SMM7 March 10: on the last trading day, most of the Lunpan metal market rose, with copper up 0.98%, aluminum down 0.96%, zinc up 0.89%, nickel down 2.04%, Lunxi up 0.88%, and lun lead up 0.83%. In the domestic market, Shanghai copper is up 0.24%, Shanghai aluminum is up 0.28%, Shanghai zinc is up 0.72%, Shanghai lead is up 0.94%, Shanghai nickel is down 1.54%, Shanghai tin is down 0.31%, thread is down 0.97%, and stainless steel is down 0.85%. Yesterday, PPI fell 3.0 per cent from a year earlier and rose 0.4 per cent from a month earlier, indicating that domestic and foreign demand continued to pick up, domestic infrastructure and manufacturing demand gradually recovered, and market expectations for copper demand remained optimistic, boosting market confidence and supporting copper prices.
The dollar index rose 0.3 per cent to 96.78 as the dollar rebounded sharply from a nearly one-month low on Thursday as weakness in the US stock market made the dollar more attractive to investors after a surge in new crown virus cases and increased safe-haven demand for the dollar.
In terms of US stocks, the three major indexes of US stocks closed mixed. The S & P 500 closed down 17.90 points, or 0.56%, at 3152.05; the NASDAQ closed up 55.30 points, or 0.53%, at 10547.75; and the Dow Jones index closed down 361.20 points, or 1.39%, at 25706.09.
In terms of crude oil, WTI August crude oil futures closed down US $1.28, or 3.13%, to settle at US $39.62 per barrel, while Brent September crude oil futures closed down US $0.94, or 2.17%, to settle at US $42.35 per barrel. The economic outlook is bleak because of the increase in coronavirus cases and the upcoming wave of layoffs in the United States. At the same time, the Messla field resumes production, which could increase global supply while demand remains weak.
In precious metals, COMEX August gold futures closed down 0.9% at $1803.80 an ounce. Gold prices fell to a new low of $1795.75 an ounce on Thursday as a fall in the stock market triggered profit-taking amid a record number of new cases in the US, and investors took refuge in the dollar, reducing demand for gold as an alternative asset.
In terms of data,
China's pre-June CPI annual rate: 2.40% expected: 2.5% announcement: 2.5%
China's June PPI annualized rate before:-3.70% expected:-3.20% announcement:-3%
Dong Lijuan, senior statistician of the City Department of the National Bureau of Statistics: affected by the sharp rise in international crude oil prices, the prices of products in oil-related industries have stopped falling and rising, of which the prices of oil and natural gas mining have increased by 38.2%. The prices of oil, coal and other fuel processing industries rose 1.7%, and the manufacturing prices of chemical raw materials and chemical products rose 0.4%. In June, international commodity prices picked up, domestic manufacturing recovered steadily, and market demand continued to improve. On a month-on-month basis, PPI rose 0.4 per cent from 0.4 per cent last month.
Germany's non-quarterly trade account in May (billion euros) before value: 35 expected: 70 announcement: 71 revision: 36 (previous value)
Number of Americans applying for unemployment benefits in the week ending July 4th (10,000) previous value: 142.7 expected: 137.5 announcement: 131.4 Amendment: 141.3 (previous value)
Agency comments on initial jobless claims in the United States in the week to July 4: weak demand and rising confirmed cases of new crown pneumonia have kept the number of Americans applying for unemployment benefits high, indicating that despite record job growth in June, the labor market remains fragile. The resumption of business operations coincided with record peaks in confirmed cases in densely populated Florida, Texas and California, forcing fewer people back to work and suspending some workers from returning to work.
Us May Wholesale sales monthly rate:-16.90% expected: 4.5% announcement: 5.4%
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