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Nonferrous metals are soaring, what are overseas thinking?
- China Aluminium Network
- Post Time: 2022/11/8
- Click Amount: 761
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【Aluminum Road Network】
Global capital markets generally rose on Sunday, November 4. The increase in the number of non-farm payrolls in the United States in October exceeded expectations, and the German Chancellor's visit to China, superimposed on expectations for domestic epidemic prevention policies, both the stock market and the commodity market strengthened. The onshore renminbi rose sharply by 7%, and the price of electrolytic copper in non-ferrous varieties increased significantly. LME copper closed at US$8,133/ton, up US$568/ton, or 7.51%.
Overseas believes that 1) most interest rate hike countries have begun to slow down the pace of interest rate hikes, 2) but the duration may be longer, and 3) the strength of the dollar may be further extended.
For China, overseas believes that with the successful conclusion of the 20th National Congress of the Communist Party of China, and China's possible "opening" policy, it will bring benefits to the financial market. Even comparing the current market to the end of 2016.
However, on November 5, the spokesperson of the National Health and Medical Commission stated at the press conference of the State Council's Joint Prevention and Control Mechanism that my country is still facing the dual risks of the importation of overseas epidemics and the spread of local epidemics, and the prevention and control situation is still severe and complicated. We must adhere to the principle of "people first, life first", adhere to the general strategy of "foreign import, domestic rebound" and the general policy of "dynamic clearing", unswervingly coordinate epidemic prevention and control and economic and social development, resolutely implement the "four mornings", and do Early detection, quick disposal, and spill prevention.
Therefore, for the adjustment of China's epidemic prevention policy, overseas still believe that the high probability will be in the second quarter of 2023.
Friday's sharp rise was US non-farm payrolls, Germany's visit to China in the background Source:
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