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OpenAI will lend funds obtained from Nvidia (NVDA.O) and Amazon (AMZN.O) revolving financing to SoftBank.On March 6th, Gong Zheng, Deputy Secretary of the Shanghai Municipal Party Committee and Mayor of Shanghai, stated that Shanghai must focus on promoting high-quality development, be pragmatic and diligent, and ensure a good start to the 15th Five-Year Plan. First, it is crucial to expand domestic demand, which is the strategic support for Shanghais high-quality development. Shanghai must strengthen the leading role of domestic demand, strive to achieve effective qualitative improvement and reasonable quantitative growth in the economy, and play a leading role in national development. Consumption is a lasting driving force for economic growth. Shanghai must thoroughly implement special actions to boost consumption, accelerate the construction of an international consumption center city, accelerate the expansion and upgrading of commodity consumption, actively create new service consumption scenarios, and continuously amplify the integration effect of culture, commerce, tourism, sports, and exhibitions. Expanding effective investment is an important means to stabilize growth and promote development. Shanghai must promote the high-quality development of key infrastructure projects, further stimulate private investment, and direct investment towards technological innovation, industrial upgrading, urban renewal, and peoples livelihood.According to Iranian media, a missile attack struck two military bases near the city of Khomeini.On March 6th, Phil Flynn, senior analyst at Price Futures Group, stated that the U.S. Treasury Department may be looking to utilize the oil futures market to address soaring oil prices. This is a novel and innovative move, abandoning the traditional approach of using physical crude oil to alleviate market concerns. Instead, it utilizes futures instruments to sell near-month crude oil futures contracts and purchase forward futures contracts. The Treasury Departments traditional functions primarily involve fiscal policy, debt management, and occasional intervention in the currency market through mechanisms such as the Exchange Stabilization Fund, but not intervention in commodities such as oil.Fitch upgraded Hutchison Whampoas rating to "A"; outlook stable.

Copper Rises on Supply Concerns While Gold Falls

Aria Thomas

Oct 28, 2022 14:59

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Copper prices were poised for a third consecutive week of gains due to supply concerns in the coming months. Gold prices dipped modestly on Friday as the dollar rebounded on stronger-than-expected third-quarter U.S. gross domestic product numbers.


As Thursday's statistics revealed that the U.S. economy was performing better than expected under the rate increase regime, sentiment toward industrial metals improved. Nonetheless, the prognosis remains cloudy.


Indicators of economic robustness give the Federal Reserve greater space to continue rapidly hiking interest rates. This increased the currency and Treasury yields, putting downward pressure on the price of metals.


The data issued on Thursday increased traders' expectations for a 75 basis point (bps) hike, which decreased expectations that the Federal Reserve will slow its rate of interest rate increases in December. The gold price trend may be bearish, particularly in light of positioning for higher U.S. interest rates.


Next week, it is largely expected that the central bank would hike interest rates by 75 basis points, its fourth increase of this nature this year.


This year, rising interest rates dramatically increased the opportunity cost of owning a non-yielding asset, which weighed on the price of gold.


As of 19:59 E.T., spot gold fell 0.1% to $1,661.86 per ounce, while gold futures stayed unchanged at $1,665.80 per ounce (23:59 GMT). Due to a sinking dollar, it was anticipated that both assets would finish the week with moderate gains.


This week, copper prices dramatically improved and were poised for their third consecutive week of gains with a 1.5% increase.


The red metal's prices have largely shrugged off concerns over China's sluggish demand, with the focus now shifting to a potential supply bottleneck. Copper supply is expected to tighten in the coming months due to a decrease in Chilean output and U.S. sanctions against select Russian producers.


In addition, the red metal's demand is expected to increase as a result of a global push for electrification, with certain nations aiming to shift away from fossil fuels. Copper consumption is predicted to increase alongside the demand for electric vehicles.


Recently, Trafigura, a major commodities trader, issued a warning that current copper supply is insufficient to support such an increase in demand.


On Friday, copper futures fell 0.2% to $3.5215 per pound.

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