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Russian Ministry of Defense: Air defense system shot down 45 Ukrainian drones overnight.Silver prices have hit record highs recently. Data from the Korea Gold Exchange showed that on October 17th, the price of silver reached 2,467 won (approximately 12 yuan) per gram, a year-to-date increase of nearly 70%, exceeding the increase in gold over the same period. This surge in demand for silver among South Korean investors has led to tight market supply. So far this year, major South Korean commercial banks have generated cumulative silver bar sales of 10.4 billion won (approximately 52.08 million yuan), 13 times higher than the same period last year. Due to the shortage of silver bars in the market, South Korean commercial banks and major precious metals sales platforms have announced that they will suspend silver bar sales starting on the 20th of this month.1. October 24th – Federal employees, whether furloughed or working, will miss their first full paycheck, forcing lawmakers to act. They have already missed partial paychecks, placing significant financial strain on over 2 million employees and their families. 2. October 31st – The Trump administration this week deployed $8 billion in unused research and development funds from fiscal year 2025 to ensure 1.3 million active-duty military personnel receive their October 15th paycheck. However, whether this can be done again before Halloween (November 1st) remains uncertain. 3. October 31st and November 5th – Senate clerks will miss their first full paycheck on October 20th (paid on the 5th and 20th of each month). House clerks will miss their paychecks at the end of October (paid at the end of each month) and, if they do, will not receive their paychecks until after Thanksgiving, creating significant financial hardship. 4. November 1st – Open enrollment for the Affordable Care Act. Healthcare is a primary concern for the shutdown, with Democrats aiming to pressure Republicans to reach an agreement on strengthening subsidies for Obamacare before open enrollment begins. 5. November 21 – If the shutdown continues into late November, it could lead to TSA staffing shortages and air traffic control issues for Americans during the busy Thanksgiving travel week. Air traffic control chaos in early 2019 was a key factor in forcing the government to end the longest shutdown in history.On October 19th, local time, Pakistani Deputy Prime Minister and Foreign Minister Dar welcomed the ceasefire agreement reached between Pakistan and Afghanistan in Doha, Qatar, on the evening of the 18th on social media, calling it "the first step in the right direction." Dar also expressed hope that at the next round of meetings hosted by Turkey, a concrete and verifiable monitoring mechanism would be established to address the threat of attacks from Afghanistan into Pakistan. On the same day, Afghan government spokesman Zabiullah Mujahid issued a statement announcing that negotiations between Afghan and Pakistani representatives in Qatar had concluded with the signing of a bilateral agreement. Neither side will take any hostile actions against the other, nor will they support groups that attack the Pakistani government. Both sides will refrain from targeting each others security forces, civilians, or critical infrastructure. A mechanism will be established to review bilateral positions and ensure the effective implementation of the agreement, mediated by an intermediary.The General Staff of the Ukrainian Armed Forces: In the past day, the Russian army lost about 1,000 soldiers, as well as 3 armored personnel carriers, 45 artillery systems and other equipment.

Copper price snaps four-day rally despite China's increased metal imports in August

Alina Haynes

Sep 07, 2022 16:38

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Intraday, the price of copper falls almost 1.5%, representing the greatest day decline of the week as of early Wednesday morning in Europe. In doing so, the red metal breaks the previous three-day recovery from the six-week low.

 

Reuters reported that three-month copper prices on the London Metal Exchange (LME) completed the month of August at $7,801.50 per tonne, up 8.5% from a 20-month low reached on July 15 but still down 19.7% from the beginning of the year.

 

Fears of economic slowdown in the world's largest client, China, as well as the rest of the world, receive considerable attention as the causes are investigated. Increasing market wagers over the Fed's assertiveness are also placing a downward impact on metal prices. In contrast, an increase in China's copper imports should have supported metal prices, but it did not.

 

"According to customs statistics released on Wednesday, China imported 26% more copper in August than a year earlier, as lower prices and stockpiles prompted by power rationing increased demand for foreign supply," said Reuters. In August, China imported a total of 498,188.60 tonnes of unwrought copper and copper products, which included anode, refined, alloy, and semi-finished copper products. Compared to the previous year's amount of 394,017.10 tonnes, this is a two-year low.

 

It should be emphasized that copper buyers are not pleased with the drop in warehouse supplies. Reuters reported that Shanghai Futures Exchange copper warehouse stocks fell to a seven-month low of 31,205 tonnes on August 19.

 

On a separate page, US Treasury rates surge to a new multi-day high, propelling the US Dollar Index (DXY) closer reclaiming the two-decade high. This combines with hawkish Fed forecasts to impact on market sentiment and push the USD/JPY to its highest level in 24 years and the USD/CNH near the critical 7,000 milestone.

 

The US ISM Services PMI increased to 56.9, compared to the market's forecast of 55.1 and the prior reading of 56.7. However, the S&P Global Composite PMI and Services PMI decreased to 44.6 and 43.7, respectively, from early projections of 45.0 and 44.1, respectively. Despite this, the US Dollar Index (DXY) increased upon the announcement and reestablished a 20-year high. The CME's FedWatch Tool indicates a 72.0% chance of a 50 basis point (bps) Fed rate hike in September, up from 57.0% one day ago.

 

Consequently, commodities continue to decline, while US stock futures and Asia-Pacific stocks report losses at the latest.

 

The monthly releases of the US trade balance and Fed Beige Book reports could provide commodity traders with entertainment. However, the next two days will be dominated by the numerous Fed speakers, including Fed Chairman Jerome Powell, who are slated to make public appearances.

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