Home / Metal News / Precious Metals / [overnight quotation] demand for lower-than-expected crude oil continued to fall by more than 1%.
[overnight quotation] demand for lower-than-expected crude oil continued to fall by more than 1%.
Sep 8,2020 06:44CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM9 March 8: yesterday, the metal on the outer disk was mixed. Luntong Zhang 0.18%, Lunxinzhang 0.31%, Lunzhiping, Lunni fell 0.85%, Lunxi rose 0.52%, Lunxi lead fell 0.28%. In the domestic market, Shanghai Copper Zhang 0.46%, Shanghai Aluminum Zhang 0.52%, Shanghai Zinc Zhang 0.05%, Shanghai lead Zhang 0.32%, Shanghai Nickel fell 0.23%, Shanghai Xizhang 0.89%, Thread fell 0.03%, stainless steel fell 0.14%.

The dollar index rose 0.26 per cent to 93.05, supported by Friday's US jobs data. According to data released by the Labor Department, US job growth slowed further in August, the number of permanent unemployment increased, and various government relief programs gradually expired, raising questions about the sustainability of the economic recovery from the deep recession triggered by the novel coronavirus epidemic. But the unemployment rate fell to 8.4% in August from 10.2% in July. The sharp fall in the US stock market last week also prompted some traders to adjust their positions in the dollar, analysts said.

In precious metals, COMEX gold futures closed up 0.02% at $1934.6 an ounce. Analysts believe that the state of consolidation may remain for some time, but will not affect the long-term trend. There are few factors that can push gold above the $2000 / oz mark at the moment, but it will not fall below the 1900 support either.

In terms of crude oil, WTI October crude oil futures closed down 0.70 U.S. dollars, or 1.76 percent, at 39.07 U.S. dollars per barrel, while Brent November crude oil futures closed down 65 U.S. dollars, or 1.52 percent, at 42.01 U.S. dollars per barrel. Oil prices fell more than 1 per cent on Monday, hitting their lowest level since July after Saudi Arabia cut Asian supply prices the most in five months and cooled optimism about a recovery in demand amid the epidemic.

In terms of data, China's trade account in US dollars (US $100 million) in August is expected to release 589.3 at 623.3.

General Administration of Customs: in the first eight months of this year, China's imports and exports of goods totaled 20.05 trillion yuan, down 0.6 percent from the same period last year and 1.1 percentage points lower than the previous seven months. The trade surplus was 2.05 trillion yuan, an increase of 17.2%. In August, China's foreign trade imports and exports totaled 2.88 trillion yuan, an increase of 6 percent. Of this total, exports totaled 1.65 trillion yuan, up 11.6 percent; imports totaled 1.23 trillion yuan, down 0.5 percent; and the trade surplus increased by 74.4 percent to 416.59 billion yuan.

The monthly rate of industrial output in Germany after the quarterly adjustment in July is 8.90%. Expected 4.5% revised 9.3% (previous value)

Forexlive comments on monthly rate of German industrial output after quarterly adjustment in July: the sustained rebound in industrial output in July was not as strong as expected, which is likely to dampen hopes of a sustained recovery when looking forward to developments in the latter part of the third quarter. For now, this will not have much impact on market expectations.

Euro area September Sentix investor confidence index pre-13.4 expected-10.5 released-8

"Click to understand and sign up: 2020 China Automotive New Materials Application Summit Forum

Scan the QR code above to view the business cards of the participating companies and sign up online

Scan the code and apply to join the SMM Automotive Industry Exchange Group.

SMM comment
exclusive report
headline recommendation

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn