[SMM News] the US non-agricultural data were sharply lower than expected, and the metal market generally fell.

Published: Apr 3, 2020 22:50

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SMM4, March 3: tonight, the United States released March non-agricultural data, the United States in March after the seasonal decline of 701000 non-farm payrolls, the lowest since March 2009. The US unemployment rate rose to 4.4 per cent in March, the highest since August 2017. The data were once again sharply lower than expected and the metals market was generally lower. As of 22:50, Lun Copper fell nearly 0.5%, Lun Aluminum fell nearly 1.6%, Lun Zinc rose nearly 0.1%, Lun Ni fell nearly 0.4%, Lun Xi fell nearly 1%, and Lun lead fell nearly 2.2%.

Industry agencies said the March non-farm report covered the period before March 12, when no major state in the United States began to impose a blockade, and the market reaction was so lukewarm that there was little meaningful impetus.

As for late-stage economic data, industry expectations are more pessimistic. Employment data in the United States are generally collected in the middle of the month, which means that the data for-701000 people do not fully reflect the situation over the past two weeks. Initial claims for unemployment benefits have soared in the past two weeks. In addition, most of the data were collected before the government issued home orders. Non-farm payrolls are expected to fall by millions in April.

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