In terms of the metal market:
As of the midday close, the domestic base metals rose across the board. Shanghai Aluminum rose 2.05%. Shanghai tin rose 1.04%. Shanghai lead rose 1.42%, Shanghai copper rose 1.1% (as of 13:53, Shanghai copper intraday refreshed since May 17, 2006 to a new high of 83,000 yuan / ton), Shanghai zinc rose 0.63%, Shanghai nickel rose 1.87%. The main alumina futures rose 2.61%. In addition, the main industrial silicon contract fell 0.92%. The main lithium carbonate futures contract rose 0.48%.
The black series were all red, iron ore rose 2.21%, thread rose 2.02%, hot coil rose 1.78%, and stainless steel rose slightly. In terms of double coke, coking coal rose 1.02% and coke rose 0.53%.
In terms of external metals, as of 11:41, LME metals rose across the board. London tin rose 1.72%, and London copper rose 1.5%. London nickel, London zinc, London aluminum and London lead all rose within 1%.
In terms of precious metals, as of 11:41, COMEX gold fell 0.05%; COMEX silver rose 0.37%. In terms of domestic precious metals, as of noon close, Shanghai gold rose 1.14%, and Shanghai silver rose 3.39%.
In addition, the main futures of European line container shipping refreshed a record high of 4321.9 points intraday, and closed at 4252.9 points as of noon, up 10.53%.
As of 11:41 on May 16, some futures at noon:
Spot & Fundamentals
Copper: Today's North China electrolytic copper spot on the current month contract discount 580 yuan/ton ~ 420 yuan/ton, the average price of 500 yuan/ton from the previous trading day down 300 yuan/ton, the transaction price of 81520-81930 yuan/ton, the average price of 81725 yuan/ton from the previous trading day up 725 yuan/ton. After delivery, the spot premium returned to a low level, but copper prices rose again......
Nickel: On May 16, the SMM battery-grade nickel sulfate index price was 31,065 yuan/ton, an increase of 67 yuan/ton from the previous working day, and the price of battery-grade nickel sulfate was 30,800-31,400 yuan/ton, with an average price increase of 100 yuan/ton from the previous working day......
Macroscopic
Domestic:
[Five departments: to carry out new energy vehicles to the countryside in 2024] The General Office of the Ministry of Industry and Information Technology, the General Office of the National Development and Reform Commission, the General Office of the Ministry of Agriculture and Rural Affairs, the General Office of the Ministry of Commerce and the General Department of the National Energy Administration issued a notice on carrying out the activities of new energy vehicles going to the countryside in 2024. The notice proposes that from May to December 2024, new energy vehicle models suitable for the rural market, good reputation and reliable quality will be selected, and activities such as centralized exhibitions and demonstrations, test rides and test drives will be carried out to enrich the consumer experience and provide diversified choices. Organize charging and swapping services, financial services such as new energy vehicle underwriting, claims, and credit, as well as after-sales services such as maintenance, to go to the countryside to make up for the shortcomings of the supporting environment in rural areas. Implement support policies such as car trade-in, county-level charging and swapping facilities to make up for shortcomings, and direct "real money" discounts to consumers. Encourage all new energy vehicle manufacturers, sales enterprises, financial institutions, charging and swapping facility enterprises, sales and after-sales service enterprises to actively participate, combined with the old for the new and county-level charging and swapping facilities to make up for shortcomings and other support policies to formulate promotional plans, establish and improve the after-sales service system.
On May 16, the central parity of the RMB exchange rate in the interbank foreign exchange market was 7.1020 yuan per US dollar per dollar
On the US dollar:
The U.S. dollar index continued to fall after the previous three trading days, and as of 11:41, the U.S. dollar index was at 104.17, down 0.13%. The U.S. Consumer Price Index (CPI) rose 0.3% month-on-month in April and 0.4% in March and February, the Labor Department's Bureau of Labor Statistics said Wednesday. CPI rose 3.4% year-on-year in April, compared to 3.5% in March. Economists surveyed had forecast that the CPI would rise 0.4% month-on-month and 3.4% year-on-year. The US core CPI rose 0.3% month-on-month in April, after rising 0.4% for three consecutive months. Core CPI rose 3.6% year-on-year in April. This was the smallest year-on-year increase since April 2021, with a 3.8% increase in March. Other data on Wednesday showed U.S. retail sales unexpectedly flat in April. Chicago Fed President Goolsbee said on Wednesday that he was optimistic that inflation would continue to fall. U.S. media analysis believes that rising energy and housing prices are the main factors driving the rise in CPI that month, but on the whole, the increase has slowed down, which means that inflation has begun to "cool". The retail sales data for April showed that the American people are more cautious in consumption, and "more restrained consumption" will also help inflation "cool". Some experts said that the day's data preserved the possibility of a Fed rate cut in September.
In terms of other currencies:
Japanese importers look for USD/JPY bottom, US Treasury yields are in focus; USD/JPY moved lower after the release of weak US Consumer Price Index (CPI), retail sales and housing data and a consequent decline in US Treasury yields. The pair continued to fall during the Asian session, and investors in the Tokyo market are eagerly looking for a bottom in order to re-buy. (Huitong Finance)
Australia's employment rose more than expected in April, but the unemployment rate rose to 4.1%, indicating that the job market is gradually easing. Australia's 10-year yield fell 5bps as hopes of easing policy were revived by the RBA.
In terms of data:
Today, Australia's seasonally adjusted unemployment rate for April on May 16, the number of initial jobless claims in the United States for the week to May 11, the annualized total number of housing starts in the United States in April, the total number of building permits in the United States in April, the Philadelphia Fed manufacturing index in May, the monthly rate of import price index in April, and the monthly rate of industrial production in April.
Crude oil: Crude oil futures rose, as of 11:41, U.S. oil rose 0.55%, and cloth oil rose 0.48%. U.S. data showed a slowdown in inflation and a weaker-than-expected CPI increase on signs of strong U.S. demand, reinforcing the case for a rate cut, which could make demand for crude oil even stronger.
U.S. crude oil, gasoline and distillate inventories fell, reflecting increased refining activity and fuel demand, according to the U.S. Energy Information Administration (EIA). U.S. crude inventories fell by 2.5 million barrels to 457 million barrels in the week ended May 10, compared with analysts' expectations of a decline of 543,000 barrels, the EIA said. U.S. gasoline inventories fell by 235,000 barrels to 227.77 million barrels for the week, the data showed, compared to analysts' expectations for an increase of 500,000 barrels. Distillate inventories, which include heating oil and diesel, fell by 45,000 barrels to 116.37 million barrels, compared to analysts' expectations of an increase of 800,000 barrels.
ANZ Research noted in a client note that signs of slowing inflation and strong demand support oil prices, as do geopolitical risks, which it said remained high.