Home / Metal News / Copper / Key Macroeconomic Indicators for Base Metal Prices (2017-7-27)
Key Macroeconomic Indicators for Base Metal Prices (2017-7-27)
Jul 27,2017 09:35CST
SMM Comments
China Q2 GDP was positive.

SHANGHAI, Jul. 27 (SMM) –China Q2 GDP was positive. Value-added at above-scale Chinese industrial enterprises rose 7.6% YoY in June, and rose 6.9% YoY during January-June, both better than expected. So, profit at above-scale Chinese industrial enterprises, to be released today, should be positive as well in June.   

Last week’s US initial jobless claims may rise, but will remain at very low level. This will have little impact on market. 

Monthly rate of US durable goods orders in May hit the lowest since last November. Unexpected decline in US durable goods orders in May will drag economic growth. Monthly rate of US durable goods orders is expected to rise MoM to 3.5% in June. This suggests US manufacturing sector may regain momentum, in line with better-than-expected Markit preliminary US manufacturing PMI for July.   

US CPI and retail sales were below forecast in June. US wholesale inventories may drop slightly in June from May. If US wholesale inventories stay high, this means US economy is sluggish in Q2.

The US Fed kept federal fund rate unchanged at 1%-1.25%, in line with forecast. As for wording about inflation, the US Fed removed “recently” and “to some extent” as for below-than-expected inflation target. The US Fed hinted normalization of balance sheet may begin relatively fast. The US Fed may announce to adjust balance sheet in September. The US Fed gave little clues for rate hike outlook.  

See SMM price forecast, please click: SMM Price Outlook for Base Metals on SHFE (Jul. 27, 2017)




base metal price forecast
base metal prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

    timeJan 15, 2021 18:40timezoneCST
    timeJan 15, 2021 18:39timezoneCST
    timeJan 15, 2021 17:38timezoneCST
    timeJan 15, 2021 21:02timezoneCST
    timeJan 15, 2021 20:50timezoneCST
    timeJan 15, 2021 19:41timezoneCST
    timeJan 15, 2021 19:41timezoneCST
    timeJan 15, 2021 19:28timezoneCST
    timeJan 15, 2021 19:17timezoneCST
    timeJan 15, 2021 17:15timezoneCST