SMM, Oct. 8 ( - The U.S. Senate on Thursday took a step toward passing a move to give the Treasury $480 billion more borrowing authority, with lawmakers aggressively working to quell fears of a U.S. debt default in less than two weeks. Senate Democratic leader Schumer plans to debate the bill for four hours, which would increase borrowing authority by $480 billion, enough to keep Treasury borrowing and spending until at least early December. The US government shutdown concerns are suspended, the dollar is running shock, the metal is generally rising, as of 9:45, Shanghai copper is up 1.75%, Shanghai aluminum is up 1.74%, Shanghai zinc is up 1.64%, Shanghai lead is up more than 2%, Shanghai nickel is up nearly 4%, Shanghai tin is up more than 3%. The black series fell back after rushing higher in the morning, giving back some gains, but still recorded gains, with bifocals rising more than 2%, threads, hot coils rising more than 1%. The outer session did not rise as much as the inner session, but it still rose across the board.
As of 9:43 a.m., the metal futures market situation:
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In copper, the number of initial requests in the United States for the week ended September 25 unexpectedly rose for three consecutive weeks, recording 362,000. The US job market recovered unevenly, the dollar index performance fell back, but the market is more worried about slowing economic growth, high inflation, supply chain bottlenecks and global energy supply tensions, and the market's concern about the Federal Reserve's reduction of monetary stimulus measures remains, US stocks fell sharply in the night, and London Copper closed down. Lun Copper is expected to run in...
Holiday U.S. index and London copper are showing a volatile trend, pay attention to the Sino-US economic and trade dialogue [SMM copper morning meeting minutes]
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In terms of aluminum, in the near future, Qinghai and Ningxia electrolytic aluminum enterprises are scheduled to reduce production after the eleventh, Qinghai plans to reduce 30% on the basis of the current operation, and an electrolytic aluminum factory in Ningxia plans to reduce production by about 80,000....
After the holiday, Ningxia, Qinghai and other aluminum enterprises are expected to reduce production, domestic aluminum short-term maintenance of supply and demand weak [SMM aluminum morning meeting minutes]
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In terms of lead, on the macro side, today we need to pay attention to China's September cai new service industry PMI; the US unemployment rate in September and the US Quarterly adjusted non-farm payrolls in September (expected to be good); In addition, U.S. Treasury Secretary Yellen and ECB President Christine Lagarde will speak at the B20 meeting. Fundamentals, due to the National Day holiday, there is only one trading day to return after the holiday. Before the holiday, due to power rationing, losses, environmental protection and other factors...
The first trading day after the National Day Lead price trend needs to pay attention to inventory data [SMM lead morning meeting minutes]
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In terms of zinc, LME inventories fell by 10,325 tons to 198,550 tons during the domestic eleventh holiday, and LME inventories continued to remain destocked. From a fundamental point of view, before the National Day, the power limit of zinc smelters in Yunnan, Hunan and Guangxi has increased, and some smelters have been shut down, if the power ration continues, it will affect the supply of zinc ingots in South China and East China. The consumer side is more dispersed by the impact of power rationing...
Zinc supply and demand contradiction saw short-term or shock-based [SMM Zinc Morning Meeting Minutes]
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In terms of tin, the trend in the week before the holiday fell back, approaching the long holiday and the trading time was only 4 days. Therefore, both bulls and bears have adopted a more conservative approach to exit the market to avoid the risk of price fluctuations. In the short term, the accumulation of expectations after the holiday will cause downward pressure on the market trend. The long-term trend needs to pay attention to the actual recovery of the demand side after the recovery of this round of power rationing.
Long position reduction and exit to welcome the long holiday After the holiday demand recovery needs to pay attention to [SMM Tin Morning Meeting Minutes]
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In terms of nickel,
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In terms of steel, on the whole, the news outside the holiday is active, but the impact on steel market prices is limited. The sudden rainstorm in the northern region has further intensified the supply of raw material coal, and there is still an opportunity for coal prices to rise after the holiday, which has a certain support for steel prices. Spot, the transaction performance is weak, but the market bullish sentiment is strong, the merchant quotation continues to rise, the domestic mainstream city spiral price increased by more than 100 yuan during the National Day, but the overall transaction is weak, and the high-priced transaction is rare. Affected by the superimposed power rationing of enterprises on holidays, the operating rate of downstream iron and steel enterprises during the National Day period is extremely low, and it is expected that the resumption of production and work after the holiday will drive a large number of replenishment demand.
Holiday transactions are flat, steel prices are expected to rise by more than 100 yuan [SMM Steel Morning Meeting Minutes]
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In terms of macro data, today's attention is paid to Germany's unseason-adjusted trade account in August, China's september social financing scale, the US September non-farm payrolls data, and the US August wholesale inventory MMA.
【Macro Preview】Focus on the scale of China's social financing in September and the US non-farm data in September
This article originated from SMM