Key Macroeconomic Indicators for Base Metal Prices (2017-6-16)

Published: Jun 16, 2017 09:40

Save

Market will eye a series of US economic data on Friday, including housing starts, building permits, LMCI and University of Michigan’s consumer confidence index for June.

SHANGHAI, Jun. 16 (SMM) –Market will eye a series of US economic data on Friday, including housing starts, building permits, LMCI and University of Michigan’s consumer confidence index for June.

Annualized housing starts in the US fell to 1.17 million units in April, the lowest since November 2016. Building permits also fell sharply in April from March and missed forecast. NAR report showed US existing home sales will rise 3.5% 5.64 million units in 2017 and rise another 2.8% to 5.8 million units in 2018. Home prices rose and house inventories remained tight. As such, housing starts and building permits should improve in May.

US non-farm payrolls were quite disappointing in May. Market has expected LMCI to fall in May, so the negative impact on dollar will be limited.

The BOJ will announce policy decision today and will probably keep monetary policy unchanged. It was reported earlier this week that the BOJ is readjusting communication mechanism over exit of stimulus policy in the future. If BOJ governor’s speech today gives signals of such move, yen will be affected.

Greece reached a bailout deal with creditors. The euro zone will give out EUR 8.5 billion bailout to Greece.

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 for 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

26 mins ago

Downstream restocking and cargo pick-up, market supply decreases [SMM North China Spot Copper]

Today in North China, spot #1 copper cathode prices against the front-month contract were reported at discounts of 190–130 yuan/mt, with the average discount at 160 yuan/mt, up 10 yuan/mt from the previous trading day. The average transaction price stood at 104,580 yuan/mt, down 1,025 yuan/mt from the previous trading day.

26 mins ago

1 hour ago

Copper Cathode Rod Enterprises See Operating Rate Drop to 67.55% in May, Down 3.64% MoM

1 hour ago

2 hours ago

Lobito Railway Resumes Copper Shipments from DRC Following Flood Repairs

Lobito Atlantic Railway (LAR) has resumed operations on a key section of its rail corridor and received its first copper shipment from the Democratic Republic of Congo since repairing flood-damaged infrastructure. The rail link between the Port of Lobito and Huambo had been disrupted for approximately two months due to severe flooding. During the outage, LAR maintained cargo movements through a contingency plan involving rail and truck transfers. The Lobito Corridor is a major export route for copper and cobalt from the DRC to the Atlantic coast, and the restoration of rail traffic is expected to improve logistics efficiency for critical minerals exports from Central Africa.

2 hours ago