Macro Roundup (Apr 12)-Shanghai Metals Market

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Macro Roundup (Apr 12)

Data Analysis 08:38:11AM Apr 12, 2019 Source:SMM

SHANGHAI, Apr 12 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

LME base metals traded lower across the board on Thursday. Nickel saw the biggest loss of 1.6%, lead dropped 1.5%, tin fell close to 1%, copper slid 0.9%, aluminium slipped 0.4% and zinc lost 0.2%.

SHFE base metals saw no better performance overnight. Nickel tumbled over 2%, lead dropped 1.6%, copper fell close to 0.7%, tin sank close to 0.6%, zinc lost 0.2% and aluminium dipped 0.07%.

The US dollar index sharply rose on Thursday, bolstered by strong producer prices and unemployment claims.

US producer prices increased by the most in five months in March, the Labor Department reported on Thursday, with its producer price index (PPI) for final demand rising 0.6% in March, lifted by a surge in the cost of gasoline. That was the largest increase since last October.

On a yearly basis, the PPI rose 2.2% after it gained 1.9% in February. Economists polled by Reuters had forecast the PPI would climb 0.3% in March and increase 1.9% year on year.

The number of Americans filing applications for unemployment benefits dropped to a 49-and-a-half-year low last week, reflecting sustained strength in the labour market that could temper expectations of a sharp slowdown in economic growth.

Initial claims for state unemployment benefits fell 8,000 to a seasonally adjusted 196,000 for the week ended April 6, the lowest since early October 1969. Claims have now declined for four straight weeks.

China's PPI, which measures costs of goods at the factory gate, rose 0.4% year on year in March, the National Bureau of Statistics (NBS) said on Thursday. The pace picked up from the 0.1 % flat growth recorded in February and met market expectations.

On a monthly basis, the PPI edged up 0.1%, compared with a 0.1% decrease in February.

NBS official Dong Yaxiu said the carry-over effects resulted in a rise of 0.9 percentage points in the PPI growth in March while new factors dragged the pace by 0.5 percentage points.

NBS also reported that China’s consumer price index (CPI), a main gauge of inflation, rose 2.3% from a year ago, the quickest pace since October 2018.

Rising pork prices contributed to the singificant consumer inflation in China in March. The CPI figure registered a 1.5 % increase in February.

In Germany, consumer prices were 1.3% higher in March 2019 than the same time last year, according to the Federal Statistical Office (Destatis) on Thursday.

Compared to February, German CPI rose by 0.4% in March, in line with expectations.

Day ahead

China will release its trade balance for March while the US will release its import prices for March consumer sentiment for April and weekly rig count.

Key Words:  Macroeconomics  

Price

more
1# Silver ingots(99.99%)
Jun.17
3571.0
-5.0
(-0.14%)
2# Silver ingots(99.95%)
Jun.17
3556.0
-5.0
(-0.14%)
3# Silver ingots(99.90%)
Jun.17
3541.0
-5.0
(-0.14%)
Gold(99.99%)
Jun.17
302.6
-0.4
(-0.12%)
Gold(99.95%)
Jun.17
302.5
-0.4
(-0.13%)

Macro Roundup (Apr 12)

Data Analysis 08:38:11AM Apr 12, 2019 Source:SMM

SHANGHAI, Apr 12 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

LME base metals traded lower across the board on Thursday. Nickel saw the biggest loss of 1.6%, lead dropped 1.5%, tin fell close to 1%, copper slid 0.9%, aluminium slipped 0.4% and zinc lost 0.2%.

SHFE base metals saw no better performance overnight. Nickel tumbled over 2%, lead dropped 1.6%, copper fell close to 0.7%, tin sank close to 0.6%, zinc lost 0.2% and aluminium dipped 0.07%.

The US dollar index sharply rose on Thursday, bolstered by strong producer prices and unemployment claims.

US producer prices increased by the most in five months in March, the Labor Department reported on Thursday, with its producer price index (PPI) for final demand rising 0.6% in March, lifted by a surge in the cost of gasoline. That was the largest increase since last October.

On a yearly basis, the PPI rose 2.2% after it gained 1.9% in February. Economists polled by Reuters had forecast the PPI would climb 0.3% in March and increase 1.9% year on year.

The number of Americans filing applications for unemployment benefits dropped to a 49-and-a-half-year low last week, reflecting sustained strength in the labour market that could temper expectations of a sharp slowdown in economic growth.

Initial claims for state unemployment benefits fell 8,000 to a seasonally adjusted 196,000 for the week ended April 6, the lowest since early October 1969. Claims have now declined for four straight weeks.

China's PPI, which measures costs of goods at the factory gate, rose 0.4% year on year in March, the National Bureau of Statistics (NBS) said on Thursday. The pace picked up from the 0.1 % flat growth recorded in February and met market expectations.

On a monthly basis, the PPI edged up 0.1%, compared with a 0.1% decrease in February.

NBS official Dong Yaxiu said the carry-over effects resulted in a rise of 0.9 percentage points in the PPI growth in March while new factors dragged the pace by 0.5 percentage points.

NBS also reported that China’s consumer price index (CPI), a main gauge of inflation, rose 2.3% from a year ago, the quickest pace since October 2018.

Rising pork prices contributed to the singificant consumer inflation in China in March. The CPI figure registered a 1.5 % increase in February.

In Germany, consumer prices were 1.3% higher in March 2019 than the same time last year, according to the Federal Statistical Office (Destatis) on Thursday.

Compared to February, German CPI rose by 0.4% in March, in line with expectations.

Day ahead

China will release its trade balance for March while the US will release its import prices for March consumer sentiment for April and weekly rig count.

Key Words:  Macroeconomics