Financial Industry News on May 6th The domestic futures market closed, and most commodity futures closed down, ferrosilicon and iron ore fell by more than 5%, rapeseed meal and Shanghai nickel fell by more than 4%, rebar , hot roll , stainless steel, palm oil , Shanghai aluminum fell by more than 3%, coking coal, cotton, coke, etc. fell by more than 2%.
The strong momentum of the dollar has been revealed again, driven by rising U.S. Treasury yields and falling global stocks. The decline in the stock market has fueled safe-haven buying. Bloomberg USD spot index is just a short distance from the two-year high it hit at the end of last month, regaining Wednesday’s decline when comments from Fed Chairman Powell triggered a decline in policy tightening expectations. JPMorgan Chase analyst Meera Chandan and others said the Fed's decision will not change our optimistic outlook for the US dollar. The combined factors of economic growth risks and the possible rate hikes keeping the upside risk of the US dollar unchanged. HSBC Holdings strategist Daragh Maher and others said that the US dollar is expected to continue to strengthen moderately in the future. The idea of the Fed hike rate 75 basis points may reappear, depending on the data. The U.S. dollar will still gain an advantage in an environment of slowing global economic growth.
macro pressure and fundamentals weaken, Shanghai nickel fell by more than 4% at one time
overnight foreign metals fell, London nickel fell by 2.01%, Shanghai nickel fell by more than 4%, and it continued to operate above 210,000. From a macro perspective, the Federal Reserve has tightened its monetary policy more vigorously. Due to its safe-haven demand, the US dollar rose by 1.02%, driving foreign metals to generally fall. Judging from the domestic spot inventory, in the short term, due to the high domestic and foreign price difference, inventory is still in a low-level sales trend. However, in the medium term, the expectations of the fundamentals of the domestic market are relatively weak. The domestic market is affected by the production volume of Chinese-funded Indonesian projects, and nickel prices may fluctuate weakly in the medium term. We believe that the closure of the short-term import window is a weight to support the nickel price, but the fundamentals of domestic nickel resources will be in a pattern of strong supply and weak demand in the future. With the increase in production in Indonesia, the medium- and long-term trend of nickel prices is weak. ( Guotai Junan Futures )
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