In terms of the metal market:
As of the close of trading at noon, the domestic base metals rose. Shanghai nickel rose 1.44%, Shanghai tin rose 2.96%, and Shanghai copper rose 1.7%. Shanghai zinc fell 0.99%. Shanghai Aluminum fell 0.22%. Shanghai lead rose 1.44%. The main alumina futures fell 0.57%. In addition, the main industrial silicon contract fell 1.53%. The main lithium carbonate futures contract fell 2.41%.
The black series was mixed, iron ore fell 1.54%, thread and hot coil all fell slightly, and stainless steel rose 1.56%. In terms of double coke, coking coal and coke both rose slightly.
In terms of external metals, as of 11:42, LME metals rose across the board. London nickel rose 1.46%. London aluminum, London zinc, London copper, London lead and London tin all rose, and the increase was within 1%.
In terms of precious metals, as of 11:42, COMEX gold rose 0.1%; COMEX silver fell 0.04%. In terms of domestic precious metals, as of noon close, Shanghai gold rose 0.33%, and Shanghai silver fell 0.63%. Gold prices are on track to close higher for the fifth straight week on a weekly basis, as political uncertainty in the Middle East overshadows pressure on the US to keep interest rates higher for longer, tilting markets towards safe-haven assets.
In addition, as of noon closing, the main futures of European line container shipping were reported at 2568.1 points, up 8.29%, and a new high of 2740 points since the listing of the intraday brush.
As of 11:42 on April 19, some futures noon markets:
Spot & Fundamentals
Copper: Today, Guangdong 1# electrolytic copper spot to the current month contract discount of 180 yuan/ton-120 yuan/ton, the average discount of 150 yuan/ton compared with the previous trading day, the same as the previous trading day, wet copper discount of 260-220 yuan/ton, the average price discount of 240 yuan/ton compared with the previous trading day. The average price of Guangdong 1# electrolytic copper was 79,135 yuan/ton, up 2,395 yuan/ton from the previous trading day, and the average price of wet copper was 79,045 yuan/ton, up 2,395 yuan/ton from the previous trading day. Spot market: Guangdong's inventory has been declining for 3 consecutive days, and the decrease in arrivals is the main reason, with the recent increase in direct shipments and the increase in exports from some smelters. Although inventories have continued to fall, against the backdrop of sharply higher copper prices......
Macroscopic
Domestic:
According to the website of the central bank, on April 17-18, 2024, the Group of Twenty (G20) held the second meeting of G20 finance ministers and central bank governors in Washington, D.C., on the sidelines of the International Monetary Fund Spring Meeting, to discuss the progress of work in areas such as developing sustainable finance and improving the international financial architecture. Pan Gongsheng, governor of the People's Bank of China, attended and spoke at the meeting, and Xuan Changneng, deputy governor of the People's Bank of China, attended the meeting. At the meeting, all parties expressed support for the formation of a credible, robust and equitable transition plan, agreed that the burden of sustainable information disclosure on SMEs should be reduced, and recommended mobilizing climate finance through multiple channels to improve the accessibility and affordability of funds. The meeting affirmed the positive progress of the G20 Sustainable Finance Working Group and looked forward to the relevant policy recommendations of the Working Group. Members of the meeting generally supported improving the financing capacity of multilateral development banks and called for measures to maintain the robustness of international capital flows and help vulnerable economies recover. In his speech, Pan Gongsheng stressed that a more open and inclusive multilateral trading system is conducive to stabilizing global cross-border capital flows. Pan Gongsheng also introduced the latest progress of the People's Bank of China's continuous promotion of green finance, including the recent release of the "Guiding Opinions on Further Strengthening Financial Support for Green and Low-Carbon Development", and said that the People's Bank of China, as the co-chair of the G20 Sustainable Finance Working Group, thanked all parties for their support for the work of the working group and will continue to work closely with all parties to promote the key work this year.
On April 19, the central parity of the RMB exchange rate in the interbank foreign exchange market was 7.1046 yuan per US dollar per dollar
On the US dollar:
As of 11:42, the dollar index was at 106.21, up 0.05%. Given the slow and volatile progress in the fight against inflation and the fact that the U.S. economy remains strong, Fed policymakers agree that current interest rates should be maintained until later this year. U.S. jobless claims remained low last week, suggesting continued strength in the labor market. Atlanta Fed President Bostic said Thursday that Fed officials will need to consider raising interest rates if inflation does not continue toward the Fed's 2% target as he expected.
In terms of other currencies:
Klaas Knot, a member of the ECB's Governing Council, said that rising energy prices are less of a threat to inflation in Europe than the volatility of commodity markets in recent years. He also described the current risks to consumer prices as "becoming more equilibrium" and believes that inflation in the 20 countries of the eurozone is falling to 2%. ECB Governing Council member Villeroy said, "Unless there is a major surprise, we should cut rates [at the next meeting] because we are now confident enough and increasingly confident in the disinflationary path of the eurozone." He also said he was open to further rate cuts at subsequent meetings. "There's a very big consensus now that it's time to more or less take this insurance measure to protect against the second risk," he said. The first risk is to act too soon and allow inflation to rise again. The second risk is falling behind the curve and paying too high a price in terms of economic activity and employment. ”
Bank of Japan Governor Kazuo Ueda: A weak yen could affect the inflation trend, and if that happens, it could lead to a policy shift.
South Korea's finance minister, Choi Sang-moo, said on Thursday that South Korea was "closely" monitoring developments in the foreign exchange market and had developed a scenario-based response plan because of the recent worrisome depreciation, Yonhap News Agency reported. Choi Sang-mo, who previously held a trilateral meeting with U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki, said they would send a signal to the foreign exchange market through international cooperation if necessary.
In terms of data:
Pay attention to today's data such as Japan's core CPI annual rate in March, Germany's PPI monthly rate in March, and the seasonally adjusted retail sales monthly rate in the United Kingdom in March. In addition, pay attention to the 2025 FOMC voting committee, Chicago Fed President Goolsbee participated in the Q&A session. The IMF and the World Bank hold their 2024 Spring Meetings until April 20.
Crude oil: Crude oil futures jumped sharply on Friday, as of 11:42, U.S. oil rose 2.62%, and cloth oil rose 2.54%. The escalation of the situation in the Middle East has sparked concerns about supply disruptions in the Middle East. On the global crude oil supply front, Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), lost a key license from the United States that allowed it to export oil to global markets, which will hit the quantity and quality of its crude oil and fuel sales. According to some data, Iran is the third largest oil producer of OPEC.