SMM12 March 3: yesterday, the outer disk metal market was green across the board. Lun Copper fell 0.25%, Lun Zinc fell 0.74%, Lun Aluminum fell 0.17%, Lenny Nickel fell 1.89%, Lunxi fell 0.48%, Len lead fell 1.68%, London Metal Exchange (LME) copper fell on Wednesday, and the rising dollar triggered profit-taking among bulls, but the decline was limited by expectations of strong demand in China, the largest consumer, and hopes for novel coronavirus vaccine. On the domestic front, international copper fell 0.53%, Shanghai copper fell 0.44%, Shanghai Aluminum fell 1.16%, Shanghai lead fell 1.25%, Shanghai nickel fell 0.99%, Shanghai zinc fell 1.55%, and Shanghai tin fell 0.19%.
The dollar index fell below 91 on Wednesday, its lowest level since April 2018, as congressional leaders appeared to make progress on the stimulus policy. Affected by the latest stimulus progress, the dollar index fell 0.19% to 91.01 in late trading, up 0.3% at one point in intraday trading. Pelosi and Schumer support starting stimulus negotiations immediately on the basis of a cross-party package. Treasuries fell and the yield curve steepened, with 10-and 30-year yields hitting their highest levels in more than two weeks.
U. S. stocks closed mixed on Wednesday. The S & P 500 rose slightly and set an all-time high closing record. Some members of both parties in the US Senate proposed a $908 billion economic stimulus package, but it was vetoed by Senate majority leader Mitch McConnell. Britain became the first country in the world to approve Pfizer novel coronavirus vaccine. The Dow rose 61.12 points, or 0.20%, to 29885.04; the Nasdaq fell 5.74 points, or 0.05%, to 12349.37; and the S & P 500 rose 6.56, or 0.18%, to 3669.01.
On crude oil, NYMEX crude oil futures closed higher on Wednesday after the UK approved a novel coronavirus vaccine, boosting hopes of a recovery in demand and growing expectations that oil-producing countries will maintain production restrictions next year. The Organization of Petroleum Exporting countries ((OPEC)) and the OPEC, a Russian-led ally, postponed 2021 oil production policy consultations from Tuesday to Thursday, three sources said. Traders are watching the progress.
In precious metals, COMEX gold futures rose for a second straight session on Tuesday as the prospect of the novel coronavirus rescue plan strengthened gold's attractiveness as a hedge against possible inflation and pushed the dollar to its lowest level in nearly two and a half years. Analysts point out that we are one step closer to the next stimulus package, which weakens the dollar and fully supports commodity prices, including gold and silver.
In terms of data, Germany's actual monthly retail sales rate in October, the previous value of-2.2%, expected 1.2%, announced 2.6%.
Euro area monthly PPI rate for October, previous value 0.30%, expected 0.2%, published 0.4%, revised 0.4% (previous value). Euro zone unemployment rate in October, previous 8.30%, expected 8.4%, reported 8.4%, revised 8.5% (previous value).
Institutional review of euro zone PPI data for October: data released on Wednesday showed that eurozone producer prices rose more than expected in October from a month earlier, while unemployment fell as the economy continued to recover in October ahead of the second wave of the novel coronavirus epidemic. Energy prices were the main factor driving up PPI in October, rising 1.4 per cent from a month earlier and down 7.6 per cent from a year earlier.
Us November ADP employment (10,000), previous value 36.5, expected 41, released 30.7, revised 40.4 (previous value).
Financial wang Forexlive comments on US November ADP data: the actual data released by the ADP report are worse than expected, highlighting some of the downside risks facing Friday's non-farm payrolls data. The problem is that the report does a poor job of predicting government data during novel coronavirus's pandemic. Market reaction to the report was minimal, but there was also a slight risk aversion.
Us EIA crude oil inventory (10,000 barrels) for the week to November 27th, previous value-75.4, expected-235.8, announced-67.9.
Financial blog zero hedging EIA data for the week to November 27: data released by the US Energy Information Administration ((EIA)) showed that crude oil inventories fell less than expected last week, but gasoline and refined oil depots rose much more than expected, and refinery inventory changes recorded the first increase in 11 weeks. WTI crude oil futures hovered around $45 after the data were released. As the shutdown caused by the storm recedes, it is expected that US crude oil production may eventually return to a "stable" state.
