EUR/USD 1.11006
0.138%
Gold 3233.13
-0.052%
Oil 61.294
-0.502%
USD/JPY 147.914
-0.364%
GBP/USD 1.31826
0.052%
GBP/JPY 194.990
-0.296%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 13th, it was reported that Samsung Foundry has entered the final stage of 2nm performance testing, and the test objects include Nvidia GPU and Qualcomm application processor.On May 13, HSBC Global Research issued a report stating that due to the increase in sales expectations and improved economies of scale, the profit forecast of Xpeng Motors (09868.HK) in 2026 was raised by 25%, and the 2027 forecast was introduced for the first time. Based on the discounted cash flow model, the groups H-share target price was raised by 6%, from HK$101 to HK$107, and the "buy" rating was maintained. In addition, based on the updated profit and cash flow forecasts and the latest exchange rate, the groups ADS target price was raised by 5.8%, from US$25.9 to US$27.4. The report stated that HSBC expects strong sales momentum to continue in the second quarter, thanks to Xpeng Motors strong product cycle. At the same time, higher economies of scale and improved gross profit margins should help the company approach break-even.According to the information from Tianyancha on property clues on May 13, the patent for "Control method, device, equipment and medium for vehicle on-site steering" applied by Seres Automobile Co., Ltd. was published on May 13. The abstract shows that the present invention can realize that the current driving torque of each driving wheel changes gradually with the deviation between the target wheel center speed and the current actual wheel center speed, which is conducive to smooth steering, thereby improving the stability of the vehicles on-site steering.New York silver futures rose more than 1.00% during the day and are now trading at $32.96 an ounce.Japans Liberal Democratic Party approved the pension system reform bill at its General Affairs Meeting and will submit it to the Diet on the 16th.

Copper Decreases Due to COVID Unrest in China, While Gold Decreases

Aria Thomas

Nov 28, 2022 16:15

123.png


Copper prices fell significantly on Monday as a result of rising social discontent in China over more COVID-19 lockdowns, while gold prices dipped as investors awaited fresh hints of U.S. monetary policy from this week's big economic statistics.


Copper futures expiring in March declined 1.3% to $3.5835 a pound by 18:50 ET (23:50 GMT) on Tuesday as traders predicted further demand destruction in China.


China is seeing a wave of civil disobedience in reaction to its strict zero-COVID policy, with protests and police clashes in a number of major cities as popular discontent with lockdown measures increases.


In the last three years, the zero-COVID policy has resulted in a number of lockdown measures that have severely impeded business activity and the mobility of individuals.


This also lowered China's appetite for imports of raw materials, resulting in a decline in copper prices in expectation of a decline in demand. The country's potential for violent demonstrations is a new hindrance to economic progress.


Copper prices are down more than 20% so far this year, as the global economy has slowed owing to rising inflation and interest rates, and as a result, metal demand has declined.


The markets largely overlooked signs of a declining copper supply, as major copper producers in Chile and Peru lowered output.


In anticipation of this week's lectures by numerous Federal Reserve speakers, including Chairman Jerome Powell, gold prices decreased modestly as the dollar strengthened.


However, Friday will be overshadowed by crucial nonfarm payroll data from the United States. Due to the continued strength of the labor market, the Fed has ample room to continue raising interest rates, which is bad for metal markets.


Gold on the spot market fell 0.2% to $1,752.08, while gold futures fell 0.2% to $1,181.85. As the December contract expiry date approaches, gold prices saw a minor backwardation, where spot prices were higher than futures prices.


In reaction to Federal Reserve suggestions that it will raise interest rates at a slower rate in the coming months, the price of gold has increased dramatically during the previous two weeks.


Notwithstanding, uncertainty about where U.S. interest rates may peak led some profit-taking in bullion prices, especially as U.S. inflation continued to move well over the Fed's objective.

Suggestion