SMM10 March 21: most of the outer disk metal market rose yesterday, Lunni rose 2.56%, Lunzn Zinc rose 2.33%, Lunchen Copper rose 2.03%, Lunxi lead rose 1.28%, Lunxi rose 0.27%, Lun Aluminum fell 0.33%. Lunchu copper hit a 28-month high on Tuesday, as the weaker dollar strengthened expectations of strong demand from China, the largest consumer, and the market awaited the results of negotiations on fiscal stimulus in the United States. A weaker dollar makes dollar-denominated metals cheaper for holders of other currencies, which could boost demand and prices. Most of the domestic metal market is red, with Shanghai zinc up 2.12%, Shanghai nickel up 1.92%, Shanghai copper up 1.25%, Shanghai lead up 0.35%, Shanghai tin up 0.09%, and Shanghai aluminum down 0.54%.
The dollar index fell 0.34% to 93.09%. The yield on 10-year Treasuries climbed to 0.799%, the highest since June 10. The dollar index fell below 93, its lowest level in nearly a month, and a spokesman for House Speaker Pelosi said Pelosi and Treasury Secretary Nuchin were close to reaching an agreement on the stimulus package and negotiations would continue on Wednesday.
U. S. stocks closed slightly higher on Tuesday. House Speaker Nancy Pelosi said he was close to reaching a fiscal stimulus deal, playing down Tuesday's deadline for negotiations. The Dow rose 113.07 points, or 0.40%, to 28308.49; the Nasdaq rose 37.61 points, or 0.33%, to 11516.49; and the S & P 500 rose 16.22 points, or 0.47%, to 3443.14.
In precious metals, COMEX gold futures edged higher on Tuesday as the dollar weakened and hopes of a coronavirus rescue plan ahead of the presidential election boosted gold's attractiveness as a hedge against inflation. Market participants believe that the gold market takes a wait-and-see attitude towards the stimulus package. It seems that Republicans and Democrats still disagree on the wording of some issues. However, the market still has some hope that some kind of stimulus package can be reached, and for the market, it is clearly the most important factor in the short term.
In crude oil, US oil rose more than 1 per cent on Tuesday on expectations that the US was close to reaching agreement on an epidemic rescue plan, but an increase in global novel coronavirus cases threatened demand and increased oil production in Libya prevented oil prices from continuing to rise. Analysts say investors are following negotiations between House Speaker Pelosi and Treasury Secretary Nuchin on another U. S. coronavirus aid package. "if we reach an agreement, I think it will be advantageous, and if no agreement can be reached, I think it will hit the price to a certain extent," it said. "
In terms of data, the total number of new housing starts in the United States in September was annualized (10,000 units), with a previous value of 141.6 and an expected value of 145.7, revised by 138.8 (previous value), and announced by 141.5.
Total number of construction permits in the United States in September (10,000 households), previous value 147, expected 152, revised 147.6 (previous value), announced 155.3.
Agency comments on the total number of construction permits in the United States in September: the number of new housing starts in the United States increased in September compared with the previous month, with a sharp increase in the number of single-family housing construction, indicating a strong momentum of housing construction at the end of the third quarter. In addition, the monthly rate of construction permits in the US, an indicator of the future construction industry, recorded a monthly rate of 5.2 per cent in September, the fastest pace since 2007, and far exceeded market expectations of 3 per cent, bringing the total number of permits to 1.55 million.
Us API crude oil inventory (10,000 barrels) for the week ended October 16, with a previous value of-542.1 and a forecast of-24.
Financial blog zero hedging comments on the US API data for the week to October 16th: last week API crude oil stocks unexpectedly increased, while refined oil stocks fell sharply. It is worth noting that the increase in demand in the agricultural and housing sectors in the coming months will help reduce refined oil stocks, but not enough to push up prices, according to EIA's report today. In addition, analysts say anything that helps improve the economy will help crude oil move higher, and the situation may improve, but will not return to pre-epidemic levels.
