LIVE FUTURES REPORT 17/02: SHFE base metals trend lower amid robust US economic data

Base metals prices on the Shanghai Futures Exchange were mostly down during Asian morning trade on Friday February 17, as robust US economic data released late on Thursday indicated greater possibility of a US interest rates rise in the near future.

A string of positive US data released late on Thursday has lent support to expectations of a US rates increase in the near future, a Shanghai-based macro-economic analyst said. The Philly Fed manufacturing index for February came in at 43.3, marking the highest reading since 1984 and outstripping January’s level of 23.6. US building permits in January reached 1.29 million, up 4.9% on the previous month. US unemployment claims for the week of February 11 to February 18 stood at 239,000, 2.1% higher week-on-week. Although the dollar index was recently down 0.05% compared with previous trading session’s close at 100.46, it remains comparatively high, staying above the 100 mark, the macro-economic analyst added. Base metals on the SHFE, with the exception of nickel, were all down during Asian morning trading hours on Friday. Correction seen in copper The April copper price on...


Ellie Wang

February 17, 2017

05:08 GMT