SHANGHAI, Apr 26 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
As US treasury yields continued their upward movement, the US dollar index hit a three-month high and closed at 91.25 overnight.
Base metals performed weakly under pressure. LME and SHFE zinc tumbled over 2% as LME inventories jumped 15.5%. SHFE aluminium and tin inched up but the rest of SHFE metals fell. LME aluminium and tin gained over 1%, and copper and nickel edged up.
Inventories of US crude oil during the week ended April 20 unexpectedly rose by 2.17 million barrels, according to data from the Energy Information Administration (EIA). Gasoline inventories also increased 840,000 barrels but refined oil inventories shrank by 2.61 million barrels.
Key factors to watch today include the interest rate decision by the European Central Bank (ECB), the US durable goods orders, wholesale inventories in March, and the US initial jobless claims over the week ended April 21.
The US durable goods orders in March are estimated to rise 1.5% in March from February while wholesale inventories are estimated to rise 0.6%.
The US initial claims for state unemployment benefits over the week that ended April 21 are expected to edge down to 230,000 from 232,000 a week ago.
The US dollar is likely to gain further support if the economic data proved upbeat.
Base metals are expected to see mixed trading in the short term with strong LME metals and weaker SHFE prices.
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