Metals News
Macro Roundup (Dec 12)
data analysis

SHANGHAI, Dec 12 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead.

Last night

The US dollar fell to its lowest in more than four months against its rivals on Wednesday, after the Federal Reserve held interest rates steady and indicated it will likely not raise rates in 2020.

Fed Chair Jerome Powell said in a news conference that the central bank would have to see a significant, persistent rise in inflation before hiking rates once again.

Meanwhile, investors also waited to see if a fresh round of tariffs by Washington on Chinese goods would come into force on Sunday.

Trade uncertainty, coupled with a surprise build in US crude inventories pushed oil prices lower on Wednesday.

LME base metals, except for tin, trended higher on Wednesday. Nickel added 3.2% to lead the gains, lead and copper advanced 0.9%, aluminium rose 0.4% and zinc gained 0.1%.

The SHFE complex traded mixed overnight. Nickel was also the biggest gainer with a 2.8% increase, copper rose 0.9%, lead climbed 0.5% and aluminium gained 0.1%, while zinc edged down 0.03% and tin shed 0.3%.

The US Energy Information Administration said US crude inventories rose 822,000 barrels last week, compared with analysts’ expectations in a Reuters poll for a 2.8 million-barrel drop.

US inventories of gasoline jumped 5.4 million barrels and distillates, which include diesel and heating oil, rose 4.1 million barrels - both more than double analysts’ expectations.

US consumer prices rose more than expected in November, according to the Labor Department, increasing 0.3% on the month as households paid more for gasoline. The consumer price index (CPI) advanced 0.4% in October. In the 12 months through November, the CPI rose 2.1% after gaining 1.8% in October.

Day ahead

Britain’s general election and the European Central Bank meeting are key events to watch today, while Germany will publish it consumer inflation data for November.

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