SHANGHAI, Jul. 26 (SMM) –UK GDP is expected to grow 1.7% YoY in Q2, down 0.3 percentage point from Q1. Little progress has been made in Brexit talks. It was reported that Brexit would severely hit UK economy. So, annual rate of GDP should fall in Q2.
Seasonally adjusted new home sales in the US may rise slightly in June. US manufacturing PMI released on Monday beat expectations, suggesting US economy is regaining momentum. Wages may improve in Q3. When combined with strong labor market, housing market will get further support.
Crude oil prices rallied after meeting in St. Petersburg. API US crude oil stocks fell 10.2 million barrels last week, the biggest fall since Sep. 2016. This pushed US crude oil futures prices for September delivery up nearly 5%.
See SMM price forecast, please click: SMM Price Outlook for Base Metals on SHFE (Jul. 26, 2017)