SMM4 March 13: yesterday, most of the metals on the outer disk were green, Lun copper fell nearly 0.6%, Lun aluminum rose nearly 0.2%, Lun zinc fell nearly 2.5%, Lunni fell nearly 2.7%, Lunxi fell nearly 0.5%, Lunn lead rose nearly 0.1%, and Lunchu fell on Monday, as the market worried that China, a major consumer of metals, wanted to curb the surge in commodity prices in order to prevent potential inflation. Concerns about falling demand and rising copper stocks also weighed on the market. Domestically, international copper, Shanghai copper and Shanghai aluminum fell nearly 0.2%, Shanghai lead fell nearly 0.4%, Shanghai zinc fell nearly 2.1%, Shanghai nickel fell nearly 2%, and Shanghai tin fell nearly 0.8%.
The dollar hovered at a nearly two-and-a-half-week low on Monday as falling bond yields held back the dollar. Yields on the dollar and Treasuries took a breather after hitting multi-month highs at the end of last month. Previous bets that the US would accelerate its recovery from the epidemic would cause inflation to rise faster than Fed policy makers had expected, encouraging yields on the dollar and Treasuries to rise. Investors have been partly reassured by the Fed's insistence that short-term price pressures will be temporary.
U. S. stocks closed slightly lower on Monday. Before the release of corporate earnings and some important data, the market was light. Powell reiterated his easy money position on Sunday, but warned that the main risk of economic recovery would be the resurgence of the novel coronavirus epidemic. The last $1.9 trillion stimulus package boosted the federal budget deficit by 454 per cent in March from a year earlier. The market is worried that Biden's huge new infrastructure plan could trigger high inflation. The Dow fell 55.20 points, or 0.16%, to 33745.40; the Nasdaq fell 50.19 points, or 0.36%, to 13850.00; and the S & P 500 fell 0.81, or 0.02%, to 4127.99.
In terms of crude oil, international crude oil futures closed higher on Monday on optimism about the pace of vaccination in the United States, and Houthi fighters in Yemen said missiles fired at Saudi oil bases also boosted oil prices. Analysts say the Houthi forces in Yemen have once again fired missiles at Saudi oil bases, raising the geopolitical risk of crude oil and helping oil prices recover some of last week's decline.
In precious metals, COMEX gold futures fell on Monday as rising U.S. Treasury yields hit gold's attractiveness, while investors waited for key U.S. inflation and retail sales data to assess the health of the economy. Powell, chairman of the Federal Reserve / FED, said that the US economy is at an "inflection point" and that economic growth and recruitment are expected to accelerate in the coming months, but there are still some risks, especially if the unpacking leads to a continued increase in the number of novel coronavirus cases.
In terms of data, the scale of social financing in China increased by 3.34 trillion yuan in March, which is expected to be 3.7 trillion yuan, compared with a previous value of 1.71 trillion yuan. China's money supply M2 grew 9.4% in March from a year earlier, with an expected increase of 9.5% and a previous increase of 10.1%. China added 2.73 trillion yuan in new yuan loans in March, which is expected to be 2.3 trillion yuan, compared with a previous value of 1.36 trillion yuan.
The people's Bank of China: at the end of March, the balance of broad money (M2) was 227.65 trillion yuan, an increase of 9.4 percent over the same period last year, and the growth rate was 0.7 percentage points lower than that at the end of last month and the same period last year; the balance of narrow money (M1) was 61.61 trillion yuan, an increase of 7.1 percent over the same period last year. The balance of currency in circulation (M0) was 8.65 trillion yuan, an increase of 4.2% over the same period last year. The net cash investment in the first quarter was 222.9 billion yuan.
The euro zone reported a monthly retail sales rate of 3% in February, compared with a previous value of-5.9% and an expected 1.5%. Retail sales in the euro zone recorded a monthly rate of 3 per cent in February, the highest since August last year.
Justin Low, chief economist of the Forexlive, commented on the monthly rate of retail sales in the eurozone in February: retail activity weakened in January due to winter demand, but retail sales in the eurozone rebounded slightly in February, mainly from non-food sales (up 6.8 per cent). Nevertheless, compared with the situation before the epidemic, the overall situation is still relatively low, with non-food sales down 5.5% from February 2020.
