Crude oil: crude oil futures rose on Friday, helping to recover some of their weekly losses as traders assessed the outlook for supply in the oil market disrupted by the war between Russia and Ukraine. The price of crude oil has soared since the conflict between Russia and Ukraine escalated. Throughout the week, benchmark futures prices hit their highest level since 2008 and then fell sharply, with persistent fears of supply disruptions caused by the conflict between Russia and Ukraine, but after being fully digested by the market, there was some bad news in the market. For example, OPEC+ is expected to accelerate production, and IEA is expected to further release crude oil reserves, which makes oil prices adjust from their highs.
On the dollar: in a meeting with Belarusian President Alexander Lukashenko on Friday, Putin said there had been some "positive changes" in negotiations with Ukraine, which were going on almost every day. Commodity-related currencies fell sharply, and the dollar index initially fell, but then resumed its rally, hitting a five-year high against the safe-haven yen. This week, with heightened Western sanctions against Russia, commodity prices continue to soar, inflation expectations are rising, and the dollar is firmly on the safe haven throne. The dollar rose to a five-year high against the yen, and the weekly line is up 1.8% so far.
Recently, we have focused on the implementation of daylight saving time in North America, and the trading time of the financial markets of the United States and Canada will be one hour earlier than that of winter time. In addition, a meeting of eurozone finance ministers will be held on Monday, March 14, on the subject of fiscal policy positions and banking union in 2023.
Metal futures: (LME) aluminum rose 1.62%, or $55.50, to close at $3483 a tonne on the London Metal Exchange on Friday. But it fell nearly 10 per cent this week as market volatility intensified after uncertainty over Russian exports would push aluminium prices to record highs. Meanwhile, Lunxi rose 1.15%, not far behind. LME's nickel trading remains suspended after a sharp rise in prices earlier this week. In addition, lun lead led the way with a decline of 2.55%, while lun zinc fell by 0.92%. Lun copper fell 0.18%.
Metal inner market except Shanghai aluminum, Shanghai copper floating red other closed down. Shanghai copper rose 0.33%, and Shanghai aluminum rose 0.11%. After Shanghai Nickel closed by the daily limit on Friday, the decline in night trading narrowed, but it still led the decline in non-ferrous sectors with a 3.99% decline, with Shanghai zinc down 0.94%, Shanghai tin down 0.57% and Shanghai lead slightly down 0.16%.
In terms of black, stainless steel continued to rise in the night after the day's close on Friday, and finally closed up 2.18% to become the only red in black. Iron ore recorded a decrease of 1.04%, while thread and hot coil fell slightly by 0.53% and 0.88%, respectively. Double coke failed to maintain the previous daytime trend, the night market fell, coking coal fell more than 3%, coke fell 1.51%.
Precious metals: COMEX gold futures fell on Friday as Russian President Vladimir Putin said gold was less attractive as a safe haven after progress in negotiations with Ukraine, and the possibility that the United States was about to raise interest rates also increased pressure on the gold market. 13:30 New York time (02:30 on March 12, Beijing time) the April gold futures contract, the most actively traded in), COMEX, fell 15.4 U.S. dollars, or 0.8 percent, to settle at 1985 U.S. dollars per ounce.
This week, spot gold fell after approaching a record high of $2075.45 an ounce set on August 7, 2020, giving up most of its gains during the week, with technical demand for a pullback, but the situation in Ukraine worsened the global inflation situation and the European Central Bank was forced to turn to an eagle. Us inflation hit a 40-year high, all of which continue to support the safe-haven charm of precious metals.
Financial market conditions at the close of 09:52 on March 13:
"Futures prices fluctuate greatly. For enterprise settlement, please refer to SMM spot quotation!
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