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Japanese Finance Minister Satsuki Katayama: We will strengthen dialogue with bond market participants and strive to conduct appropriate debt management.Japanese Finance Minister Satsuki Katayama: Closely monitoring bond market developments.1. The three major U.S. stock indexes closed slightly lower: the Dow Jones Industrial Average fell 0.45% to 47,739.32 points, the S&P 500 fell 0.35% to 6,846.51 points, and the Nasdaq Composite fell 0.14% to 23,545.9 points. 2. The three major European stock indexes closed mixed: the German DAX rose 0.07% to 24,046.01 points, the French CAC40 fell 0.08% to 8,108.43 points, and the UK FTSE 100 fell 0.23% to 9,645.09 points. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 1.68 basis points to 3.575%, the 3-year Treasury yield rose 2.55 basis points to 3.610%, the 5-year Treasury yield rose 3.67 basis points to 3.746%, the 10-year Treasury yield rose 2.92 basis points to 4.164%, and the 30-year Treasury yield rose 1.11 basis points to 4.802%. 4. Crude oil transport has resumed at the Lukoil West Qurna 2 oil field storage facility in Russia, with prices at $58.85 per barrel; Brent crude oil futures fell 1.98% to $62.49 per barrel. 5. International precious metals futures generally closed lower. COMEX gold futures fell 0.54% to $4219.90 per ounce, and COMEX silver futures fell 0.94% to $58.50 per ounce. 6. Most London base metals fell. LME zinc rose 1.05% to $3,130.50/ton, LME copper rose 0.47% to $11,675.00/ton, LME lead fell 0.20% to $1,998.50/ton, LME nickel fell 0.37% to $14,885.00/ton, LME aluminum fell 0.38% to $2,886.50/ton, and LME tin fell 0.67% to $39,800.00/ton.US President Trump: Mexico continues to violate our comprehensive water treaty. Due to Mexicos failure to fulfill our treaty obligations, it still owes the United States more than 800,000 acre-feet of water.On December 9th, a new social media platform filed an application with the U.S. Patent and Trademark Office to cancel the "Twitter" trademark so it could take over. The company claims that Elon Musks X Inc. has abandoned these trademarks. Operation Bluebird, a Virginia-based startup, filed a petition on December 2nd seeking permission to use the words "Twitter" and "tweet" on its competing social platform "twitter.new," and has already applied to register the "Twitter" trademark. Musk acquired Twitter for $44 billion in 2022 and renamed it X. Operation Bluebird stated in its filing that X Inc. has "completely removed" the Twitter brand from its products, services, and marketing. Musk posted on the X platform in 2023 that the company would "say goodbye to the Twitter brand and gradually say goodbye to all the birds (Twitters original logo)."

Copper pricing remains firmer on anticipation for stimulus and weaker DXY

Daniel Rogers

Sep 06, 2022 15:16

 截屏2022-06-15 下午4.06.52_1024x576.png

 

Reuters reported that the copper contract for three months on the London Metal Exchange (LME) increased 0.3% to $7,678 per tonne by 02:59 GMT, while the most-traded copper contract for October on the Shanghai Futures Exchange (SFE) rose 1.3% to 60,850 yuan ($8,773.45) per tonne.

 

In doing so, the red metal applauds the market's improved sentiment and hopes for additional support, particularly from China. The lower performance of the US Dollar Index (DXY) after it reached a 20-year high the day before is also encouraging for metal purchasers.

 

US 10-year Treasury yields jump 2.5 basis points (bps) to 3.21%, reflecting the sentiment, while S&P 500 Futures extend the week-start recovery to 3,943, up 0.50% intraday as of press time. In addition, market consolidation permitted the DXY to fall from the 20-year high to 109.37, prior to its current rebound to 109.62.

 

During a period of full markets, optimists appeared to have been supported by rumors of more aid packages to spur economic recovery. Nonetheless, the incoming British prime minister, Liz Truss, has a £130 billion energy plan in the works, while the People's Bank of China (PBOC) reduces the Reserve Requirement Ratio (RRR). In addition, policymakers from Germany and the Eurozone are making a concerted effort to shield energy businesses and winter stocks from the effects of the recession.

 

China's tightening supply and Peru's falling output of the metal further support the price. "The premium of LME cash copper over the three-month contract surged to $77.50 per tonne on Monday, the biggest level since December 2021," reported Reuters, indicating a diminishing supply of immediately available material in LME warehouses. Copper production in Peru, the world's second-biggest copper producer, decreased 6.6% year-over-year to 195,234 tonnes in July, as two of the nation's top mines underperformed.

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