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The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.2 occurred near Gar County, Ngari Prefecture, Tibet, at 16:16 on September 3. The final result is subject to the official rapid report.The final reading of the UKs August services PMI will be released in ten minutes.On September 3, local time, Ding Xuexiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, co-chaired the 13th meeting of the China-Russia Investment Cooperation Committee with Russian First Deputy Prime Minister Manturov in Vladivostok. Ding Xuexiang offered suggestions for further deepening bilateral cooperation: First, strengthen planning and policy guidance, conduct in-depth industrial alignment and project promotion, and jointly support the deepening and solidifying of investment cooperation between enterprises of both sides. Second, promote the implementation and effectiveness of key projects, effectively leverage their demonstrative role, and continuously enhance the scale and level of investment cooperation between the two countries. Third, expand the breadth and depth of cooperation, continuously consolidate cooperation in processing and manufacturing, engineering and infrastructure, and strengthen pragmatic cooperation in more areas such as green industries and the digital economy. Fourth, strive to resolve outstanding difficulties and problems, properly address the practical concerns of enterprises of both sides, and jointly create a better business environment.Futures News, September 3rd: The Middle East conflict continues, and Warshs hawkish remarks have led the market to raise its expectations for an interest rate hike this year. On the fundamental front, EGA and Bahrain Aluminium maintain positive expectations for resuming production, while new projects in Indonesia are significantly constrained by power supply limitations. Domestically, preliminary estimates for September indicate that inventory reduction will remain at a narrow pace due to a lack of new ingot production. The price difference between refined and scrap aluminum has widened slightly recently, but the increase is limited. Scrap aluminum circulation remains sluggish in some provinces, and the reverse substitution of aluminum ingots for scrap aluminum continues, but attention should be paid to the subsequent marginal reduction trend. The tight supply of tax-inclusive scrap aluminum remains unchanged, with prices continuing to run at high levels, providing strong cost support for aluminum alloys; however, downstream acceptance of high prices is limited, hindering cost transmission and preventing price increases from penetrating smoothly to end users. Downstream die-casting purchases are still mainly small orders for immediate needs, and the current market presents a balance between cost support and weak demand. Aluminum ingot inventories remain at a low point for the year. Overall, supporting factors outweigh the positive factors, and aluminum prices may trend slightly higher in the short term. The spot market saw limited changes today, with aluminum prices rising further. Downstream buyers maintained only essential purchases, market circulation was moderate, and inventory reduction provided strong support for the spot premium. East China aluminum ingots maintained a premium of around 10 yuan over the September contract today.Israel Defense Forces: Earlier today, IDF forces operating in the northern Gaza Strip spotted a terrorist who had crossed the Yellow Line and was approaching the troops in a manner posing a direct threat. After identifying the terrorist, we engaged and killed him, eliminating the threat he posed.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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