SHANGHAI, Jun. 28 (SMM) – US crude oil inventory data will be announced today. Seasonally adjusted existing home sales in May and whole sale and retail sale inventories for the US and inflation in Germany and Italy will also be eyed. The US dollar plunged overnight. Ferrous metals strengthened. Base metals rose except for LME tin. The wenhua CCI broke through moving averages, presaging that base metals will hover at highs in the near term.
SMM Price Outlook for Base Metals on SHFE (Jun. 28, 2017)
US real estate market remained strong base on previous data. So, US seasonally adjusted existing home sales in May are promising.
Minneapolis Fed Chairman released dovish statement, saying US economy is not overheated and inflation is still low. The labor market still saw job openings.
API crude oil inventories for the US last week unexpectedly increased. Growth in gasoline and refined oil inventories also topped expectations. NYMEX August oil slumped below USD 44/bbl.
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