SMM2 March 3: yesterday, most of the outer disk metal market was green, Lunchu and Lunxi fell nearly 0.6%, Lunzn Zinc rose nearly 0.1%, Lunic Nickel fell nearly 0.7%, Len lead fell nearly 1.1%, London Metal Exchange (LME) copper futures fell to a six-week low on Tuesday, funds cut bullish bets on copper prices ahead of the arrival of the Spring Festival in China, which accounts for 50% of global copper consumption. In the domestic market, international copper and shanghai copper fell nearly 0.6%, shanghai aluminum fell nearly 0.8%, shanghai nickel fell nearly 1.2%, shanghai tin fell nearly 1.3%, shanghai lead rose nearly 0.1%, shanghai zinc rose nearly 0.5%.
The dollar index was basically stable, hitting a two-month high of 91.28 on bullish technical indicators and short covering by investors, and the market believes that the outlook for recovery in the United States is stronger than that in Europe. The market believes that the United States may recover from the novel coronavirus epidemic earlier than Europe. Traders in New York say that despite the rise in the stock market, stock market volatility has soared, making some investors prefer to hold dollars for the time being.
The three major indexes of US stocks opened higher, with the Dow closing up 475.60 points, or 1.57%, at 30687.48; the S & P 500 closed up 52.40 points, or 1.39%, at 3826.30; and the NASDAQ closed up 209.40 points, or 1.56%, at 13612.78. The S & P 500 rose for the second day in a row after trading that had been hugely popular with retail investors began to "collapse". The S & P 500 industry sub-index rose across the board, led by financial and industrial stocks. As the retail speculative boom receded, GameStop, AMC and silver tumbled across the board. GameStop closed down 60%, the biggest drop in history.
As for crude oil, international oil prices rose 2 per cent on Tuesday, hitting an one-year high after surveys showed that major oil-producing countries were basically cutting production as promised. Crude oil futures in both indicators rose as optimism that the US would introduce more stimulus measures fuelled bullish sentiment over (OPEC) production levels in the Organization of Petroleum Exporting countries, which rose less than expected in January.
In terms of precious metals, COMEX gold and silver futures fell sharply on Tuesday after a sharp rise in futures prices prompted Zhi merchants to raise margin. Rostin Behnam, acting chairman of the (CFTC) of the US Commodity Futures Trading Commission, said in a statement on Monday that US commodity regulators are closely monitoring recent volatility in the silver market and will work with other regulators to deal with any potential impact of these fluctuations.
On the data side, the euro zone fourth quarter GDP annualized rate of the initial value, the previous value of-4.30%, expected to be-5.4%, published-5.1%.
Eurostat: euro zone GDP growth shrank by 6.8% in 2020. The market indicator of long-term inflation expectations in the eurozone rose to its highest level since May 2019, to 1.3579 per cent.
