[overnight market] non-ferrous metals rose across the board. Shanghai copper rose more than 5% in intraday trading.

SMM7 March 14: against the backdrop of a pick-up in macro sentiment and optimism in the capital market, non-ferrous metals rose strongly in intraday trading. By the close, Lun Copper was up 1.81%, Lun Aluminum was up 0.06%, Lun Zinc was up 2.99%, Lun Ni was up 1.22%, Lunxi was up 1.05%, and Lun lead was up 1.59%. In the domestic market, Shanghai copper rose 0.74%, Shanghai aluminum rose 0.55%, Shanghai zinc rose 1.73%, Shanghai lead rose 1.10%, Shanghai nickel rose 2.06%, Shanghai tin rose 0.48%, thread rose 0.27%, and stainless steel rose 1.36%. Yesterday, Shanghai Copper rose more than 5% after the opening of trading. SMM believes that from the pace of recovery after the epidemic at both ends of supply and demand, the short-term supply reduction is still not the main contradiction of the fundamentals, especially after the domestic demand has entered the off-season but overseas has taken over the baton of recovery, the overall performance of demand is resilient, the fundamentals are strong and the new crown vaccine has made progress, all of which have provided the impetus for the rise in copper prices.

The dollar index continued to come under pressure, closing down 0.09%. With regard to the trend of the dollar, some analysts believe that the overall downward outlook of the dollar has not changed, and fundamental factors such as loose policy, recession and inflated debt will put pressure on the dollar.

In terms of US stocks, the epidemic situation in the United States still shows a serious development trend. The number of new confirmed cases in Florida has reached a record high, and the total number of confirmed cases in the United States has exceeded 3.47 million. Pfizer and biotechnology company BioNTech SE said that their two vaccine candidates have won the FDA's "fast track" designation of (FDA), the agency's process to speed up new drug evaluation and promote new drug development, and the progress of the vaccine has also boosted market confidence, adding to the fact that the second quarter results of US companies will kick off, and the market is optimistic. By the close, the three major indexes of US stocks were mixed. The Dow closed up 10.50 points, or 0.04%, at 26085.80; the S & P 500 closed down 29.80 points, or 0.94%, at 3155.22; and the NASDAQ closed down 226.60 points, or 2.13%, at 10390.84.

As for crude oil, oil prices fell more than 2 per cent on Monday, and new infections in the US surged over the weekend, with Florida reporting more than 15000 new cases in 24 hours, setting a record for one-day growth in US states. Many states have re-imposed restrictions on commercial operations and now require people to wear masks to slow the spread of the virus. At present, the cumulative number of confirmed cases of new crown pneumonia in the United States has exceeded 3.47 million. There is still a lot of uncertainty about the development of the epidemic in the United States, and demand could be hit if some governments re-impose the blockade, which puts pressure on prices. The market is concerned about the OPEC joint ministerial meeting held on July 15, which is expected to reduce OPEC production from 9.7 million barrels per day to 7.7 million barrels per day from August 1st. OPEC + expressed its intention to scale back production cuts over the weekend as global fuel demand is expected to recover.

In terms of precious metals, spot gold stood firm above $1800, while COMEX August gold futures closed up 0.7% at $1814.10 an ounce. Cases of new crown pneumonia continue to rise around the world, and concerns about the deterioration of Sino-US relations have provided some support for gold's safe-haven status. Meanwhile, trading in the dollar remained sluggish yesterday, providing an additional boost to gold prices. However, gains are likely to remain limited in the risk appetite environment portrayed by the positive tone of global stock markets.

On the data side, there was no important economic data yesterday.

In terms of macro events, Federal Reserve Chairman Williams attended an online meeting and delivered a speech on Libor.

Bailey, governor of the Bank of England, spoke on the Libor, raising bets that the Bank of England would cut interest rates to avoid a severe recession. Interest rate futures linked to three-month sterling Libor rose above 100 for the first time, suggesting negative rates by March 2022. The previous day, the Libor fell below the Bank of England's benchmark interest rate, a phenomenon often seen as a prelude to a rate cut.

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