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Shanghai and Wuxi do not get Christmas wishes for two days of falling demand at the end of the year superimposed macro risk concerns

iconDec 26, 2018 16:57
Source:Shanghai Nonferrous Metals Network

SMM12, March 26: recently, after consolidation for more than half a month, Shanghai Tin fell for two days in a row. As of December 26, the main contract closed at 144370 yuan per ton, down 2060 yuan from the 24-day closing price of 146430 yuan per ton. The total decline in the three days was 1.43%. SMM believes that the decline in Shanghai and Wuxi was mainly affected by the suppression of macro sentiment and weak demand at the end of the year.

At the same time, the current macro risk continues to increase the code. Because of the border wall issue, US President Trump and senior congressional Democrats have had a dispute over the partial shutdown of the government. A senior aide to Trump said that the government shutdown could last until January 3 next year, and the US Congress also said that. The government shutdown is "complicated" to resume. According to David Meger, head of metals trading at High Ridge Futures, investors are unnerved by the long-term shutdown of the US government and the possibility of a deterioration in the global economy. At the same time, the conflict between the White House and the Federal Reserve has added turbulence to already troubled financial markets.

For the first time, crude oil futures, the king of commodities, tumbled more than 6 per cent on Monday to their lowest level in a year and a half as fears of global economic and US political turmoil overshadowed signs that the OPEC could step up production cuts. The macroeconomic situation and its impact on oil demand continue to put pressure on oil prices, and asset markets of all types are under pressure as the US government shutdown has heightened concerns about economic growth.

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