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Outer disk metals rose and fell
release time:
2022-09-28 09:55
Metals were mixed overnight, with London copper down 1.23%, London aluminum down 1.89% and London zinc up 0.44%. Shanghai Aluminum’s recent capital withdrawal is the main reason, and the industry is mostly holding a wait-and-see attitude. It is cautious about long and short positions. Fundamentally, Yunnan has limited power and production, and the supply has tightened. However, Guangdong’s power curtailment superimposed on Foshan and other places where the epidemic has blocked many areas, and the consumption of aluminum in South China has increased. Due to travel restrictions, long and short games, Shanghai aluminum needs further market stimulation. The U.S. dollar index was basically flat in a narrow range, and Philadelphia Fed President Harker said, I think we should slowly and carefully reduce the size of bond purchases at the appropriate time, and when the time comes, this is what we need to start talking about. The time frame for the FOMC to discuss underweight QE has not been finalized. Care must be taken to avoid triggering a downsizing panic. It is uncertain whether higher prices will be passed from the input to consumers. The world has been in a low inflation environment for a long time. It is believed that there is no need to react to the current inflation phenomenon.
[Reprinted to retain the source - Shanghai Nonferrous Metals Network] [Overnight market] Metals in the outer disk are mixed, OPEC maintains the original supply plan, oil prices continue to rise
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In precious metals, gold prices rose as U.S. Treasury yields fell. The yield on the benchmark 10-year U.S. Treasury note fell back below 1.60%, with lower bond yields reducing the opportunity cost of holding precious metals. Forexlive comments on UK central bank mortgage approvals and consumer credit in April: Mortgage lending activity continues to be stronger as UK housing market conditions continue to perform well. The annual rate of consumer credit is expected to improve slightly from -8.8% in March to -5.7% in April, but this may be partly due to base effects.
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