Abstract Core Tip: The US will hit the debt ceiling in mid-October; the Ministry of Industry and Information Technology will resolve overcapacity through four “batchâ€; the US fine copper will open higher and lower overnight, as US durable goods orders fell sharply. [Latest market] â— LME has no data, COMEX copper 3.34 rose 0...
Core Tip: The US or the mid-October hit the debt ceiling; the Ministry of Industry and Information Technology will resolve the overcapacity through four “batchâ€; the US fine copper opened higher and lower overnight, as US durable goods orders fell sharply. [Latest market]
â— LME has no data, COMEX copper 3.34 rose 0.01.
â— International spot gold 1402.2 fell 2.45, silver 24.26 fell 0.06, platinum 1549 rose 1.7, palladium 749.6 rose 1.85.
â—LME is closed, data is not available
â— Shanghai futures trading day inventory: copper stocks 45966 fell 2025; aluminum stocks 55899 fell 1770; zinc stocks 99214 fell 2604; lead stocks 95083 fell 1351.
[LME Interpretation and Today's Forecast]
â—Comex copper early evaluation: Overnight US fine copper opened higher and lower, due to the sharp decline in US durable goods orders, induced technical selling; material copper price adjustment probability today, businesses can temporarily wait and see, waiting for copper prices to stabilize.
[Industry Interpretation]
â—The Ministry of Industry and Information Technology will resolve overcapacity through four “batchâ€
According to the Operation Monitoring and Coordination Bureau of the Ministry of Industry and Information Technology, the "Program" will adopt four "batch" methods to resolve overcapacity. That is, by expanding domestic demand, digesting a batch; accelerating the implementation of the strategy of going global, transferring a batch to overseas; optimizing the organizational structure, merging and reorganizing a batch; strict environmental protection and safety energy consumption standards, and eliminating a batch.
Interpretation: The Ministry of Industry and Information Technology strongly advocates the solution of China's industrial overcapacity problem. In the long run, this is conducive to the healthy development of the metal industry; but in the short term, on the one hand, it is particularly necessary to implement the plan, and there is still a step-by-step, step-by-step look. The one-step process; therefore, we expect that the total amount of outdated production capacity will not be too large in the short term, and the impact on the market will be relatively limited.
[Financial Express]
The Dow Jones index fell by 64 in 14946.5, Nasdaq 3657.75 fell 0.22, CRB index 526.83 rose 5.63, US dollar index 81.33 fell 0.07, EUR/USD 1.3378 rose 0.0013, USD/JPY 98.23 fell 0.29, US crude oil 106.34 rose 0.42.
[Auditor Reads Finance]
â— US durable goods orders in July were far worse than expected
According to data released by the US Department of Commerce on August 26, the monthly rate of durable goods orders in the United States fell sharply in July, far below expectations. The data showed that the US durable goods orders fell 7.3% in July, lower than the expected decline of 4.0%, the previous value rose by 3.9%.
Interpretation: Businesses and consumers typically buy durable goods with confidence in the economy, and this week's sluggish data suggests a sign that the US economy may be weak. The once again bad US economic data is once again good for gold.
â—The United States or the mid-October hit the debt ceiling
News rumors: The US will hit the debt ceiling in mid-October.
Interpretation: In September, as the day approaches, the market's concerns about US debt risk will gradually heat up. With the support of market worries, the US dollar may be under pressure and metal prices are expected to gain a short-term respite.
[Investigation]
â— The average operating rate of aluminum processing enterprises with an annual output of over 100 million tons is above 85%
This week, Fubao Aluminum R&D team conducted a telephone survey of 20 Zhejiang aluminum processing enterprises in August. According to the survey data, the average operating rate of aluminum processing enterprises with an annual output of more than 100 million tons is above 85%, which is the same as the previous month; the annual output is 1000 tons-10000. The average operating rate of tons of aluminum processing enterprises is about 75%, an increase of about 5% from the previous month; the average operating rate of aluminum processing enterprises with an annual output of less than 1,000 tons is about 70%, an increase of about 2% from the previous month. The operating rate in August increased slightly from July.
In terms of orders, the orders for aluminum processing enterprises with an annual production capacity of more than 10,000 tons are relatively stable and have a stable customer base; the orders for aluminum processing enterprises with an annual output of 1,000-10,000 tons have increased slightly, and some enterprises have indicated orders in the latter half. There is a significant increase, and orders are expected to continue to grow in September; aluminum processing companies with annual production capacity below 1,000 tons are mixed, and some are partially closed.
For the inventory, the proportion of inventory in the survey sample is 58.3%, which is more than half. From the current downturn in aluminum prices, the willingness to ship in the merchant market is not positive. Some companies say they are about to usher in the gold and silver. In the peak season of sales, we are now actively stocking some stocks in reserve.
Based on the above, 8 parts, the operating rate of aluminum processing enterprises in Zhejiang increased slightly, which is an excellent phenomenon. Although the order volume has not increased much, it has not continued negative; however, from the perspective of customers, most of them Corporate businesses are still bearish on aluminum prices, and short-term market outlook is not optimistic.
First Grade Silicon Carbide,Silicon Carbide For Abrasive,Silicon Carbide For Refractories,Metallurgical Grade Black Silicon Carbide
ningxia hexing carbon based materials co.ltd , http://www.hexingsicmanufacture.com