[SMM Price] May 13 copper spot discount in Shanghai market (first period)

On November 13, Boston Fed President Susan Collins said that price stability benefits the long-term development of the housing market, but the higher interest rates needed to curb inflation will increase the cost of buying and building homes in the short term.Chicago Fed President Austan Goolsbee expressed more direct concern about the inflation trend. He pointed out that current inflationary pressures are broad-based, the trend is moving in the wrong direction, and the future path of interest rates will depend on inflation performance. He also stressed that the US Fed still has work to do in controlling inflation.

The US fiscal situation deteriorated significantly in October. As the first month of fiscal year 2027, October saw the US fiscal deficit hit a record high for the same period in history, marking the worst fiscal start on record.The latest data from the US Treasury Department show that the US fiscal deficit reached $404 billion in October, a sharp widening from $284 billion in the same period last year and far exceeding September's $27 billion. The surge in the deficit was driven primarily by an unusual increase in national defense spending and a continued climb in debt interest payments. Meanwhile, government revenue fell 8.8% YoY, further widening the fiscal gap.

China's social financing growth in January-October was 28.61 trillion yuan, compared with 27.46 trillion yuan previously. Based on this, new social financing in October was 1.15 trillion yuan, a notable pullback from 3.55 trillion yuan in September. At end-October, the stock of social financing stood at 46.916 trillion yuan, up 7.2% YoY, a slight rebound from 7.1% at end-September.