Overnight, Bostic, the 2024 FOMC voter and Atlanta Fed chairman, said he didn't think interest rates would need to rise further, that current policy was "obviously" in restrictive territory, and that the Fed could remain patient. The 2024 FOMC voter and Cleveland Fed Chairman Mester revealed that she had previously favored raising interest rates in June, and her interest rate forecast was equal to or slightly higher than the median economic forecast. The 2024 FOMC voting committee and San Francisco Fed Chairman Daly believes that the Fed may need to raise interest rates several times to bring inflation back to the target level; the New York Fed's consumer expectations survey showed that in June, consumers' expectations for the inflation rate in the coming year The forecast fell to 3.83% from 4.07% in May, the third consecutive month of decline, to the lowest since April 2021; as a key indicator of the fall in inflation, US used car prices fell 4.2% in June, a record high in the early days of the epidemic, the biggest monthly drop ever. Nevertheless, research by the Federal Reserve shows that the core CPI may remain above 3.5% in 2024; the People's Bank of China and the State Administration of Financial Supervision and Administration issued a notice on extending the deadline for policies related to financial support for the stable and healthy development of the real estate market. If the relevant policies have an applicable period, the applicable period shall be uniformly extended to December 31, 2024.
Overnight, LME Zinc opened at 2369.5 US dollars / ton. After the opening, the center of gravity of LME Zinc fell slightly. During European trading hours, it basically fluctuated near the daily average line. It quickly touched a high in the night market and then fell back to fluctuate near the daily average line. It touched a high price of 2,380 US dollars / ton, and finally it closed at US$2,355 / ton, down US$6 / ton, with 0.25% drop, the trading volume increased to 6,254 lots, and the open interest increased by 2,484 lots to 184,000 lots. LME zinc recorded a negative column overnight, and the 40-day moving average above formed a suppression. LME inventories decreased by 475 tons to 73,500 tons, and LME inventories recorded a decrease. The weakening of the U.S. dollar supported the rise of LME zinc, but the Fed's hawks and doves alternated, and the market returned to calm, waiting for the guidance of U.S. inflation data.
Overnight, the SHFE main contact 2308 opened higher at 20,015 yuan/ton. Reduced by 3,745 lots to 108,000 lots. SHFE Zinc recorded a small positive column overnight, and the MACD positive column narrowed. The U.S. dollar was weak overnight, and the loss of the 102 mark provided some upward support for zinc prices. From a fundamental point of view, although the plunge in zinc prices and rising energy costs prompted Boliden to suspend its Tara zinc mine operations, the domestic zinc concentrate processing fee has been raised for two consecutive weeks, indicating that the overall supply of domestic zinc concentrate is still in a loose situation, and we still need to be vigilant against the pressure on the supply side.
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