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A Reuters poll predicts that the Indonesian central bank will cut its 7-day reverse repo rate by 25 basis points to 4.50% in the second quarter (the same as the February poll results).Li Auto (LI.O) shares fell as much as 4.4% in pre-market trading in the US.March 12 – Teslas energy division has received a license to supply electricity in the UK, allowing the company to reach potential customers in the UK residential and commercial sectors. The regulatory office for the Gas and Electricity Markets said in a statement on Thursday that Tesla Energy Ventures obtained the license after a seven-month process. The license for this branch of Musks Tesla became effective at 6 pm local time on Wednesday and applies only to the UK. This move comes at a time when UK energy suppliers are facing multiple pressures: soaring household debt and stringent regulatory rules, while wholesale prices have fallen from the peak of the energy crisis. For Tesla, this presents an opportunity to expand its reach beyond the US. Previously, Tesla had already been supplying electricity to customers in Texas, allowing its electric vehicle owners to charge at low prices and paying users who feed surplus electricity back into the grid.March 12th Futures News: The following are the warehouse receipts and changes for various commodities traded on the Shanghai Futures Exchange: 1. TSR20 rubber futures warehouse receipts: 49,795 tons, unchanged from the previous trading day; 2. Low-sulfur fuel oil warehouse futures warehouse receipts: 25,620 tons, a decrease of 1,100 tons from the previous trading day; 3. Alumina futures warehouse receipts: 359,047 tons, an increase of 11,961 tons from the previous trading day; 4. Stainless steel warehouse futures warehouse receipts: 51,238 tons, a decrease of 176 tons from the previous trading day; 5. Butadiene rubber futures warehouse receipts: 46,330 tons, an increase of 10 tons from the previous trading day; 6. International copper futures warehouse receipts: 14,867 tons, an increase of 1,208 tons from the previous trading day; 7. Nickel futures warehouse receipts: 53,904 tons, a decrease of 437 tons from the previous trading day; 8. Hot-rolled coil futures warehouse receipts totaled 474,583 tons, a decrease of 2,649 tons from the previous trading day; 9. Gold futures warehouse receipts totaled 105,420 kg, an increase of 510 kg from the previous trading day; 10. Aluminum futures warehouse receipts totaled 358,635 tons, an increase of 7,944 tons from the previous trading day; 11. Fuel oil futures warehouse receipts totaled 0 tons, unchanged from the previous trading day; 12. Tin futures warehouse receipts totaled 12,360 tons, an increase of 2,329 tons from the previous trading day; 13. Zinc futures warehouse receipts totaled 85,695 tons, an increase of 4,622 tons from the previous trading day; 14. Natural rubber futures warehouse receipts totaled 120,540 tons, unchanged from the previous trading day; 15. Copper futures warehouse receipts totaled 326,327 tons, an increase of 5,911 tons from the previous trading day; 16. Rebar warehouse futures receipts totaled 26,403 tons, unchanged from the previous trading day; 17. Petroleum asphalt mill warehouse futures receipts totaled 61,780 tons, an increase of 7,670 tons from the previous trading day; 18. Petroleum asphalt warehouse futures receipts totaled 24,640 tons, unchanged from the previous trading day; 19. Medium-sulfur crude oil futures receipts totaled 3,511,000 barrels, unchanged from the previous trading day; 20. Lead futures receipts totaled 63,269 tons, an increase of 6,371 tons from the previous trading day; 21. Silver futures receipts totaled 309,974 kg, an increase of 58,115 kg from the previous trading day; 22. Pulp warehouse futures receipts totaled 163,398 tons, an increase of 10,087 tons from the previous trading day; 23. Pulp mill warehouse futures receipts totaled 17,000 tons, unchanged from the previous trading day.March 12 – On March 12, the third “Ministerial Corridor” of the Fourth Session of the 14th National People’s Congress was held at the Great Hall of the People, where Minister of Ecology and Environment Huang Runqiu was interviewed by reporters. Huang Runqiu introduced that last year, the national average PM2.5 concentration dropped to 28 micrograms per cubic meter, and the proportion of days with good air quality reached 89.3%, the best level since monitoring began; during the “14th Five-Year Plan” period, the national PM2.5 concentration cumulatively decreased by 20%, and the number of heavily polluted days decreased by 25%. The proportion of surface water sections with good water quality reached 91.4%, far exceeding the target set for the “14th Five-Year Plan”.

Silver Price Prediction - Silver Price Increased Due to Weak Dollar

Alina Haynes

May 12, 2022 11:03

On Wednesday, silver prices increased alongside the other precious metals. As yields decreased, the dollar declined. In spite of stronger-than-anticipated headline and core CPI reports, Benchmark rates declined today. Gold prices rose as the currency weakened.

CPI Rose Greater Than Anticipated

Wednesday, the U.S. Labor Department revealed April's CPI. The headline CPI came in at 8.3%, slightly lower than March but higher than the 8.1% experts had predicted. The study also revealed that the core CPI, excluding food and energy, rose by 6.2% year over year, which was greater than anticipated. The month-over-month growth also exceeded projections. The Bureau of Labor Statistics (BLS) stated that April inflation grew 0.3% on the headline CPI, compared to the 0.2% expected, and 0.6% on the core CPI, compared to the 0.4% expected gain.

Technical Evaluation

After falling, silver prices recovered, reclaiming short-term support near the September lows at 21.42.

 

Near the 20-day moving average of 23.52, there is observed to be resistance. The 20-day moving average has fallen below the 50-day moving average, indicating a medium-term decline. As indicated by the fast stochastic crossover buy signal, near-term momentum has turned positive. Prices are oversold since the fast stochastic is displaying a value of 13 below the oversold threshold of 20.

 

The medium-term momentum has become negative as the histogram and MACD both print in a negative direction (moving average convergence divergence). The MACD histogram is moving in a negative direction, reflecting the downward trend in price movement.

 

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