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June 10th Futures News: Copper prices maintained a weak range-bound adjustment today. On the macro front, US Treasury yields and the US dollar index continued to strengthen, supported by strong employment data and high inflation expectations. Market expectations for a Fed rate cut this year have largely subsided, with some even betting on a rate hike as early as September. This high-interest-rate environment is suppressing copper prices. On the fundamental front, domestic social inventories decreased slightly this week, and imported copper arrivals decreased, but downstream buyers remained hesitant due to high prices, resulting in weak purchasing. Supply-side disruptions were frequent. Chiles Antofagasta mine was partially shut down due to the earthquake, and supply disruptions from Peru and the Democratic Republic of Congo continued. The DRC also raised the tariff rate on strategic minerals such as lithium to 10%. In the short term, the US refined copper import tariff decision is imminent. Currently, the COMEX premium relative to LME is about 6%. If the tariff is implemented, it will accelerate copper inflows into the US and tighten overseas markets, providing support for prices. In summary, with both macro pressures and supply-side disruptions, copper prices are expected to remain volatile in the short term. Attention should be paid to tariff policies and changes in macroeconomic data. In the spot market, trading was relatively stable today. Copper prices are at low levels, prompting downstream buyers to purchase on dips. With delivery approaching and the import window closing, market supply appears to be tightening, leading to reluctance among holders to sell and further narrowing of the spot discount.Italys seasonally adjusted industrial production rose 0.5% month-on-month in April, compared with an expected decline of 0.1% and a revised previous reading of 0.6% (up from 0.70%).Italys adjusted industrial output rose 1.3% year-on-year in April, revised from 1.50% to 1.4% in the previous month.Pakistans Information Minister: The Pakistani military has struck militant hideouts on the Afghan border.June 10th - On June 9th, Tencent Cloud and ASUS officially signed a strategic cooperation agreement: the two parties will jointly create a "personal space disk" for millions of laptop users based on Tencent Clouds self-developed AgentBucket intelligent storage capabilities. This marks the first large-scale commercial deployment of Tencent Cloud Storages enterprise-level cloud storage scenario capabilities on a leading PC brand; it also signifies that cloud storage is officially upgrading from an optional PC accessory to one of the essential infrastructures for embracing the AIPC trend.

ETH and BTC Price Movement Determined by US Statistics and the NASDAQ

Daniel Rogers

Nov 04, 2022 17:36

截屏2022-11-04 上午11.21.34.png 

 

On Thursday, Bitcoin (BTC) and Ethereum (ETH) joined the larger market in the green. Despite Fed Chair Powell's hawkish speech on Wednesday, US economic indicators fell short of forecasts, alleviating Fed concern. The technical indications continue to be optimistic, indicating rising price movements. The price of Ethereum (ETH) increased by 0.86 percent on Thursday. ETH finished the day at $1,531, partially correcting a 3.80% drop from Wednesday.

 

Due to a rocky start to the day, ETH fell to a low of $1,515 early on. Avoiding the First Major Support Level (S1) at $1,475, ETH climbed to a morning high of $1,559. However, after falling short of the First Major Resistance Level (R1) at $1,593, ETH plummeted further below $1,530 before US economic indicators provided support.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

Bitcoin (BTC) climbed by 0.29% on Thursday. BTC concluded the day at $20,223, partially reversing a loss of 1.63% from Wednesday. Notably, BTC broke a four-day losing trend by avoiding sub-$20,000 territory for the ninth consecutive day.

 

BTC reached a mid-morning high of $20,404 after a strong start to the day. BTC plummeted to a midday low of $20,052 after failing to surpass the First Major Resistance Level (R1) at $20,629 during the trading session. Despite avoiding the First Major Support Level (S1) at $19,900, BTC retested $20,356 before retreating.

 

US economic figures supported cryptocurrency prices, with the crucial ISM Non-Manufacturing PMI below expectations.

 

The ISM Non-Manufacturing PMI decreased from 56.7 to 54.4 in October. Economists anticipate a drop to 55.5.

 

The subcomponents of the Index were diverse. ISM's Non-Manufacturing Employment Index decreased from 53.0 to 49.1. The Prices Index increased from 68.7 to 70.7. The unit labor costs increased by 3.5% in Q3 compared to 8.9% in Q2.

 

While the statistics were favorable for cryptocurrencies, Fed Chair Powell's recent comments weighed on the NASDAQ Composite Index. The NASDAQ Composite Index declined by 1.73 percent on Thursday.

 

The US jobs report will have a significant impact on the NASDAQ Composite Index and the cryptocurrency market today. Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini gained 17.75 points this morning.


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