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[overnight market] domestic metals generally fell, stainless steel fell 2.01%, oil prices rose by more than 3% due to the hurricane.
Sep 16,2020 06:45CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM9 March 16: yesterday, metal on the outer disk was mixed, Lun Copper fell 0.32%, Lun Aluminum fell 0.47%, Lun Zinc rose 0.89%, Lunni fell 0.16%, Lunxi rose 0.52%, Lunxi lead fell 0.75%; Shanghai Copper fell 0.69%, Shanghai Aluminum fell 0.03%, Shanghai Zinc rose 0.53%, Shanghai lead fell 0.27%, Shanghai Nickel fell 0.45%, Shanghai tin rose 0.77%, thread fell 1.37%, and stainless steel fell 2.01%.

The dollar index rose 0.02 per cent to 93.095, earlier hitting its lowest level since Sept. 2, as leveraged accounts cut positions ahead of the Fed's decision on Wednesday, helping to narrow the dollar's decline. The Fed began a two-day monetary policy meeting on Tuesday, and analysts expect the Fed to confirm that it will maintain a near-zero interest rate policy for the next three years, a view that could further weigh on the dollar.

The three major indexes of US stocks rose across the board, with the Dow up 2.27 points, or 0.01%, at 27995.60; the Nasdaq up 133.67 points, or 1.21%, at 11190.32; and the S & P 500 up 17.66 points, or 0.52%, at 3401.20. On the one hand, US President Donald Trump said in an interview that the United States will develop a vaccine for the coronavirus within weeks. On the other hand, better-than-expected economic data from China showed that the economies first hit by the novel coronavirus epidemic recovered faster than expected, helping to boost US and global stock markets.

In terms of precious metals, gold prices fell back on Tuesday, with spot gold earlier hitting $1972.27 an ounce, its highest level since Sept. 2, as the dollar rebounded and US bond yields and US stocks rallied, hampering the upward momentum of gold today, although hopes that the Fed will take a dovish monetary policy stance have limited the decline of safe-haven gold.

In crude oil, oil prices surged more than 3 per cent, supported by supply disruptions caused by hurricanes in the US, but demand concerns lingered as energy industry forecasters expected a slower-than-expected recovery from the epidemic. Bjornar Tonhaugen, director of Rystad Energy, said that bad weather in the United States has led to some unpredictable conditions in its oil production, which is good news for oil prices.

In terms of data, Germany's ZEW Economic Prosperity Index in September, previous value: 71.5 expected: 69.8 announcement: 77.4

Euro zone ZEW economic climate index for September, previous value: 64 released: 73.9

Us import price index monthly rate in August, previous value: 1.2% expected: 1% announcement: 0.9%

Monthly rate of US industrial output in August, previous value: 3.5% expected: 1% announcement: 0.4%

API crude oil inventory (10,000 barrels) for the week ending Sept. 11 in the United States, previous value: 297expected: 205Dispatch:-951.7

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