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The main Shanghai gold futures contract plunged 12.00% intraday, currently trading at 1053.16 yuan/gram.February 2nd - Asian currencies traded mixed against the dollar as traders digested President Trumps nomination of Kevin Warsh as the next Federal Reserve Chairman last Friday. Analysts at Commerzbank Research stated in a research report that, judging from the recent dollar movement, the market seems to view Warshs nomination as a stabilizing force, alleviating concerns about the Feds independence and uncertainty surrounding the global monetary system. However, the analysts also pointed out that Warshs nomination still requires approval from the US Senate.February 2nd - A research report from CITIC Securities states that they expect: 1) Precious metals will continue their strong performance due to the combined effects of their monetary attributes and safe-haven demand. Gold is expected to reach $6,000/ounce in 2026, while extreme shortages and high trading activity in the spot market may bring strong price elasticity to silver, with silver prices expected to reach $120/ounce in 2026; 2) Supply constraints, resilient demand, and structurally low inventories will continue to support the strong performance of copper and aluminum prices. They expect the average prices of copper and aluminum to be $12,000/ton and 23,000 yuan/ton respectively in 2026; 3) Battery metals... Driven by strong demand for energy storage batteries, the price of lithium in China is expected to rise to RMB 120,000-200,000 per ton in 2026. Cobalt prices are expected to be RMB 400,000-500,000 per ton due to quota reductions. The reduction of nickel quotas in Indonesia is expected to drive a rebound in nickel prices, which are expected to rise to USD 22,000 per ton in 2026. 4) Among other metals, rare earths, tungsten, tin, and natural uranium are expected to continue to enjoy tight supply and demand and strategic metal premiums, with price targets (ranges) of RMB 600,000-800,000 per ton, RMB 450,000-550,000 per ton, RMB 450,000-500,000 per ton, and USD 100 per pound, respectively.A chart summarizing the overnight price movements of international spot platinum and palladium.February 2nd, Futures News: Crude oil prices ended a period of continuous gains followed by a narrow decline and consolidation. Gasoline and diesel shipments were sluggish, and positive news offered limited guidance. The fuel oil market saw some stability and consolidation, while others experienced slight price increases. Downstream restocking demand ahead of the Spring Festival provided support, and refineries maintained a relatively strong confidence in maintaining prices. It is expected that todays market will remain stable with minor adjustments in some areas.

The Dow Futures drop following a strong week

Charlie Brooks

Jul 11, 2022 10:59

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After major benchmark indexes completed the week higher, U.S. stock futures dropped during Sunday evening trade as investors anticipated company earnings reports and important inflation data.


By 7:00pm ET (11:00pm GMT), the Dow Jones Futures were down 0.2 percent , the S&P 500 Futures were down 0.3 percent , and the Nasdaq 100 Futures were down 0.4 percent .


Ahead this week, market participants will concentrate on new CPI data, with the inflation rate predicted to hit 8.8 percent, the highest level since December 1981. Investors will examine, among other data releases, retail sales, manufacturing production, Michigan consumer mood, NFIB Small Business Optimism, consumer inflation expectations, producer pricing, export and import prices, and the New York Empire State Manufacturing Index.


PepsiCo Inc (NASDAQ:PEP) and Delta Air Lines Inc (NYSE:DAL) are scheduled to report earnings on Tuesday and Wednesday, respectively, while JPMorgan Chase & Co (NYSE:JPM), Morgan Stanley (NYSE:MS), Wells Fargo & Company (NYSE:WFC), and Citigroup Inc (NYSE:C) are scheduled to report earnings later in the week.


During trading on Friday, the Dow Jones Industrial Average sank 46.4 points, or 0.2 percent, to 31,338.2, the S&P 500 finished 0.3 points, or 0.1 percent, down at 3,894.4, and the NASDAQ Composite climbed for the sixth consecutive day, adding 14 points, or 0.1 percent, to 11,635.3. The Dow rose 1.4 percent for the week, while the S&P 500 climbed 2.7 percent and the NASDAQ gained 6.1 percent .


On the bond markets, 10-Year United States rates jumped to 3.08 percent.


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