Home / Metal News / Precious Metals / [SMM comment] US dollar weakens, non-ferrous Puhong Shanghai lead rises more than 1 per cent, last period crude oil rose more than 1 per cent, black is floating green across the line.
[SMM comment] US dollar weakens, non-ferrous Puhong Shanghai lead rises more than 1 per cent, last period crude oil rose more than 1 per cent, black is floating green across the line.
Sep 21,2020 09:49CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM9 March 11: the recent weak operation of the US dollar index, the resurgence of non-ferrous metal support, and the general strength in the morning. Most of the LME metal market was red in the morning trading. By about 09:40 in the morning, Lun Nickel rose nearly 1%, Lun Copper rose nearly 0.3%, Lun lead and Lun Aluminum rose nearly 0.1%, Lun Xi was flat, Lun Zinc fell nearly 0.3%. Domestically, Shanghai lead rose nearly 1.3%, Shanghai Tin rose nearly 1%, and Shanghai Copper rose nearly 0.9%. Shanghai Aluminum and Shanghai Zinc rose nearly 0.7%, while Shanghai Nickel fell nearly 0.4%.

 

For the black system, the thread fell by nearly 1.6%, the hot coil by nearly 1.3%, stainless steel by nearly 0.3%, coke by nearly 1%, coking coal by nearly 0.4% and iron ore by nearly 2%.

 

Crude oil rose nearly 1.5 per cent in the previous period, and US oil was basically flat on Friday. A month after a Libyan commander said he would lift the blockade on the country's oil exports, oil prices came under pressure, but supportive signals from the OPEC meeting provided a boost. Us crude oil and Brent crude oil futures rose after Saudi Arabia put pressure on allies to comply with production quotas, Hurricane Sally reduced US production and banks such as Goldman Sachs predicted supply shortages.

In terms of precious metals, Shanghai gold and silver rose nearly 0.6%. Comex gold futures rose last Friday, and the weekly line rose for the second week in a row, as the US dollar weakened and worried about the economic recovery from the novel coronavirus crisis. Analysts point out that the path with the least resistance is upward, because the Fed, all the stimulus measures from central banks around the world, and more fiscal stimulus if a deal is reached in Washington; all the favorable factors point to the rising price of gold.

As of 09:30, the status of contracts in the metals and crude oil markets:

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