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[overnight market] geopolitical tensions intensify, outer disk metals fall across the board, precious metals continue to rise.
Jul 27,2020 00:00CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 27: on the previous trading day, the Lunpan metal market closed down, Luntan fell 1.63%, Lunal fell 0.61%, Lunzn Zinc fell 1.18%, Lunni fell 0.37%, Lunxi fell 1.29%, and Lunxi lead fell 0.98%. In the domestic market, shanghai copper fell 0.41%, shanghai aluminum fell 0.03%, shanghai zinc rose 0.03%, shanghai lead rose 0.1%, shanghai nickel rose 0.67%, shanghai tin rose 1.13%, thread rose 0.21%, and stainless steel rose 0.92%.

The dollar index fell 0.46% to 94.34, hitting a 22-month low of 94.32 in late trading, down 1.72% for the fifth consecutive week. A series of concerns have led to a weakening of risk appetite, including a continued rise in the number of new cases, the postponement of the US stimulus bill and escalating international tensions. Analysts say international tensions related to the United States have also hit the dollar.

In terms of US stocks, the three major indexes of US stocks closed down, with the Dow closing down 182.40 points, or 0.68%, at 26469.89; the S & P 500 closed down 20.00 points, or 0.62%, at 3215.63; and the NASDAQ closed down 98.20 points, or 0.94%, at 10363.18.

In terms of crude oil, US oil rose slightly on Friday, fluctuating in flat trading, up 1.7% this week, while the fall of the dollar to its lowest level in nearly two years boosted the attractiveness of dollar-denominated commodities; at the same time, fears of a slowdown in demand caused by rising inventories and a warming coronavirus epidemic have also increased.

On precious metals, spot gold rose more than 1 per cent on Friday, hitting a new high of $1906.56 an ounce since September 2011; COMEX12 monthly gold futures hit a record high of $1933.6 an ounce as traders shifted their positions from August to December futures; rising geopolitical tensions and concerns about global economic growth helped push gold higher.

In terms of data,

German manufacturing PMI initial value in July: 45.2 expected: 48 announcement: 50

Phil Smith:7, an economist at IHS Markit, a market research firm, stabilized in the growth zone in March, much higher than expected, suggesting that the business environment across Germany is improving as activity and demand recover. In addition, it is encouraging that manufacturers have reported a significant improvement in overseas sales.

Euro zone manufacturing PMI initial value in July: 47.4 expected: 50 announcement: 51.1

Chris Williamson:, chief economist of market research firm IHS Markit, saw output growth in the euro zone in July at its fastest pace in more than two years as corporate blockades continued to ease and the economy reopened. Demand is also showing signs of recovery, helping to curb the pace of unemployment.

Us July Markit manufacturing PMI initial value: 49.8 expected: 52 announcement: 51.3

Chris Williamson:7, chief economist at IHS Markit, a market research firm, saw business activity stabilise during the month, but the lack of growth was disappointing. In addition, the pace of new business losses has accelerated again, raising concerns about weakening demand. Many companies, especially in the service sector, have been forced to shut down again, resulting in a drop in sales.

Total annualized sales of new homes in the United States in June (10,000 households) pre-value: 67.6 expected: 70 announcement: 77.6 revision: 68.2 (previous value)

Agencies commented on the annualized total sales of new homes in the United States in June: sales of new single-family homes in the United States rose more than expected in June, due to record low interest rates and the migration of people from urban centers to lower-density areas as a result of the COVID-19 epidemic. The US real estate market outperformed the economy as a whole.

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