Monthly Metal Review
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
China’s manufacturing hit a seven-month high, apparently on Beijing’s mini-stimulus. HSBC’s June China flash PMI jumped to 50.8 from May’s final May 49.4, as new orders surged on domestic con-sumption. Stimuli include a 25-percent government-spending surge, infrastructure investments, tax cuts and reserve-requirement reductions. Industrial output rose 8.8 percent on-year in May and retail sales gained 12.5 percent on-year. However, home sales in 2014’s first five months fell 9.2 percent on year- China passenger-vehicle sales rose by 13.9 percent on-year in May to 1.59 million. This is a seasonally adjusted annual rate of over 20 million.
News has come out that stocks used for fi-nancing in China , and more specifically at the port of Qingdao may have been overstated , leaving some banks without the proper collateral. Some metals were shipped to more-regulated LME warehouses in Korea, Malaysia and elsewhere and credit tightened amid con-cern the scandal could spread.
The London Metal Exchange (LME) said it will appeal a UK court ruling against a measure meant to cut load-out backlogs at LME-approved ware-houses. A win could allow use of queue-cutting rules.
The Bank of England predicted the UK economy will grow 3 percent in 2014.
First-quarter UK unemployment fell to a five-year low, with employment up by 345,000 to 30.54 million. Unemployment fell to 2.16 million. But paycheck growth slumped to 0.7 per cent. The Con-federation of British Industry said annual retail-sales growth slowed in June to a seven-month low. A CBI retail-sales survey dropped to +4 from May’s
Bank of England Governor Mark Carney said stronger wage growth is fundamental and played down expectations of an interest-rate hike this year.
The European Central Bank cut interest rates, taking the deposit rate below zero and the benchmark rate to a record-low 0.15 percent. It an-nounced targeted long-term loans to spur credit sup-ply, whilst ECB President Mario Draghi said interest rates would stay low.
German business confidence fell amid concern that Ukraine and Iraq tensions would hurt business. The Ifo institute’s Germany business-climate index declined to 109.7 in June from May’s 110.4. Markit Economics said services activity slowed in June but manufacturing accelerated. Markit said Germany was again the driving force, although its composite PMI fell to 54.2 from 55.6. France’s index slumped to 48.0 from 49.3.
The U.S.Federal Reserve delayed an inter-est-rate increase until well into 2015. The Fed said May industrial production rose by 0.6 percent on-month. It trimmed economic-growth of 2.1-to-2.3 percent from an earlier 2.9 forecast, saying recovery was largely on track.
The Commerce Department said sales of new single-family homes surged 18.6 percent to a seasonally adjusted annual rate of 504,000 in May. That was the highest since May 2008.
The U.S. Consumer Price Index rose 0.4 percent in May, following April’s 0.3-percent ad-vance.
May U.S. auto sales surged by 11.3 percent on rising demand and looser credit. Automakers sold 1.6 million vehicles, annualised to 16.77 million.