SHANGHAI, Jul 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
Nonferrous metals on the LME mostly increased, and the US dollar index halted its continuous declines and advanced 0.13%.
On the LME, nonferrous metals, except for nickel and tin, moved higher on Tuesday. Copper increased 0.6%, aluminium rose 0.9%, zinc surged 1.4%, and lead edged up 0.3%.
Metals prices were mixed on the SHFE in overnight trading. Zinc surged 1.7%, aluminium gained 1.4%, lead advanced 0.7%, copper rose 0.3%, tin inched up 0.2% and stainless steel edged up 0.04%. Meanwhile, nickel declined 0.3% and rebar fell 0.1%.
The US dollar index took a breather from its recent downtrend and rose 0.13% to 93.76 on Tuesday. The Federal Reserve on Tuesday announced it would extend its emergency lending programs through the remainder of 2020, to help the US economy still struggling with the COVID-19 pandemic.
The Fed will conclude its two-day policy meeting Wednesday and is set to release a statement at 2 p.m. ET. Chairman Jerome Powell will have a press conference at 2:30 p.m. ET.
The central bank is expected to keep interest rate unchanged at near zero to support the economy still struggling with the coronavirus pandemic.
On Wall Street, stocks closed down on Tuesday. The Dow Jones Industrial Average ended 0.77% lower at 26,379.28 points, the S&P index fell 21 points, or 0.65%, to 3,218.44 points, and the Nasdaq index declined 134.2 points, or 1.27%, to 10,402.09 points.
WTI Crude Oil futures ended 1.35% lower at $41.04/barrel, and Brent crude oil for September delivery fell 0.42% to $43.22/barrel.
COMEX gold for August delivery gained 0.7% to $1,944.6/oz. Gold prices fluctuated vigorously on Tuesday, with spot prices closing at $1,958.43/oz. Most of the market observers were bullish on gold prices.
CBI reported UK retail sales grew just 4% in July as shops reopened.
US consumer confidence dropped to a reading of 92.6 this month from 98.3 in June amid a flare-up in Covid-19 infections across the country.
The American Petroleum Institute (API) reported late Tuesday that US crude supplies fell by 6.8 million barrels for the week ended July 24. The API data also showed gasoline stockpiles climbed by 1.1 million barrels, while distillate inventories edged up by 187,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, rose by 1.1 million barrels for the week.
Inventory data from the US Energy Information Administration (EIA) will be released Wednesday.