Macro Roundup (Jun 13)-Shanghai Metals Market

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Macro Roundup (Jun 13)

Data Analysis 08:54:27AM Jun 13, 2019 Source:SMM

SHANGHAI, Jun 13 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar index rose on Wednesday, even as government data showed moderate US inflation in May that could increase pressure on the Federal Reserve to cut interest rates this year.

Most LME base metals closed lower on Wednesday, with the biggest loss of 0.9% in lead. Copper dropped close to 0.7%, nickel fell 0.5% and zinc slid 0.4% while tin gained 0.2% and aluminium advanced 0.5%.

SHFE base metals performed similarly overnight. Copper declined 0.6%, nickel slipped 0.3%, lead and zinc shed close to 0.2% while tin and aluminium inched up.

The US Labor Department said on Wednesday that its consumer price index (CPI) edged up 0.1% last month, as cheaper gasoline offset the rebound in food prices. The CPI gained 0.3% in April.

On a yearly basis, the CPI increased 1.8%, slowing from April’s 1.9% gain. Economists polled by Reuters had forecast the CPI would rise 0.1% in May and 1.9% year on year.

Excluding the volatile food and energy components, the CPI nudged up 0.1% for the fourth straight month. The so-called core CPI was held down by a sharp decline in the prices of used cars and trucks as well as motor vehicle insurance.

Consumer inflation in China for May rose to the highest in 15 months, driven by higher prices of pork and fruit due to supply issues, the National Bureau of Statistics data showed on Wednesday.

CPI in May rose 2.7% from a year ago, the highest since February last year and in line with expectations of economists’ polled by Reuters.

China’s factory gate inflation, however, slowed in May, with the producer price inflation (PPI) — a gauge of industrial profitability — rose 0.6% year on year, in line with analyst expectations and compared with a 0.9% uptick in April.

In May, Chinese banks provided 1.18 trillion yuan in net new yuan loans, up from 1.02 trillion yuan in April, central bank data showed on Wednesday.

Total social financing (TSF), a broad measure of credit and liquidity in the economy, grew by a net 1.4 trillion yuan in May, higher than a net increase of 1.36 trillion yuan in April.

The broad M2 money supply, a broader measure of the money supply that covers all cash in circulation plus deposits, grew 8.5% from a year earlier, unchanged from April's pace.

Oil prices tumbled on Wednesday after government data that US crude stockpiles increased considerably for the second week in a row.

US commercial crude inventories rose by 2.2 million barrels in the week through June 7, after a larger buildup of 6.77 million barrels in the prior week, according to the Energy Information Administration (EIA).

Day ahead

Economic data slated for release today include Germany’s CPI for May, the US import prices in May as well as weekly unemployment claims.

Key Words:  Macroeconomics 

Price

more
1# Silver ingots(99.99%)
Jun.20
3629.0
55.0
(1.54%)
2# Silver ingots(99.95%)
Jun.20
3614.0
55.0
(1.55%)
3# Silver ingots(99.90%)
Jun.20
3599.0
55.0
(1.55%)
Gold(99.99%)
Jun.20
308.9
6.2
(2.05%)
Gold(99.95%)
Jun.20
309.0
7.1
(2.35%)

Macro Roundup (Jun 13)

Data Analysis 08:54:27AM Jun 13, 2019 Source:SMM

SHANGHAI, Jun 13 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar index rose on Wednesday, even as government data showed moderate US inflation in May that could increase pressure on the Federal Reserve to cut interest rates this year.

Most LME base metals closed lower on Wednesday, with the biggest loss of 0.9% in lead. Copper dropped close to 0.7%, nickel fell 0.5% and zinc slid 0.4% while tin gained 0.2% and aluminium advanced 0.5%.

SHFE base metals performed similarly overnight. Copper declined 0.6%, nickel slipped 0.3%, lead and zinc shed close to 0.2% while tin and aluminium inched up.

The US Labor Department said on Wednesday that its consumer price index (CPI) edged up 0.1% last month, as cheaper gasoline offset the rebound in food prices. The CPI gained 0.3% in April.

On a yearly basis, the CPI increased 1.8%, slowing from April’s 1.9% gain. Economists polled by Reuters had forecast the CPI would rise 0.1% in May and 1.9% year on year.

Excluding the volatile food and energy components, the CPI nudged up 0.1% for the fourth straight month. The so-called core CPI was held down by a sharp decline in the prices of used cars and trucks as well as motor vehicle insurance.

Consumer inflation in China for May rose to the highest in 15 months, driven by higher prices of pork and fruit due to supply issues, the National Bureau of Statistics data showed on Wednesday.

CPI in May rose 2.7% from a year ago, the highest since February last year and in line with expectations of economists’ polled by Reuters.

China’s factory gate inflation, however, slowed in May, with the producer price inflation (PPI) — a gauge of industrial profitability — rose 0.6% year on year, in line with analyst expectations and compared with a 0.9% uptick in April.

In May, Chinese banks provided 1.18 trillion yuan in net new yuan loans, up from 1.02 trillion yuan in April, central bank data showed on Wednesday.

Total social financing (TSF), a broad measure of credit and liquidity in the economy, grew by a net 1.4 trillion yuan in May, higher than a net increase of 1.36 trillion yuan in April.

The broad M2 money supply, a broader measure of the money supply that covers all cash in circulation plus deposits, grew 8.5% from a year earlier, unchanged from April's pace.

Oil prices tumbled on Wednesday after government data that US crude stockpiles increased considerably for the second week in a row.

US commercial crude inventories rose by 2.2 million barrels in the week through June 7, after a larger buildup of 6.77 million barrels in the prior week, according to the Energy Information Administration (EIA).

Day ahead

Economic data slated for release today include Germany’s CPI for May, the US import prices in May as well as weekly unemployment claims.

Key Words:  Macroeconomics