SMM11 March 10: yesterday, the outer disk metal market rose and fell. Lunni rose 2.93%, Lunzn Zinc rose 0.57%, Lun Aluminum rose 0.05%, Lunxi fell 0.03%, Lunchu fell 0.13%, Lunxi fell 0.27%, Lunchu closed down on Monday, but hit a more than two-year high in intraday trading because of news that novel coronavirus had made progress in vaccine development and investors were optimistic about global trade after Biden was elected president of the United States. Analysts pointed out that after the news of the vaccine, there must have been excitement in the market. This will further boost booming commodities such as copper, but there is still a long way to go before the vaccine is delivered. I think the market will calm down again. It will take us a long time to profit from the vaccine. In the domestic market, Shanghai nickel rose 1.47%, Shanghai zinc rose 0.59%, Shanghai lead rose 0.45%, Shanghai copper rose 0.13%, Shanghai tin fell 0.29%, and Shanghai aluminum fell 0.34%.
The dollar index rose 0.57 per cent to 92.83The yield on 10-and 30-year Treasuries reached its highest level since March as traders sold yen and bought riskier currencies and dollars, boosting confidence in the economy and world trade, boosted by novel coronavirus's vaccine progress and Biden's victory in the US election.
U. S. stocks closed mixed Monday, with the Dow up more than 800 points. Pfizer announced that its coronary disease du vaccine was more than 90% effective, far exceeding expectations and FDA listing requirements. The uncertainty of the US general election is fading. Gold fell sharply and crude oil futures soared. The Dow closed up 834.57 points, or 2.95%, the biggest one-day percentage gain since June 5 to close at 29157.97; the Nasdaq fell 181.45 points, or 1.53%, to 11713.78; and the S & P 500 rose 41.06, or 1.17%, to 3550.50. The three major stock indexes all hit an all-time high in intraday trading.
In terms of crude oil, WTI December crude oil futures closed up $2.70, or 7.27%, at $39.84 a barrel on Monday. ICE Brent January crude oil futures closed up $2.59, or 6.57%, at $42.04 a barrel. Us oil prices surged about 8 per cent on Monday, the biggest one-day rise in more than five months, after Pfizer announced satisfactory results for its novel coronavirus vaccine. Traders sought to unwind bearish bets. The trading volume of Brent crude oil and US crude oil futures was 148% and 139% of the previous day's trading volume, respectively. Separately, Prince Abdulaziz, Saudi energy minister, said at a meeting on Monday that, as has happened in the past, the production cuts of the OPEC alliance of allies such as the Organization of Petroleum Exporting countries (OPEC) and Russia may be adjusted if the relevant oil producers reach a consensus. The news also pushed up the oil market.
In precious metals, COMEX gold futures tumbled 5% on Monday as news of the first successful late-stage trial of novel coronavirus's vaccine prompted investors to sell safe-haven gold and flock to riskier assets. Earlier in the day, gold prices rose as Biden won the US presidential election to depress the dollar and raised hopes that more stimulus measures could be introduced after Biden takes office to revive the economy hit by COVID-19. However, Pfizer said on Monday that its experimental novel coronavirus vaccine was more than 90 per cent effective in preventing infection, based on preliminary data from a large study, and the company and German partner BioNTech SE said they would seek emergency use authorization in the US later this month. The US stock market rose sharply. Analysts point out that the news really exceeded everyone's best-case predictions. Previously, there was growing concern that we might not be able to get a strong vaccine, so this triggered safe-haven trading, which for gold marked a massive withdrawal of safe-haven investment.
On the data side, Germany's unquarterly current account (100 million yuan) in September, the previous value of 165, expected to be 190, announced 263.
Forexlive comments on Germany's unquarterly trade account in September: Germany's trade surplus widened at the end of the third quarter, exports grew strongly, while imports fell more than expected. But all this happened before the latest outbreak restrictions in the region, so the outlook for the fourth quarter is not so optimistic. Overall, trade conditions have not fully returned to pre-outbreak levels, and it will take some time for us to see normal developments in this area.
Euro area November Sentix investor confidence index, previous value-8.3, forecast-15, released-10.
Forexlive comments on eurozone November Sentix investor confidence index: investor confidence fell less than expected, but the decline since September continues to suggest that investor optimism about the eurozone economy is waning. As stricter restrictions are put in place, this will put pressure on the outlook for the fourth quarter. The current concern is that these restrictions could be extended into next year, putting pressure on the economy for a longer period of time.
