SMM9 March 1: yesterday, most of the domestic metal market was red, with Shanghai zinc up 0.89%, Shanghai copper up 0.81%, Shanghai tin up 0.59%, Shanghai lead up 0.35%, Shanghai nickel up 0.08%, and Shanghai aluminum down 0.21%. The outer plate metal will resume normal trading on Tuesday, September 1, due to the summer bank holiday.
In precious metals, COMEX futures rose on Monday as the Federal Reserve / FED dovish policy shift dragged the dollar to a two-year low, but gold prices are set to fall for the first time in five months. Analysts point out that there is less risk aversion in global markets right now, with some restrictions on the rise of gold, which is used as a safe haven. There is great concern that the market may rise too much and there may be some profit-taking, which could lead to a shift to gold.
The dollar index fell 0.14 per cent to 92.17; it is within a narrow daily range of 0.2 per cent after falling to its lowest level since May 2018. Analysts say the dollar has fallen more than 10 per cent since its peak in March, with short-term indicators and technical data showing weakness. Investors are adjusting according to what Federal Reserve Chairman Colin Powell said last Thursday. In his speech, Powell outlined the adjustment of easing, which the market believes could lead to slightly higher inflation for some time than without adjusting the strategy, and interest rates to remain low for a longer period of time.
U. S. stocks closed mixed on Monday, with the Nasdaq earning a record high for the 41st time this year. The Dow recorded its biggest August gain since 1984, the S & P recorded its biggest August gain since 1986, and the Nasdaq posted its biggest August gain since 2000. The Dow rose 223.82 points, or 0.78%, to 28430.05; the Nasdaq rose 79.82 points, or 0.68%, to 11775.46; and the Standard & Poor's 500 Index rose 7.70 points, or 0.22%, to 3500.31.
In terms of crude oil, NYMEX crude oil futures fell on Monday, while Brent crude fell from a five-month high as global demand remained below pre-novel coronavirus levels and US production rose slightly. Us oil production rose 420000 b / d to 10.44 million b / d in June, according to a monthly report released by the (EIA) on Monday. The news put further pressure on oil prices. Oil production has fallen along the Gulf Coast as energy companies continue their efforts to restore drilling rigs and refineries that were shut down before last week's two storms.
In terms of data, China's official manufacturing PMI, in August: 51.1, expected: 51.2, published: 51.
Zhao Qinghe, senior statistician at the Service Industry Survey Center of the National Bureau of Statistics: in August, various localities actively implemented the decision-making arrangements of the party Central Committee, adhered to the new concept of development and the general tone of the work of seeking progress in the midst of stability, and achieved remarkable results in overall epidemic prevention and control and economic and social development. China's economic boom has continued to recover. The manufacturing purchasing managers' index was 51.0 per cent, down 0.1 per cent from the previous month, while the non-manufacturing business activity index and the composite PMI output index were 55.2 per cent and 54.5 per cent, respectively, up from 1.0 and 0.4 percentage points last month, and the three major indices remained above the tipping point for six consecutive months.
German August CPI monthly rate initial value, previous value:-0.50%, expected: 0.005%, announcement:-0.1%.
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