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The main contract of industrial silicon rose by more than 3% and is now quoted at 8,995 yuan/ton.On September 15, the overnight shibor was 1.4080%, up 4.10 basis points; the 7-day shibor was 1.4700%, up 1.00 basis points; the 14-day shibor was 1.5040%, down 2.00 basis points; the January shibor was 1.5330%, up 0.10 basis points; and the March shibor was 1.5530%, the same as the previous trading day.According to futures data on September 15, overnight shibor was 1.4080%, up 4.10 basis points; 7-day shibor was 1.4700%, up 1.00 basis points; 14-day shibor was 1.5040%, down 2.00 basis points; January shibor was 1.5330%, up 0.10 basis points; March shibor was 1.5530%, the same as the previous trading day.On September 15th, Pop Mart (09992.HK) plunged nearly 9% on Monday, its biggest drop since April, hitting its lowest level in over a month, after JPMorgan Chase downgraded its rating to neutral, citing a "lack of catalysts and unattractive valuation." This followed social media posts pointing to weak demand for its new "SKULLPANDA" product, and JPMorgans downgrade heightened market concerns about waning popularity. JPMorgan analysts Kevin Yin and others stated in a report: "Current valuations already reflect perfect expectations. Any minor fundamental disappointment or negative media coverage (such as falling pre-owned prices or third-party licensing issues) could trigger a share price decline." Although the stock has still risen over 180% this year, its 12-month forward price-to-earnings ratio is now close to 23 times.On September 15th, the market generally expected the Federal Reserve to cut interest rates by 25 basis points this week, but uncertainty remained about the direction of the policy once it was implemented. Marc Giannoni, Barclays chief US economist, stated that with inflation remaining subdued, the FOMC will judge that downside risks to achieving its employment goals are increasing. He added that the Feds economic projections remained largely unchanged, but the dot plot indicated three rate cuts (each 25 basis points) this year, one each in 2026 and 2027, while the median long-term interest rate forecast remained unchanged at 3.0%.

Natural Gas Prices Continue to Rise, Reaching a Multi-Month High

Drake Hampton

Mar 31, 2022 10:17

Significant Insights

  • Natural gas prices have surged significantly.

  • Prices finished close to a four-month high.

  • The weather is forecast to be typical.

 

Natural gas prices spiked on Wednesday, ahead of the Energy Information Administration's inventory update on Thursday. Estimize, a survey provider, anticipates a 14 Bcf drop in inventories. The weather is forecast to remain normal during the next six to ten and eight to fourteen days, with high temperatures along the Atlantic and Pacific coasts.

 

Residential and commercial sectors drive reduce natural gas consumption in the United States. Natural gas usage in the United States decreased by 18.6 percent in the previous report week. Week over week, natural gas use for power generation decreased by 7.0 percent. Consumption in the industrial sector declined by 5.5 percent. Consumption fell by 37.1 percent in the residential and commercial sectors.

Technical analysis

Natural gas prices finished at a multi-month high on Wednesday and are ready to test new highs. Near the October highs of 6.46, resistance is present.

 

The short-term momentum indicator has turned positive as a crossing buy signal was given by the fast stochastic. Prices have re-entered overbought territory, with the Fast Stochastic reading 93, exceeding the overbought trigger level of 80.

 

The medium-term trend has shifted to the positive. The MACD (moving average convergence divergence) indicator generates a buy signal upon crossover. This occurs when the MACD line (the 12-day moving average divided by the 26-day moving average) crosses over the MACD line's 9-day moving average.


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