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SK Hynix (SKHY.O) shares turned positive in after-hours trading, after falling as much as 9%.SK Hynix (SKHY.O) shares narrowed their losses to 2.5% in after-hours trading on the US stock market.Futures News, July 29th - According to foreign media reports, copper futures on the London Metal Exchange (LME) fell on Tuesday, influenced by a stronger dollar and rising market expectations of a Federal Reserve interest rate hike. A rate hike could dampen demand for industrial metals. Brokerage firm Sucden Financial stated that overall, base metals will find support during declines as the supply side remains favorable. However, a stronger dollar and high US Treasury yields mean that a rebound may require a stronger macroeconomic environment, especially ahead of the Fed decision and key US data releases later this week. Market participants are awaiting the outcome of the Feds interest rate decision, particularly given the decline in oil prices following the easing of tensions between the US and Iran. The FedWatch Tool shows traders expect a 62% probability that the Fed will keep interest rates unchanged this week, and a 38% probability of at least a 25 basis point rate hike, up from 16% a week ago. Rising interest rates could dampen economic activity, thereby suppressing copper demand.Rio Tinto (RIO.N) CEO: Electrification is driving a shift in commodity demand. Diesel supply security remains a top concern.1. The WTI crude oil futures contract closed down 4.21% at $79.13 per barrel; the Brent crude oil futures contract fell 3.33% to $83.01 per barrel. 2. International precious metals futures generally closed lower. COMEX gold futures fell 1.18% to $4028.80 per ounce, and COMEX silver futures fell 2.35% to $57.34 per ounce. The current rising expectations of a Federal Reserve interest rate hike, coupled with high interest rate expectations suppressing precious metals, and the lack of substantial escalation in the US-Iran geopolitical situation, have led to a wait-and-see attitude in the market, all contributing to this price weakness. 3. London base metals all fell. LME lead fell 0.29% to $1885.5/ton, LME aluminum fell 0.60% to $3148.5/ton, LME copper fell 0.64% to $13644.5/ton, LME zinc fell 1.22% to $3567.5/ton, LME nickel fell 1.56% to $16945.0/ton, and LME tin fell 1.72% to $53405.0/ton. 4. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 1.03% to 52747.32 points, the S&P 500 rose 0.21% to 7428.78 points, and the Nasdaq Composite fell 0.22% to 24876.91 points. IBM rose more than 5%, leading the Dow Jones gains. The Wind US Tech Big Seven Index rose 0.69%, with Google up over 2% and Microsoft up over 1%. SpaceX rose over 2%. The Nasdaq China Golden Dragon Index rose 1.08%, with Autohome up over 7% and LuKong up over 6%. The memory sector plummeted, with SanDisk down over 14%, SK Hynix down nearly 9%, and Micron Technology and AMD both down over 8%. 5. European stock indices all closed higher: the German DAX rose 0.41% to 25464.01 points; the French CAC40 rose 0.63% to 8458.78 points; and the UK FTSE 100 rose 0.83% to 10871.02 points. A temporary ceasefire between the US and Iran led to a significant drop in international oil prices, easing energy cost pressures and boosting market sentiment. 6. Major Asia-Pacific stock indices closed lower. South Koreas KOSPI index closed down 10.84% at 6023.66 points, its biggest single-day drop since March 4, having briefly fallen below the 6000-point mark during the session. It has now fallen nearly 29% since July. Japans Nikkei 225 index closed down 3.95% at 62364.92 points. Indias SENSEX 30 index fell 0.09% to 76765.92 points.

Forecast for Silver Price: XAG/USD is rising quickly and is approaching the $20.00 mark

Alina Haynes

Sep 15, 2022 11:43

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Silver price recovers around the 50-day exponential moving average and advances towards a daily high of $19.69 on Wednesday after the US Labor Department reported that August PPI was in line with predictions of diminishing inflationary pressures on the producer side. Therefore, the XAG/USD is trading at $19.61, 1.86% higher than its initial price.

 

Before Wall Street opened, the Bureau of Labor Statistics (BLS) of the United States reported that the Producer Price Index (PPI) for August decreased by 0.1%, in line with expectations, while the year-over-year figure fell to 8.7%, less than the 9.8% reported in July. Meanwhile, the so-called core PPI, which excludes volatile goods, increased by 0.4% month-over-month and 7.3% year.

 

In the meantime, the US Dollar Index, a measure of the dollar's value against a basket of six currencies, ended Wednesday's session down 0.15 percent, at 109.648, weighed down by US Treasury yields, particularly the 10-year benchmark note rate, which remained unchanged throughout the day at approximately 3.404%.

 

The US Dollar Index reflects the aforementioned by declining by 0.09% and falling below the 110.000 barrier. Similarly, the US 10-year benchmark note rate exhibits signs of weariness, remaining flat at approximately 3.414%.

 

The fact that US 10-year TIPS yields, a proxy for actual yields, rose by only one basis point to 0.939% was a further factor supporting the white metal price.

 

On Thursday, the US economic calendar will contain jobless claims, retail sales, and the New York and Philadelphia Fed Manufacturing Indices, which will serve as a precursor to the ISM report in October.

 

The daily XAG/USD chart depicts the white metal as neutral to bearishly biased. Nonetheless, if silver buyers recapture the $20,000 threshold, this might pave the way for a test of a four-month-old downslope trendline near $20.20 prior to reaching the 100-day EMA at $20.39. A breach of the latter will reveal the cycle high from August 15 at $20.87, ahead of the psychological milestone of $21.00.


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