Key Macroeconomic Indicators for Base Metal Prices (2016-8-29)

Published: Aug 29, 2017 09:42

Save

Market will eye US Conference Board’s consumer confidence index for August today.

SHANGHAI, Aug. 29 (SMM) –Market will eye US Conference Board’s consumer confidence index for August today.

The US dollar index fell to near 92 yesterday, due to remarks by ECB president and worries over tropical storm Harvey, close to the low of 91.9 touched in May 2016. ADP employment data on Wednesday and non-farm payrolls on Friday will be main influential factors for US dollar.

Recent US economic data are poor. Trump’s remarks had impact on market. US Fed head Yellen did not send positive signal during global central banks’ meeting. These cast a shadow on US economy, thus affecting consumer confidence. Conference Board’s consumer confidence index has been rising since May, but may fall slightly in August.

US petroleum output will fall 800,000 barrels per day in September following tropical storm Harvey in Texas, energy security analysis firm predicted. Flood may disruption petroleum output for more than one month. But, petroleum output will recover to 9.5 million barrels per day before November. So far, flood triggered by Harvey has forced many refineries in Mexico Gulf to close, affecting crude oil demand. As such, US crude oil futures contract for October delivery fell over 2% yesterday.

See SMM price forecast, please click: SMM Price Outlook for Base Metals on SHFE (Aug. 29, 2017)

base metal price forecast base metal prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

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

Related News

16 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

16 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

16 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

16 hours ago