SMM, Nov. 13: the dollar fell slightly on Friday, retreating from a 16-month high hit during the day, as high inflation dealt a severe blow to consumer confidence, but the dollar is on track for its biggest weekly gain in nearly three months after stronger-than-expected U.S. inflation data prompted investors to advance their bets on raising US interest rates on Wednesday.
The dollar fell, and the metal market was mixed. Copper in the outer pan rose on Friday, recording a rise of 1.22%. The dollar fell from a 16-month high as U. S. consumer confidence fell. LME copper registered warehouse receipts climbed to 49900 tonnes, but remained at an all-time low, according to weekly data. Among the outer plate metals, Aluminium rose the most, with an increase of 1.51%. Lun Copper followed with an increase of 1.22%. Lunxilun lead both closed down 0.44%.
Most of the domestic metals were floating red, and Shanghai lead and tin only closed down, with Shanghai tin bearing the brunt of a decline of 0.71%. Among the inner plate metals, Shanghai aluminum rose the most, reaching 1.76%. According to SMM research, as of November 11, SMM statistics of domestic electrolytic aluminum inventory of 1.007 million tons, weekly removal of 6000 tons, aluminum ingots continue to go to the warehouse, coupled with a macro boost, Shanghai aluminum prices have stabilized and rebounded, and we need to continue to pay attention to the impact of northern blizzard weather on transportation. Shanghai nickel followed by an increase of 1.42%, Shanghai copper rose 0.84%, Shanghai lead fell 0.61%, and other metals recorded varying degrees of increase.
U. S. stocks closed higher on Friday, but all three major indexes fell, ending a five-week run of gains. The market is still evaluating the stronger-than-expected US inflation data released on Wednesday. The US consumer confidence index released on Friday fell to a 10-year low in November and inflation expectations rose to their highest level since 2008. On Friday, the Dow closed up 179.08 points, or 0.50%, at 36100.31; the Nasdaq was up 156.68 points, or 1.00%, at 15860.96; and the S & P 500 was up 33.58 points, or 0.72%, at 4682.85.
In crude oil, international oil prices fell on Friday, giving up the previous session's gains on fears that the Fed would raise interest rates early to curb inflation. On Thursday, OPEC cut its forecast for global oil demand for the fourth quarter of 2021 as high energy prices hampered the economy's recovery from the novel coronavirus epidemic.
In precious metals, COMEX futures closed higher on Friday, recording a seventh consecutive day of gains as sharp increases in US consumer prices strengthened gold's attractiveness as a hedge against inflation.
In terms of data, the initial value of the University of Michigan Consumer confidence Index in November was 71.7, the predicted value was 72.5, and the public value was 66.8.
In the United States, the pre-value of JOLTs job openings (10,000) in September was 1043.9, the forecast value was 1030, and the public value was 1043.8.
