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French President Emmanuel Macron stated on April 2nd that attempting to reopen the Strait of Hormuz militarily is "unrealistic." Speaking to reporters during his visit to Seoul on Thursday, he said such an action would be time-consuming and uncertain, and would expose participating parties to the risk of being attacked by Irans Islamic Revolutionary Guard Corps. "This has never been an option we chose; we consider it unrealistic," Macron said. "We must be able to reopen this strait because it is strategically important for energy, fertilizers, and international trade, but this can only be achieved through negotiations with Iran." He indicated that the first step should be a ceasefire, followed by restarting negotiations, and that safeguarding operations could help ensure ships are not attacked. "The world cannot afford a situation where Iran can decide to open or close the strait at any time," Macron added.On April 2nd, Gong Zheng, Deputy Secretary of the Shanghai Municipal Committee and Mayor of Shanghai, conducted research on Shanghais leading industries in Pudong New Area. Gong Zheng stated that during the 15th Five-Year Plan period, Shanghai should accelerate the upgrading and competitiveness of its leading industries, and cultivate a large number of high-growth technology companies. He expressed hope that high-growth technology companies like Muxi would maintain their innovative momentum, continue to make breakthroughs, and fully utilize the resource advantages of Shanghai and Zhangjiang, strengthening industry-academia-research collaboration and upstream-downstream coordination to serve the digital transformation needs of various industries in Shanghai and help improve the quality and efficiency of all sectors. He also stressed that government departments should strengthen their service awareness, conduct thorough research and visits to key enterprises, promptly identify new situations and problems in industry development, address enterprise issues and demands with a "solution-oriented" approach, and promptly introduce industrial policies and measures to amplify the synergistic effects of policies, creating a first-class environment for the development of Shanghais leading industries.April 2 - US stock futures extended their losses, with Nasdaq 100 futures down more than 2%, Dow Jones futures down about 1.4%, and S&P 500 futures down about 1.6%.CME Group: In March, the average daily trading volume hit a new monthly high of 41.1 million contracts.CME Group: Average daily trading volume hit a new high of 36.2 million lots in the first quarter.

Due to Fed fears, industrial metals will outperform gold this week

Haiden Holmes

Oct 14, 2022 15:05

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Copper and aluminum prices were able to resist a weakening economic outlook due to signs of a tightening supply.


The price of gold plummeted considerably below $1,650, a crucial support level, on Thursday, as September U.S. CPI inflation data came in higher than expected. Then, however, they recovered fast, mirroring a broader risk-on rally that weakened the currency.


As of 20:45 E.T., spot gold fell 0.3% to $1,661.98 per ounce, while gold futures fell 0.5% to $1,668.20 per ounce (00:45 GMT). This week, it was anticipated that both assets would lose 1.8% and 2.3%, respectively.


The outlook for gold was further clouded by higher-than-expected U.S. inflation numbers, which present the Federal Reserve with a greater incentive to continue significantly hiking interest rates. In the next few months, the dollar will likely impose extra pressure on gold as U.S. interest rates continue to rise.


According to this notion, it was anticipated that other precious metals would likewise finish the week lower. This week, silver dropped more than 7%, while platinum dropped 2.2%.


The greatest drag on bullion prices this year was a rise in interest rates, since higher yields increased the prospective cost of owning gold.


However, risk-sensitive markets surged on Thursday in anticipation that the peak of U.S. inflation had been achieved. Wall Street's extraordinary gain was also fueled by technical purchasing, which stimulated a wider desire for risk.


As a result, industrial metals grew. Copper futures rose 1% on Thursday and were ready to end the week with a gain of almost 2%.


On Friday, copper futures climbed 0.1% to $3.4630 per pound. In addition, there were indications that sanctions against Russia were producing a supply issue, which will likely lead to a rise in the price of copper in the coming days.


Chile's Codelco, the world's largest copper miner, is reportedly selling copper to European buyers at a record-high premium, citing supply limitations.


Last week, aluminum prices spiked due to supply shortages created by sanctions against Russian production. The metal was anticipated to increase by greater than 2% for the week.


This year, the faltering global economy has had a considerable impact on the prices of industrial metals.

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