CME Fed Watch Tool Shows Extremely Low Possibility Of Fed Holding Back By The End Of This Year

SHFE 2404 tin contract saw limited fluctuations last Friday night, closing at 226,800 yuan/mt, down 0.24%.

At last Friday’s night session, the most-traded SHFE 2405 aluminum contract opened at 19,445 yuan/mt, with its lowest and highest at 19,400 yuan/mt and 19,595 yuan/mt before closing at 19,510 yuan/mt, up 110 yuan/mt or 0.57%.

Tesla has reduced production of electric cars at its China factory due to slow growth in new energy car sales and fierce market competition. Employees have been instructed to work 5 days a week instead of the usual 6 and a half days, with no clear timeline on when normal production will resume. Competition in China is increasing, with Tesla's shipments down in the first two months of 2024, and demand for electric cars in other major regions like the US and Europe also slowing down. Some production lines at Tesla's Shanghai factory, including the battery workshop, are facing longer shutdowns, with production restrictions expected to extend until April.

HRC futures moved sideways today, closing down 0.76% at 3,921 yuan/mt.

Overnight July 20, SHFE 2308 aluminum contract opened at 18,315 yuan/mt, the lowest point was 18,205 yuan/mt, the highest point was 18,325 yuan/mt, and it closed at 18,225 yuan/mt, down 50 yuan/mt or 0.27%.

The price of LCO rose last week, mainly caused by the increase in the price of Co3O4.

SHANGHAI, May 15 (SMM) - The futures technical indicators suggest that the most-traded SHFE aluminium contract will fluctuate downwards or bottom out slightly this week.

SHANGHAI, May 15 (SMM) - The prices of cobalt intermediate products fell slightly last week.

The US dollar closed at 102.71 up 0.65;

SHANGHAI, May 15 (SMM) - The US debt crisis escalated, while Chinese macro data fell short of expectations.