SHANGHAI, Apr. 26 (SMM) – The market will lack solid macroeconomic news today. US crude oil inventories last week and US MBA 30-year Fixed Rate Mortgage last week will be released today. The market will watch on Trump’s statement about tax reform program. Any weaker-than-expected statement will jolt the market. If the statement is in line with market expectations, the market will give limited response. Base metals overnight mostly closed with gains, but some still face pressure from moving averages.
Trump’s statement about tax reform program will affect the market today.
Trump said last week’s end he will disclose tax reform plan on Wednesday, which will help ease enterprises and individual tax burden significantly. US Treasury Secretary Steven Mnuchin said last week Trump government still intends to complete the biggest tax mechanism reform from Reagan administration before the year-end.
SMM Price Outlook for Base Metals on SHFE (Apr. 26, 2017)
API crude oil inventories in the US expectedly increased 897,000 barrels last week, compared to 1.30 million barrels decline expected. API crude oil inventories for the US had grown for 9 weeks in a row to 9 million barrels per day. In this context, NYMEX June oil prices slumped in the morning and will unlikely rally to USD 50/bbl soon.
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