SMM5 March 27: yesterday, most of the outer disk metal market was red, Lun Copper rose 0.23%, Lun Aluminum rose 1.17%, Lun lead rose 1.18%, Lunzn Zinc fell 0.07%, Lunni rose 1.38%, and Lunxi rose 0.78%. Lun Copper rose on Wednesday as a possible labour strike at the world's largest copper mine in Chile threatened already low global copper supplies. The union representing workers at BHP's Escondida (Escondida) and Spence copper mines rejected the company's contract offer and called on members to go on strike from Thursday. On the domestic side, there are ups and downs in the metal market. International copper is down 0.09%, Shanghai copper is down 0.1%, Shanghai aluminum is up 0.41%, Shanghai lead is down 0.03%, Shanghai zinc is down 0.36%, Shanghai nickel is up 0.88%, and Shanghai tin is up 0.66%.
The dollar index rose 0.43 per cent to 90.06, its biggest gain since May 21; it was down 0.2 per cent earlier. Traders in New York said the month-end portfolio rebalancing model showed a bias towards dollar buying and spurred short covering ahead of the Memorial Day holiday in the US. The dollar rose for the first time this week as US bond yields held steady and investors rebalanced their portfolios by the end of the month.
U. S. stocks closed slightly higher on Wednesday, as stocks rallied as the economy restarted. The epidemic situation in the United States has slowed down, and nearly half of the people have been vaccinated, making investors optimistic about the prospects for economic recovery. The market continues to focus on the currency outlook and its impact on Fed policy. The Dow was up 10.59 points, or 0.03%, at 34323.05; the Nasdaq was up 80.82, or 0.59%, at 13738.00; and the S & P 500 was up 7.86, or 0.19%, at 4195.99.
In terms of crude oil, international oil prices closed higher on Wednesday as falling US crude stocks reinforced expectations of improved demand ahead of the summer driving rush, overshadowing fears that a resumption of supply in Iran would lead to a supply glut.
In precious metals, COMEX gold futures rose slightly on Wednesday, holding the $1900 an ounce mark on expectations that the Federal Reserve / FED position would continue to be dovish, but the rebound in dollar and Treasury yields hit gold's attractiveness.
On the data side, the US EIA crude oil inventory (10,000 barrels) for the week to May 21, with a previous value of 132, expected to be-105, announced-166.2, revised-42.6 (previous value).
Commercial crude oil stocks excluding strategic reserves in the United States for the week to May 21 were the lowest since the week of February 19, 2021.
Analysts Lucia Kassai commented on US EIA inventory data last week: the operating rate of refineries on the East Coast reached its highest level since June 2019, still affected by a previous hacking attack on Colonial Pipelien, an oil pipeline company. With the exception of the Rocky Mountains and the West Coast, oil processing increased last week.
