Key Macroeconomic Indicators for Base Metal Prices (2017-8-18)

SHANGHAI, Aug. 18 (SMM) –Market will eye University of Michigan’s consumer confidence index for August today. 

The US dollar index rose above 94 overnight due to pullback in the euro. But, the US dollar index fell back later and should move around current level in the short term. 

University of Michigan’s consumer confidence index has been falling for two months in a row since May. Monthly rate of US retail sales rose more than expected in July, and labor market was stable, and wages improved. These suggest US economy has regained momentum, which will boost consumer confidence. So, the preliminary figure of University of Michigan’s consumer confidence index should rise in August.   

API report showed US gasoline demand rose to 9.69 million barrels/day in July, a new record high, versus 9.6 million barrels/day a year ago. But, US petroleum output rose to 9.42 million barrels/day in July, the highest in nearly 45 years. High petroleum output intensified worries over supply & demand balance. Oil prices fell following the figure.