SMM7 March 22: non-ferrous metals were all red yesterday. On the foreign side, Len aluminum and zinc rose 2.23%, Lun Ni rose 2.05%, Lunxi copper rose 1.37%, Lunxi rose 1.15%, and Len lead rose 0.68%. The price of (LME) copper on the London Metal Exchange climbed on Tuesday, after EU leaders agreed on a large-scale stimulus package on the basis of investors' hopes for metal demand and global economic recovery. And there is positive news about the trial of the new crown vaccine. Domestically, shanghai zinc rose 1.94%, shanghai nickel rose 1.37%, shanghai aluminum rose 1.05%, shanghai copper rose 1%, shanghai lead rose 0.87%, shanghai tin rose 0.11%.
The dollar index fell 0.64% to a four-month low of 98.186 as the European Union agreed on an economic stimulus package and commodity prices rose. Sentiment rose on the news of the EU deal and pushed commodity currencies higher. It is reported that after nearly five days of arduous discussions, the European Union, made up of 27 governments, agreed to set up a 750 billion euro ($858 billion) anti-epidemic recovery fund. According to the agreement, about half of the funds will be allocated to the EU countries hardest hit by the epidemic, and the rest will be allocated in the form of low-interest loans. Under the landmark stimulus package, the EU will issue 750 billion euros of joint bonds to help member states combat the economic downturn caused by the epidemic.
U. S. stocks closed mixed on Tuesday, with technology stocks dragging down the Nasdaq. The S & P 500 recorded its third straight day of gains. Congress is negotiating a new fiscal stimulus package. The European Union has reached a breakthrough fiscal stimulus deal. The Dow rose 159.53 points, or 0.60%, to 26840.40; the Nasdaq fell 86.73 points, or 0.81%, to 10680.36; and the S & P 500 rose 5.46 points, or 0.17%, to 3257.30.
Crude oil prices rose about $1 a barrel on Tuesday, hitting their highest level in more than four months, boosted by an agreement on the EU stimulus package and positive news of a new crown vaccine trial. According to the survey, stocks of crude oil and oil products in the United States may have fallen last week, which also supported the market.
In terms of precious metals, COMEX gold futures hit a nearly nine-year high on Tuesday as silver broke the $20-an-ounce threshold to its highest level in more than six years on the back of a sell-off in the dollar and expectations that stimulus would intensify to help economies hit by a pandemic recover.
In terms of data, the monthly rate of retail sales in Canada in May, the previous value:-26.40%, expected: 20%, published: 18.7%.
Canada's retail sales grew at a monthly rate of 18.7% in May, the biggest increase in history.
Us API crude oil inventory (10,000 barrels) for the week to July 17, previous value:-832.2, forecast:-195, announcement: 754.4.
Us gasoline futures expanded after API data showed that US gasoline stocks fell more than expected last week. Us heating oil futures narrowed gains as API data showed that last week's decline in US refined oil stocks was in line with market expectations.
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