SHANGHAI, Aug. 2 (SMM) – On Wednesday, attention should be on US’s ADP employment data, and API and EIA crude oil inventory in the week ending July 28. US’s PCE released on Tuesday night was positive, easing decline of US dollar index. Base metals diverged both on SHFE and LME market with lead and nickel outshining.
US’s ADP employment is expected to increase 190,000 in July on a monthly basis, and US’s July unemployment data, which will be released on Friday, will drop, a sign of strong labor market. If ADP is positive, it will send US dollar index up, and vice versa.
SMM Price Outlook for Base Metals on SHFE (Aug. 2, 2017)
OPEC crude oil increased 210,000 bbls per day to 32.87 million bbls per day in July, Bloomberg reported. This was mainly because that Libya increased output by 180,000 bbls per day, hitting the highest level from June 2013. Moreover, US’s API crude oil inventory increased 1.78 million bbls in the week ending July 28. COMEX 1709 oil thus plunged by 2.75% to below USD 50/bbl.
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