SMM, Feb. 29:
Crude oil: international oil prices rose sharply on Monday, which could have a serious impact on Russian oil exports as Western allies impose more sanctions on Russia and prevent some Russian banks from accessing the global payment system. The US and its allies are considering releasing oil reserves because of soaring oil prices and supply concerns in the wake of the conflict between Russia and Ukraine, according to an OPEC source and a senior industry insider. OPEC is made up of the Organization of Petroleum Exporting countries ((OPEC)) and the oil-producing allies led by Russia. OPEC will meet on Wednesday and is expected to stick to its plan to increase oil supply by 400000 barrels a day in April.
On the dollar side: the dollar index rose, the Russian rouble tumbled on Monday, the euro fell against the dollar, and the West stepped up sanctions against Russia over the conflict between Ukraine and Russia, prompting investors to avoid riskier currencies. In addition to geopolitical tensions, investors are watching key economic data expected later this week, including US non-farm payrolls data to be released on Friday, which could affect the Fed's plan to raise interest rates.
Macro news: on February 28, local time, Russia and Ukraine held negotiations in Belarus. The talks between the two sides lasted about five hours, and all the agendas were discussed in detail. The main purpose is to discuss the issue of a ceasefire and the cessation of military acts in Ukraine. The two sides identified solutions to some of the priority issues. The next round of negotiations between Russia and Ukraine is expected to be held in the border area between Belarus and Poland on March 2. Today's focus: China's official manufacturing PMI in February, Germany's February Markit manufacturing PMI final value, euro zone February Markit manufacturing PMI final value, German February CPI annual rate initial value, US February Markit manufacturing PMI final value, US February ISM manufacturing PMI and other important data.
Metal futures: overnight metal mixed, inner metal, Shanghai copper briefly up at the beginning of the decline, giving up previous gains, concussion fell, recording a drop of 0.13%, Shanghai aluminum continued to weaken at night, recording a drop of 0.22%. Shanghai nickel is falling continuously in intraday trading, falling by more than 1%, recording the worst performance of the base metals. The Shanghai tin market fluctuated in a narrow range, closing up 1.08%, while Shanghai zinc rose in intraday trading. Although it gave up some of its ups and downs at the end of the day, it still recorded an increase of 0.96%. After falling at the beginning of the night trading in Shanghai lead, it fluctuated slightly, up 0.29%.
In terms of outer disk metals, after hitting a new high in intraday trading on Monday, Lunar fell back at night, giving up some of its gains, but still recorded a rise of more than 1%. Aluminum prices have recently hit record highs, rising more than 11 per cent in February, the biggest monthly increase since April 2018. Lun lead and Lunxi rose strongly in intraday trading, both up more than 1%, Lunxi up 1.25%, Lunxi up 1.43%, Lun Zinc once pulled up, but fell back in late trading, recording an increase of 0.77%. Lun copper fell sharply in intraday trading, slightly repaired some of the decline in late trading, recorded a drop of 0.21%, Lunni concussion fell, down 0.66%.
Black rose, coking coal and coke both rose by more than 3%, hot coil fluctuations rose by 3.02%, thread and iron ore both rose by more than 1%, and stainless steel fell slightly by 0.03%.
Precious metals: gold futures rose on Monday and closed above $1900. Gold prices were boosted by new sanctions imposed on Russia over the weekend by the US and its allies as a result of last week's special military action against Ukraine.
U. S. stocks: U. S. stocks closed mixed on Monday. All three major stock indexes fell more than 3% in February. The Dow fell 166.15, or 0.49%, to 33892.60; the Nasdaq rose 56.77, or 0.41%, to 13751.40; and the S & P 500 fell 10.71, or 0.24%, to 4373.94.
Closing position as at 6:55
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