Home / Metal News / Precious Metals / [overnight] Metal Platinum Nickel fell 4% Copper, Zinc and Tin fell more than 1%, US stocks fell slightly, and the Nasdaq tumbled nearly 5%.
[overnight] Metal Platinum Nickel fell 4% Copper, Zinc and Tin fell more than 1%, US stocks fell slightly, and the Nasdaq tumbled nearly 5%.
Sep 4,2020 06:49CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM9 March 3: most of the outer disk metals fell yesterday, including Lunni down 4.07%, Luntu copper down 1.57%, Lunzn zinc down 1.4%, Lunxi down 1.09%, Lun aluminum down 0.81%, lun lead up 0.21%, LME (LME) copper fell on Thursday, as investors took profits after a big rise, copper prices may not rise further as supply concerns ease and demand levels fall. Domestically, shanghai nickel fell 2.71%, shanghai lead fell 2.19%, shanghai zinc fell 1.83%, shangxi fell 1.53%, shanghai copper fell 1.18%, shanghai aluminum fell 0.8%.

In precious metals, COMEX futures fell on Thursday to close at their lowest level in a week as positive US economic data boosted hopes of a rapid economic recovery and undermined the attractiveness of safe-haven gold. At the same time, the U. S. stock market has fallen sharply, which may prompt some investors to sell gold to make up for losses on other assets. The Dow fell 807.77 points, or 2.78%, to 28292.73; the Nasdaq fell 598.34 points, or 4.96%, to 11458.10; and the S & P 500 fell 125.78 points, or 3.51%, to 3455.06.

The dollar index rose 0.14% to 92.767. The US ISM non-manufacturing PMI announced yesterday was lower than expected. Some analysts pointed out that the COVID-19 epidemic will change the behavior patterns of enterprises and consumers. Even if the US economy recovers from the epidemic, in the long run, US economic output is still likely to be 3 to 4 per cent lower than it was before the epidemic.

U. S. stocks tumbled on Thursday, led by technology stocks, with the Dow down more than 1000 points at one point. The market is buzzing about whether U. S. stocks will collapse. Some analysts believe that the deterioration of international relations and the delayed introduction of fiscal stimulus measures in the United States have led to a setback in investor confidence. Trump blamed the collapse in US stocks on fake news to suppress opinion polls.

In crude oil, NYMEX crude oil futures closed lower on Thursday, hitting their lowest level since early August as US jobless benefits data heightened concerns about a slow economic recovery and slowing fuel demand, a day after data showed weak gasoline demand in the US.

In terms of data, China's financial xin service industry PMI, in August was 54.1, expected to be 53.9, announced 54.

Wang Zhe, senior economist at Cai xin think tank: the rapid recovery of manufacturing and service industries from the epidemic is still the main tone of the current economic operation. In the past six months, the overall performance of external demand and employment was low. Employment in the service sector began to pick up in August, while employment in the manufacturing sector was also close to the inflection point. At present, the development of overseas epidemic situation is still uncertain, or it still restricts the construction of internal and international double cycle. The improvement of employment in the post-epidemic era requires longer-term recovery of the market and longer-term stable development expectations of entrepreneurs. In this process, the support of relevant macro policies is essential.

Euro zone July retail sales monthly rate, previous value of 5.70%, expected 1.5%, published-1.3%, revised 5.3% (previous value).

The number of Challenger layoffs in the United States in August (10,000), with a previous value of 26.2649, is expected to announce 11.5762.

The number of job cuts at Challenger companies in the United States recorded 115762 in August, the lowest since February. Agency comments on the number of corporate layoffs of Challenger in the United States in August: the number of corporate layoffs of Challenger in the United States recorded 115762 in August, the first to bear the brunt of the troubled airlines, because COVID-19 put pressure on travel and government financial assistance has been invalidated. Although Challenger layoffs fell 56 per cent in August from a month earlier, the total number of layoffs so far this year has reached a record 1.963 million, compared with the previous annual record of 1.957 million set in 2001. John Challenger, CEO of Challenger, said: "in the face of reduced travel and uncertain federal government interventions, airlines are starting to make hiring decisions, and the industry with the most layoffs last month was the transport sector. More and more companies that initially made temporary layoffs or compulsory leave are now doing the same. "

Us trade account for July (US $100 million), previous value-507, expected-580, published-636, revised-535 (previous value).

Financial blog zero hedging reviews of US initial claims data: last week, the number of US jobless claims finally fell below 1 million, but that is still more than four times the pre-epidemic figure. So far, California has seen the largest increase in jobless claims, while Florida, Georgia and Michigan have all seen declines. But keep in mind that these data can be said to be useless because the post-season data are completely different from the initial values.

The number of initial jobless claims in the United States in the week to August 29 (10,000), with a previous value of 100.6, is expected to be 95, and 88.1 was announced.

Agency comments on initial jobless claims in the US in the week to August 29th: the number of US jobless claims fell more than expected last week, but remained high because of signs that the labour market recovery is losing momentum as the COVID-19 epidemic continues to spread and government support weakens. In last week's jobless claims report, the Labor Department changed its approach to seasonal fluctuations in data, which economists complained had become less reliable because of the impact of the novel coronavirus crisis on the economy.

The US ISM non-manufacturing PMI, in August was 58.1, expected to be 57, and announced 56.9.

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