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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”.March 12 – As soaring oil prices pushed the Indian rupee to a record low, local importers sought safe havens, driving up hedging costs to protect against further depreciation. Sajal Gupta, head of foreign exchange and commodities at Nuvama Institutional, said importers are preparing for a potential delay in the Middle East crisis; if the rupee falls below 92.40, it could depreciate to 94 “very quickly.” He noted, “Indian importers are usually under-hedged before widespread panic, and now everyone is under hedging pressure.” On Thursday, the rupee fell to a record low of 92.3638 per dollar due to concerns that soaring oil prices would increase India’s import spending. Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors, said that while importers hedged, exporters postponed selling forward dollars in anticipation of further rupee weakness, exacerbating upward pressure on hedging costs.Germanys IFW has lowered its 2026 economic growth forecast to 0.8% from 1.0% in the winter forecast, citing high commodity prices.The onshore yuan closed at 6.8752 against the US dollar at 16:30 on March 12, down 52 points from the previous trading day.

S&P 500, Dow Pressured by Weak Economic Data, Hawkish Fed Remarks

Cory Russell

Jan 19, 2023 17:29

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The S&P 500 and the Dow both fell by about 2% on Wednesday, sending the main U.S. stock index futures down. Wall Street suffered its largest daily loss in more than a month as hawkish remarks from two Fed members and dismal economic data contributed to investor desire for lower-risk assets.


The benchmark S&P 500 Index finished the day on Wednesday at 3928.86, down 62.11 or -1.56%. The blue chip Dow Jones Industrial Average ended the day at 33296.96, down 613.89 or -1.81%, while the tech-heavy NASDAQ Composite dropped 138.10, or 1.24%, to close at 10957.01.


Wednesday's Recap Following the release of data revealing a decline in industrial production last month and the largest drop in retail sales in a year, U.S. equities dipped just before the cash market opened on Wednesday.


The theme of a weakening economy and an impending recession in 2023 was furthered by the drop in both industrial output and retail expenditure. Additionally, it could have dispelled last week's market craze about a "soft-landing" recession.


Investors also had to cope with Microsoft's announcement of 10,000 layoffs and hawkish remarks from Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard, and Philadelphia Fed President Patrick Harker in addition to the bad economic news.