Home / Metal News / Precious Metals / [market on Friday] Metal Zinc surged 3.11% on Friday, crude oil hit a three-month low
[market on Friday] Metal Zinc surged 3.11% on Friday, crude oil hit a three-month low
Sep 13,2020 16:34CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM9 March 13: on Friday, the outer disk metal generally rose, Lun Copper fell 1.24%, Lun Al fell 0.17%, Lunzn Zinc rose 3.11%, Lunni rose 2.06%, Lunxi rose 0.08%, and Lunxi lead rose 0.93%. In the domestic market, shanghai copper rose 0.66%, shanghai aluminum fell 0.07%, shanghai zinc rose 2.44%, shanghai lead rose 0.17%, shanghai nickel rose 1.69%, shanghai tin rose 0.82%, thread rose 0.69%, and stainless steel rose 0.99%. Among them, Shanghai zinc has the largest increase, SMM believes that the gold, silver and silver peak season is expected, and it is expected that consumption in the peak season in September will still drive to the warehouse, creating a strong support for zinc prices, but the sharp increase in refinery production will also suppress the sentiment of the market to be long. That is, for zinc, zinc may present a fluctuating market within the range.

The dollar index rebounded, closing 0.47 per cent higher at 93.247, far from last week's 28-month low of 91.737. Shaun Osborne, chief foreign exchange strategist at Fengye Bank of Canada, believes that the dollar will still strengthen against major currencies before the end of the year. "We can see that the dollar is well supported." He also said the dollar tends to rebound before the US presidential election, at least since the 1980s.

The three major indexes of US stocks were mixed. By the close, the Dow was up 131.06 points, or 0.48%, at 27665.64; the Nasdaq was down 66.04, or 0.60%, at 10853.55; and the S & P 500 was up 1.78, or 0.05%, at 3340.97.

In terms of precious metals, spot gold still closed up 0.31 per cent at $1939.69 an ounce this week, although gold prices have fluctuated in a range of only $60 this week and have been narrowing in recent four weeks. On the one hand, AstraZeneca (AstraZeneca) has suspended global trials of its experimental coronavirus vaccine, including large-scale post-trials, because of an unexplained illness in one of the study participants. on the other hand, the number of initial jobless claims in the United States last week is still hovering at a high level. Margaret Yang, strategist at DailyFx, said: "despite the recent consolidation, the medium-and long-term outlook for gold prices remains bullish. Ultra-loose monetary policy and low-yield environment cushion the downward trend of gold prices. "

In terms of crude oil, international oil prices continued to tumble last week, falling more than 5%, breaking their lowest level since mid-June and closing down for the second week in a row. As investors expect the demand outlook to remain cloudy due to the rise in COVID-19 cases in some countries. Us crude oil inventories rose unexpectedly as refineries resumed production slowly, traders increased offshore storage space and Saudi Arabia slashed prices, leading to a global supply glut.

In terms of data, the final monthly rate of CPI in Germany in August, the previous value-0.1% expected-0.1% published-0.1%

The scale of social financing in China in August-one month (100 million yuan), the previous value of 16940 is expected to be 27300, and 35800 will be announced.

Monthly rate of CPI after quarterly adjustment in the United States in August, the previous value is 0.6%, the expected value is 0.3%, and the announcement of 0.4%.

"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