Macro Roundup (Jun 11)-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Copper
  • Copper scrap
  • Inventory data
  • Rare earth
  • Lithium
  • Aluminium
  • Evening comments
  • Market commentary
  • Futures movement
  • Morning comments
  • Customs data
  • Silicon
  • MMi Iron Ore Port Index
  • Cobalt

Macro Roundup (Jun 11)

Data Analysis 08:33:18AM Jun 11, 2019 Source:SMM

SHANGHAI, Jun 11 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar recovered on Monday as the US and Mexico reached a deal to avoid tariffs.

Most LME base metals closed higher on Monday, with the biggest gain of 2.2% in lead. Copper climbed 1.5%, aluminium rose 0.9%, and nickel nudged up while tin slipped 0.3% and zinc fell 0.4%.

Most SHFE base metals also ticked up overnight. Copper and tin advanced 0.7%, lead increased by close to 0.6%, and aluminium gained 0.3% while zinc declined close to 0.4% and nickel dropped 0.7%.

Following a disappointing nonfarm payroll report last week, US jobs data on Monday reflected a brighter outlook, with job openings dipping in April as hiring surged to a record high.

The Job Openings and Labor Turnover Survey (Jolts) from the Labor Department on Monday showed that US job openings slipped to a seasonally adjusted 7.4 million from 7.5 million in March. Hiring jumped by 240,000 jobs in April to 5.9 million, the highest since the government started tracking the series in 2000. 

China said on Monday its overall trade surplus stood at $41.65 billion in May, significantly more than expected as the trade impasse between Washington and Beijing drags on. Economists polled by Reuters had expected China to post an overall trade surplus of $20.5 billion in May.

The larger trade surplus came as the country’s dollar-denominated exports increased last month, while imports underperformed. China’s General Administration of Customs said that exports in May inched up 1.1% year on year, while imports fell 8.5% during the same period. Economists in the Reuters poll had forecast both exports and imports to fall 3.8% year on year in May.

China’s trade surplus with the US rose to $26.89 billion in May from $21.01 billion in April, Chinese customs data showed.

China’s foreign-currency holdings expanded in May, countering outflow concerns amid a stronger dollar.

The country’s foreign exchange reserves climbed to $3.101 trillion at the end of May, up 0.2% from the end of April, the People’s Bank of China said Monday. The reading was the highest in nine months and a rebound after April's drop snapped a five-month rising streak.

Wang Chunying, a spokesperson for the State Administration of Foreign Exchange, attributed the pick-up in May to multiple factors such as valuation changes in exchange rates and asset price changes.

Wang said the country's sound economic fundamentals would underpin stable development of the forex market and provide a solid basis for the stability of foreign exchange reserves.

Although uncertainties abound in the world and international financial markets are likely to become more vulnerable, the Chinese economy will maintain a sound momentum for the long term, Wang said.

On the US-China trade dispute front, US President Donald Trump told CNBC on Monday that China would have to make a deal with the US "because they're going to have to". Trump also confirmed that more tariffs on Chinese goods will be implemented should Chinese President Xi Jinping fail to attend the upcoming G-20 meeting.

Day ahead

Economic data slated for release today include the Eurozone’s Sentix investor confidence index for June, the US producer price index (PPI) in May and weekly crude inventory data from the American Petroleum Institute (API).

Key Words:  Macroeconomics 

Price

more
1# Silver ingots(99.99%)
Jun.25
3679.0
20.0
(0.55%)
2# Silver ingots(99.95%)
Jun.25
3664.0
20.0
(0.55%)
3# Silver ingots(99.90%)
Jun.25
3649.0
20.0
(0.55%)
Gold(99.99%)
Jun.25
320.4
6.5
(2.05%)
Gold(99.95%)
Jun.25
320.3
6.2
(1.99%)

Macro Roundup (Jun 11)

Data Analysis 08:33:18AM Jun 11, 2019 Source:SMM

SHANGHAI, Jun 11 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar recovered on Monday as the US and Mexico reached a deal to avoid tariffs.

Most LME base metals closed higher on Monday, with the biggest gain of 2.2% in lead. Copper climbed 1.5%, aluminium rose 0.9%, and nickel nudged up while tin slipped 0.3% and zinc fell 0.4%.

Most SHFE base metals also ticked up overnight. Copper and tin advanced 0.7%, lead increased by close to 0.6%, and aluminium gained 0.3% while zinc declined close to 0.4% and nickel dropped 0.7%.

Following a disappointing nonfarm payroll report last week, US jobs data on Monday reflected a brighter outlook, with job openings dipping in April as hiring surged to a record high.

The Job Openings and Labor Turnover Survey (Jolts) from the Labor Department on Monday showed that US job openings slipped to a seasonally adjusted 7.4 million from 7.5 million in March. Hiring jumped by 240,000 jobs in April to 5.9 million, the highest since the government started tracking the series in 2000. 

China said on Monday its overall trade surplus stood at $41.65 billion in May, significantly more than expected as the trade impasse between Washington and Beijing drags on. Economists polled by Reuters had expected China to post an overall trade surplus of $20.5 billion in May.

The larger trade surplus came as the country’s dollar-denominated exports increased last month, while imports underperformed. China’s General Administration of Customs said that exports in May inched up 1.1% year on year, while imports fell 8.5% during the same period. Economists in the Reuters poll had forecast both exports and imports to fall 3.8% year on year in May.

China’s trade surplus with the US rose to $26.89 billion in May from $21.01 billion in April, Chinese customs data showed.

China’s foreign-currency holdings expanded in May, countering outflow concerns amid a stronger dollar.

The country’s foreign exchange reserves climbed to $3.101 trillion at the end of May, up 0.2% from the end of April, the People’s Bank of China said Monday. The reading was the highest in nine months and a rebound after April's drop snapped a five-month rising streak.

Wang Chunying, a spokesperson for the State Administration of Foreign Exchange, attributed the pick-up in May to multiple factors such as valuation changes in exchange rates and asset price changes.

Wang said the country's sound economic fundamentals would underpin stable development of the forex market and provide a solid basis for the stability of foreign exchange reserves.

Although uncertainties abound in the world and international financial markets are likely to become more vulnerable, the Chinese economy will maintain a sound momentum for the long term, Wang said.

On the US-China trade dispute front, US President Donald Trump told CNBC on Monday that China would have to make a deal with the US "because they're going to have to". Trump also confirmed that more tariffs on Chinese goods will be implemented should Chinese President Xi Jinping fail to attend the upcoming G-20 meeting.

Day ahead

Economic data slated for release today include the Eurozone’s Sentix investor confidence index for June, the US producer price index (PPI) in May and weekly crude inventory data from the American Petroleum Institute (API).

Key Words:  Macroeconomics