SMM9 March 2: yesterday, most of the LME metal market was green, Lun Copper fell 2.09%, Lun Aluminum fell 0.48%, Lun Zinc fell 0.8%, Lunni fell 1.28%, Lunxi fell 1.47%, and Lun lead only rose 1.06%. Lun copper prices fell sharply on Wednesday after data showed a slowdown in manufacturing activity in much of Asia and Europe in August. The domestic metal market is also mostly green, with international copper down 1.42%, shanghai copper down 1.35%, shanghai aluminum down 0.4%, shanghai lead flat, shanghai zinc down 0.72%, shanghai nickel down 1.34%, and shanghai tin down 0.5%.
The dollar fell 0.16 per cent to 92.50, hitting 92.37 in intraday trading, its lowest level since Aug. 6. The ADP national employment report showed that private jobs rose by 374000 last month, well below market expectations. The weekly jobless claims report will be released on Thursday, and the government will release the August non-farm payrolls report on Friday, which may provide clues for the Fed's policy path.
U. S. stocks closed mixed on Wednesday. The 374000 increase in ADP employment in the United States in August was less than expected, indicating a significant slowdown in the labor market recovery. More labor market data, such as jobless claims last week and non-farm payrolls in August, will be released later this week. The Dow fell 48.20 points, or 0.14%, to 35312.53; the Nasdaq rose 50.15 points, or 0.33%, to 15309.38; and the S & P 500 rose 1.41 points, or 0.03%, to 4524.09.
International crude oil futures held steady on Wednesday after the Organization of Petroleum Exporting countries ((OPEC)) and its ally OPEC agreed to stick to the existing policy of gradually increasing oil production. OPEC agreed on Wednesday to stick to its existing policy of gradually increasing oil production. In July, the alliance agreed to gradually cut back on record production cuts, increasing oil production by 400000 barrels a day every month.
In precious metals, COMEX gold futures closed lower on Wednesday as investors largely ignored a series of US economic data to focus on key jobs reports that could affect the Federal Reserve / FED's tapering quantitative easing programme.
In terms of data, the actual annual rate of retail sales in Germany in July, the previous value of 6.20%, expected 3.7%, published-0.3%, revised 6.50% (previous value).
Forexlive comments on UK August Nationwide House Price Index: the rebound in August is a bit surprising given that the stamp duty holiday (Stamp Duty Holiday) expires at the end of June, but it still reflects strong demand in the UK property market. House prices in the UK are now 13 per cent higher than they were at the start of the epidemic.
The final value of German manufacturing PMI in August, the previous value of 62.7, expected to be 62.7, announced 62.6.
IHS Markit Deputy Director Phil Smith comments on German Manufacturing PMII: in August although we continue to see strong demand for German goods, including new order growth still at an all-time high, production levels are limited as manufacturers struggle to solve supply problems. August data showed that output lagged behind orders by the most in 25 years.
Euro zone manufacturing PMI final value in August, the previous value of 61.5, expected 61.5, announced 61.4.
IHS Markit Chief Business Economist Chris Williamson commented on euro zone manufacturing in August PMII: euro zone manufacturing for the 14th month in a row more than 50. But the most important problem is the lack of parts, either the supplier is unable to produce enough parts, or the transportation capacity is limited. These supply problems have led to a relative shortage of manufacturing production.
The unemployment rate in the euro zone in July, with a previous value of 7.70% and a forecast of 7.60%, was released at 7.6%, revised by 7.8% (previous value).
Institutional comments on the eurozone unemployment rate in July: the eurozone unemployment rate fell to 7.6 per cent in July from 7.8 per cent in June, significantly lower than the 8.4 per cent hit in July 2020, underscoring the ECB's view of a sustained economic recovery. Between June and July, the number of unemployed jobs fell by 350000, 1.521 million less than in July 2020. The youth unemployment rate fell to 16.5% from 17.2% in June. The European Central Bank said earlier Wednesday that it continues to focus on the economic recovery.
ADP employment in the United States in August (10,000), the previous value of 33, expected 61.3, released 37.4, revised 32.6 (previous value).
Agency comments on US ADP payrolls in August: us companies added less than expected jobs in August, reflecting continuing hiring challenges and suggesting a slowdown in the job market recovery. The lower-than-expected growth in hiring suggests that companies are still trying to attract candidates and fill record vacancies. At the same time, the Delta strain could pose additional resistance to hiring as consumers spend much less on services such as eating out.
The final value of Markit manufacturing PMI in the United States in August, the previous value of 61.2, is expected to be 61.2, announced 61.1.
The US ISM manufacturing PMI, in August was 59.5, expected to be 58.6, and announced 59.9.
Agency analysis of ISM manufacturing PMI data in the United States in August: chip shortages are affecting the supply chain. But so far, we have been able to deal with this problem without affecting our customers. Due to port delays and too many sea containers, delivery time continues to be extended. Production capacity has been affected by the shortage of workers and the decline in production. Fires, explosions and leaks occurred in several chemical plants, further challenging the ability of suppliers to deliver on time and in a comprehensive manner.
Us EIA crude oil inventory (10,000 barrels) for the week to Aug. 27, previous value-298, expected-308.8, announced-716.9.
Financial blog zero-hedge EIA data: the latest Department of Energy crude oil inventory data showed that higher-than-expected crude and distillate inventories were offset by higher-than-expected gasoline stocks, while Cushing crude stocks also increased, with oil prices rebounding slightly after a sharp fall yesterday. More importantly, while the number of rigs and oil prices are rising, US crude oil production is still under control.
