Base metal :
base metal prices traded up on Wednesday with lead emerged as top gainer on rising demand from battery car makers, while
copper remained least gainer. Despite downbeat U.S. economic numbers and strengthening dollar index, the gain in complex came from
growing optimism that deal between the U.S. and China on protracted trade spat will hammer out when trade negotiators from both
country will meet in Shanghai next week.
In economic data Wednesday, the U.S. manufacturing PMI fell to 50.0 in July from 50.6 a month earlier, marking the lowest level since
September 2009, and disappointing expectations of rise to 51, while services PMI rose to 52.2 in July from 51.5. Meanwhile, new home
sales rose 7.0% to 646k in June, however, it remained well below market forecast of 660k. Market is now waiting for ECB’s monetary
policy decision and U.S. economic numbers scheduled to release today.
Outlook: Following the persistent weakening demand scenario, we still believe that medium term sentiment will remain fragile. However,
increasing expectations of interest rate cut by major central banks may provide short term relief to prices. But we believe such
developments aren’t quite enough to bet for medium term bullishness until ongoing trade war between U.S. and China gets resolved...
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