SHANGHAI, Aug. 21 (SMM) – Market participants will see light economic data calendar on Monday. Attention should be on OPEC and non-OPEC meeting, which will give measures to enhance performance rate of output cut. Trump’s disbandment of two other business advisory councils raised market risk aversion sentiment, sending US dollar index down. US dollar index will keep fluctuating at current level in a short term. Base metals will diverge.
SMM Price Outlook for Base Metals on SHFE (Aug. 21, 2017)
Performance rate of output cut at OPEC members dropped to 75% in July from June’s 78%, the year’s lowest, according to IEA monthly report. This parked market players’ doubt on OPEC, hurting oil price. Oil price increased due to closure of US’s largest oil refinery and falling drillings. The OPEC meeting held in Vienna will give clue on oil price.
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