Macquarie: Nickel Surplus Will Remain at Least Until 2027

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LME copper closed at $8,295/mt last Friday evening, a drop of 0.64%. Trading volume was 18,000 lots and open interest stood at 270,000 lots. The most active SHFE 2309 copper contract prices finished at 68,080 yuan/mt last Friday evening, down 0.56%. Trading volume was 38,000 lots, and open interest stood at 164,000 lots.

LME lead prices closed at $2125/mt last Friday evening, down 0.7%.

Overnight, LME zinc closed up $73/mt or 3.02% at $2,493/mt. The trading volume was 12,717 lots, and open interest added 4,042 lots to 199,000 lots.  China has promised to strengthen its policy support for the economy. Meanwhile, the confidence of US consumers has improved. And the IMF expects the global economy to grow. The market was optimistic, and most of nonferrous metals rose.

Overnight, the White House expressed regret that former U.S. Secretary of State Kissinger received more interviews than current officials during his visit to China; the number of Americans filing for unemployment benefits unexpectedly fell last week, raising expectations that the Federal Reserve may continue to raise interest rates; Exclusive: North Korea hacked U.S. IT companies to steal cryptocurrency.

Macro, on July 10th, the two national bureaus to extend the two financial support real estate market policy period, macro positive plate.

As of 15:32 CST, WTI oil rose 0.13%, while Brent oil fell 0.09%. The US dollar snapped its three-day winning streak and fell 0.15%.

Crude oil rose slightly today. As of 15:19 CST, WTI oil and Brent oil rose 0.85% and 0.73% respectively. The U.S. dollar snapped its five-day winning streak and dipped 0.1% as of 15:19 today.

Crude oil fell slightly today. As of 15:02 CST, WTI oil and Brent oil fell 0.34% and 0.15% respectively. EIA's latest report sounded the alarm for bears. Crude oil inventories fell sharply by more than 10 million barrels, the biggest drop since November 2022. The market had expected an increase of 800,000 barrels. The significant decline in inventories still surprised and shocked the market.

Shanghai nonferrous metals closed with gains in day trading.