SMM7 March 16: yesterday, non-ferrous metals in the outer disk were mixed. By the close, Lun Copper fell 1.62%, Lun Al fell-0.24%, Lunzn Zinc rose 0.41%, Lunni fell 0.48%, Lunxi rose 0.06%, and Lunxi lead rose 0.14%. In the domestic market, non-ferrous metals closed down across the board, with the largest decline of 2.25% in Shanghai Copper, 1.24% in Shanghai Aluminum, 0.61% in Shanghai Zinc, 1.69% in Shanghai lead, 0.66% in Shanghai Nickel, 0.88% in Shanghai Tin, 0.29% in thread and 1.03% in stainless steel. As for the price trend of zinc in Shanghai, SMM believes that in the short term, the direction of zinc price will still be guided by macro, combined with the current direction of Sino-US monetary policy and the recent frequent disputes between China and the United States, which may lead to a short-term macro correction. In the medium to long term, against the backdrop of ample global liquidity and supported by consumption expectations during the peak season, zinc prices still have the power to rise again. However, at the end of the year, or return to the logic of long-term mine surplus, leading to a fall in prices. "View details
The dollar index hit a recent five-week low of 95.77 as rising political and epidemic risks in the US and growing optimism about the global economic recovery will keep the dollar falling in the coming months. "analysts agree that the dollar will weaken further," said Jalinos, global head of foreign exchange strategy at Credit Suisse. At present, the risk facing the United States is greater than that of other major economies. "
In terms of US stocks, the three major indexes still rose across the board. By the close, the Dow closed up 227.40 points, or 0.85%, at 26870.03; the S & P 500 closed up 29.00 points, or 0.91%, at 3226.55; and the NASDAQ closed up 61.90 points, or 0.59%, at 10550.49. The progress of Moderna vaccine research has boosted market confidence, and the results of the AstraZeneca vaccine trial will be released soon. Superimposed by the Federal Reserve, the economy showed signs of a modest recovery in early July, but the outlook was still highly uncertain, and market sentiment picked up somewhat, leading to the trend of US stocks.
In terms of crude oil, according to data, as of the week ended July 10, US EIA crude oil inventory changes were actually announced to be reduced by 7.493 million barrels, expected to decrease by 88000 barrels, and the previous value increased by 5.654 million barrels. The data supported higher oil prices, but the joint OPEC and non-OPEC ministerial monitoring committee (JMMC) met on July 14 and 15 local time to review production reduction strategies. People in the industry expect that this meeting may adjust the scale of previous production cuts in OPEC countries, and the scale of production cuts may be reduced, and oil prices are expected to be further restricted.
In terms of precious metals, gold prices edged higher on Wednesday, with spot gold hitting its highest intraday level since July 9, 1814.92. The continuous decline in the dollar index supported gold prices, while the surge in global coronavirus cases and tensions in Sino-US relations also boosted gold's safe-haven demand, but gold's gains were limited by a series of advances in coronavirus vaccine development and US stocks.
In terms of data,
Us API crude oil inventory (10,000 barrels) for the week ending July 10, with a previous value of 205forecast-227.5 published value-832,
Financial blog zero hedging API data for the week: this morning, the two oil companies rebounded from yesterday on expectations that OPEC + would abide by its production reduction commitments than fears about the impact of the second outbreak on demand. API data showed that US crude oil inventories recorded the biggest decline since December this week, while gasoline inventories also fell significantly, while the two oil rose in the short term.
Monthly CPI rate in the UK in June, with a previous value of 0%, a predicted value of 0%, a published value of 0.1%.
Jonathan Athow: inflation, the deputy director in charge of economic statistics at the Office for National Statistics, recorded an increase for the first time this year, but remains at an all-time low.
UK retail price index monthly rate for June, previous value-0.1% forecast value 0.2% published value 0.2%
Us July New York Fed manufacturing index, previous value-0.2 forecast value 10 published value 17.2
Us import price index monthly rate in June, previous value 1%, forecast value 1%, published value 1.4%
The monthly rate of US industrial output in June, with a previous value of 1.4%, a projected value of 4.3%, a published value of 5.4%.
Canada to July 15 central bank interest rate decision, the previous value of 0.25%, the predicted value of 0.25%, the published value of 0.25%.
Us EIA crude oil inventory (10,000 barrels) for the week ending July 10, with a previous value of 565.4 predicted value-209.8 published value-749.3
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