Key Macroeconomic Indicators for Base Metal Prices (2017-3-2)

SHANGHAI, Mar. 2 (SMM) – The number of US initial jobless claims last week and Challenger Layoffs in February, eurozone inflation and unemployment will be the focus of markets today. Base metals received a boost from Trump’s statement on infrastructure construction overnight. But as no details were released, base metals may fall today.

Eurozone annualized January PPI is expected to rise noticeably. Eurozone February CPI before seasonal adjustment will extend gains. German flash February CPI rose to 2.2, better than expectations and January’s, and the highest in 4.5 years, boding well for eurozone inflation.

The number of US initial jobless claims last week and Challenger Layoffs in February should remain in normal level. The market considers US labor market is close to full employment. Federal Reserve governor Lael Brainard said the Fed is near to its target in employment and inflation and allows mild rate hike.