SMM2 March 4: yesterday, most of the outer disk metal market was red, Lun copper rose nearly 1.2%, Lun zinc rose 2.5%, Lun aluminum rose 0.3%, Lunni fell 0.7%, Lunxi fell slightly, and Len lead rose nearly 0.6%. (LME) copper futures on the London Metal Exchange rebounded on Wednesday after falling for three consecutive days, with some bearish investors covering short positions, in part because concerns about liquidity tensions in China, the largest consumer of metals, receded. In the domestic market, international copper and shanghai copper rose nearly 1%, shanghai aluminum rose nearly 1.4%, shanghai lead rose nearly 0.5%, shanghai zinc rose nearly 1.8%, shanghai nickel fell nearly 0.2%, shanghai tin fell nearly 1%.
The rebound in the dollar index slowed on Wednesday, rising 0.08 per cent to 91.111 after rising to a two-month high of 91.30 earlier in the day. The news that US private employment rebounded more than expected in January and service sector activity surged to its highest level in nearly two years also had no impact on the foreign exchange market. The euro hovered just above a two-month low of $1.20 and the yen hovered near 105 for the second day in a row; the market is looking for clues about what to do next, which could be provided by the US jobs report to be released on Friday. In light trading conditions, the higher beta rose against the dollar, while sterling and the Swiss franc led the decline.
U. S. stocks closed mixed on Wednesday, the Nasdaq closed slightly lower, and the S & P closed higher for the third day in a row. Investors are weighing earnings and economic data such as Google. The Biden stimulus is on the fast track. Investors have eased their concerns about short-selling deals initiated by users of Reddit forums. The Dow was up 36.12 points, or 0.12%, at 30723.60; the Nasdaq was down 2.23 points, or 0.02%, at 13610.54; and the S & P 500 was up 3.86, or 0.10%, at 3830.17.
In terms of crude oil, international crude oil futures climbed on Wednesday, with US crude oil settlement prices reaching their highest level in a year after data showed that US crude oil inventories fell to their lowest level since March last year. And the oil market is also supported by hopes that economic stimulus measures will boost energy demand. The Organization of Petroleum Exporting countries and its oil-producing ally (OPEC) kept their oil production policies unchanged at a meeting on Wednesday, suggesting that oil-producing countries are satisfied that sharp production cuts are running down stocks, despite uncertain prospects for demand recovery as the epidemic continues.
In precious metals, COMEX silver futures rose on Wednesday on hopes that global stimulus measures would lead to a rebound in industrial demand after hitting a nearly eight-year high on a social media buying spree before falling sharply. Analysts point out that gold is trading in a range and is currently testing support of $1830, although the price of silver has risen, but the price trend has been more moderate-indicating that market sentiment is sceptical about silver. There is actually no large number of silver bears in the market-the evidence to prove this is that there is no short covering rebound.
In terms of data, China's January xin service industry PMI, was 56.3, expected to be 55.5, announced 52.
[Cai xin China's service industry PMI dropped to 52 in January 2021 obviously affected by the epidemic] affected by repeated epidemic situations at home and abroad, the service industry has maintained a recovery trend, but the speed has slowed down significantly. The Cai xin China General Services Business activity Index (PMI) of January 2021, released on February 3, recorded 52, a sharp drop of 4.3 percent from the previous month and the lowest in nearly nine months. The trend of service industry and comprehensive PMI is in line with that of the Bureau of Statistics.
Wang Zhe, senior economist at Cai xin think tank: in January 2021, the manufacturing and service industries are still in a period of recovery, but the momentum of supply and demand recovery weakens, overseas demand becomes a drag, the job market is under pressure, and the manufacturing employment situation is particularly severe. In addition, inflationary pressures have been emerging in recent months, with the composite input price index at its highest level since November 2017. In the new year, we will focus on the prevention and control effect of the domestic epidemic in the context of the continuous spread of the epidemic, and the cultivation of endogenous momentum in the domestic economy when the uncertainty of overseas demand continues to increase.
Euro zone January CPI monthly rate, previous value of 0.30%, expected to be-0.1%, announced 0.2%. The monthly rate of PPI in the euro area in December, with a previous value of 0.40% and an expected rate of 0.7%, was announced at 0.8%.
Forexlive comments on euro zone core CPI annualized rate in January: the eurozone core CPI annualized rate in January jumped to its highest level in five years, but this will not change the ECB's outlook, as a series of special circumstances at the beginning of the year led to a surge in inflation. In any case, more volatility is expected in the coming months.
Us January ADP employment (10,000), previous value-12.3, expected 4.9, published 17.4, revised-7.8 (previous value).
Ahu Yildirmaz:, head of ADP Employment data, continues to recover slowly amid the adverse factors of the COVID-19 epidemic. Although unemployment used to be mainly concentrated in small and medium-sized enterprises, we are now seeing signs that large companies are also affected by the epidemic in the long term.
The final PMI value of the Markit service industry in the United States in January, the previous value of 57.5, is expected to be 57.4, announced 58.3.
Chris Williamson:, chief economist of the IHS Markit, got off to a strong start to the year in the US manufacturing sector and a marked improvement in the service sector, pushing business activity to its fastest pace in nearly six years in January. The improving data laid the foundation for strong growth in the first quarter, and rising corporate expectations for the coming year suggest that the recovery will gain more momentum as this year progresses. With the news of the vaccine launch and hopes of further stimulus measures, companies are becoming more and more optimistic.
Us January ISM non-manufacturing PMI, before 57.2, expected 56.8, announced 58.7.
Us EIA crude oil inventory (10,000 barrels) for the week to January 29th, previous value-991, expected 44.6, announced-99.4.
Financial blog zero hedging comments on the United States until January 29 week EIA data: last night API data showed that US crude oil stocks fell, crude oil continued to rise today, WTI crude oil futures stood at 56 US dollars per barrel for the first time in a year, Brent crude oil futures also rose more than 2%, today's EIA data confirmed the decline in US crude oil inventories. Gasoline demand is still weak (or affected by stormy weather). According to statistics, the number of people returning to work is still 20% 40% lower than the normal level before the outbreak, which will continue to depress market demand for transport fuel, according to analyst Jade Patterson.
