Key Macroeconomic Indicators for Base Metal Prices (2017-8-7)

SHANGHAI, Aug. 7 (SMM) – The market will lack solid macroeconomic news today. Sentix investor confidence index in August and Labor Market Conditions Index in the US in July will be released today. The US dollar was boosted and returned above 93 due to positive non-farm data, and is expected to continue rebounding this week. Base metals plummeted in response, especially LME base metals. But some base metals were strong and were mixed.

Eurozone Q2 GDP was in line with market expectations and topped Q1. When combined with better retail sales data, eurozone economy remains positive. So, Sentix investor confidence index may improve in August.

Non-farm employment unexpectedly increased, and unemployment fell to the lowest over the past 16 years, with salary also rising. This reflects recovery in labor market. As such, the LMCI may rise in July.