SMM4 March 15: yesterday, the outer plate metal was up 2.08%, Lun Aluminum rose 1.13%, Lun Zinc rose 1.65%, Lunni rose 1.8%, Lunxi rose 1.84%, Lunxi lead rose 0.71%, domestic copper rose 1.87%, Shanghai Copper rose 1.67%, Shanghai Aluminum rose 0.87%, Shanghai lead rose 0.24%, Shanghai Zinc rose 0.79%, Shanghai Nickel rose 1%, and Shanghai Tin rose 1.32%. The price of copper in Shanghai is up 1.87%, Shanghai Copper is up 1.67%, Shanghai Aluminum is up 0.87%, Shanghai lead is up 0.24%, Shanghai Zinc is up 0.79%, Shanghai Nickel is up 1%, and Shanghai Tin is up 1.32%. Aluminum, according to SMM research, close to delivery, the recent narrowing of the spot circulation of aluminum ingots still has a supporting role in prices. According to SMM research, Xinjiang Aluminum Plant is currently in normal production, has not been disturbed by production restrictions, and there has been no new progress in the rumors of the State Reserve. Downstream consumption is improving, the supply side is not a large increment of the premise, the domestic aluminum ingots to maintain the state of destocking, aluminum performance is strong.
The dollar index fell 0.22 per cent to 91.64, hitting its lowest level since March 18, while an one-month risk reversal in the dollar index hit its lowest level since early January, reflecting downside risks for the dollar. Traders noted demand from investors to short the dollar against the Australian dollar, the Canadian dollar, the euro and sterling.
Us stocks closed mixed on Wednesday, with a decline in technology stocks dragging the Nasdaq down 1 per cent. At the beginning of the earnings season for US stocks, a number of large banks reported better-than-expected results. The Fed's beige book reported that economic activity accelerated to moderate growth and consumer spending improved. Powell said the Fed is likely to reduce its bond purchases before raising interest rates. The Dow rose 53.62 points, or 0.16%, to 33730.89; the Nasdaq fell 138.26 points, or 0.99%, to 13857.84; and the S & P 500 fell 16.93 points, or 0.41%, to 4124.66.
In crude oil, NYMEX crude oil futures surged on Wednesday after the International Energy Agency ((IEA)) raised its crude demand forecast, followed by US crude oil inventory data showing weekly inventories fell for the third consecutive week, boosting optimism about a recovery in demand. The International Energy Agency ((IEA)) released its monthly oil market report on Wednesday. The report predicts that global oil demand will increase by 5.7 million b / d to 96.7 million b / d in 2021 compared with 2020.
In precious metals, COMEX gold futures fell on Wednesday as rising US Treasury yields hit the attractiveness of unyielding gold and outweighed support from a weaker dollar. Federal Reserve Chairman Colin Powell said Wednesday that the Federal Reserve will reduce its bond purchases before raising interest rates. "when we make further substantial progress towards our goal after December, we will reach a time to scale back our asset purchases," he said. "that was probably long before we considered raising interest rates. We have not yet voted on this order, but this is the train of thought of the new policy guidelines. "
In terms of data, the monthly rate of the US import price index in March, the previous value of 1.30%, is expected to be 1%, and 1.2% is announced.
Us EIA crude oil inventory (10,000 barrels) for the week to April 9, previous value-352.2, expected-288.9, announced-589.
Financial blog zero hedging review of EIA crude oil inventories: analysts accurately expect crude oil inventories to decline for the third consecutive week, and EIA crude oil inventories have fallen more than API reported. In addition, the rise in gasoline inventories was much lower than that reported by the API. Stephen Brennock, an analyst at PVM Oil Associates, said the combination of unprecedented fiscal stimulus and vaccination action would lay a solid foundation for a recovery in oil demand in the second half of the year.
