (Jul. 3, 2017)