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The main palladium futures contract hit its daily limit down, falling 13% to 447.45 yuan/gram.A chart summarizing the overnight price movements of international spot platinum and palladium.On December 30th, Xiamen Port Holdings Co., Ltd. announced that it plans to acquire a 70% stake in Xiamen Container Terminal Group Co., Ltd. from Xiamen International Port Holdings Co., Ltd. through a combination of share issuance and cash payment, and will also raise supporting funds by issuing shares to no more than 35 qualified specific investors. The Shenzhen Stock Exchanges Mergers and Acquisitions Review Committee held a meeting on December 29th to review the companys application for this transaction. The meeting concluded that the transaction meets the restructuring conditions and information disclosure requirements.On December 30, the Eastern Theater Command of the Chinese Peoples Liberation Army organized destroyers, frigates, fighter-bombers, and other forces to conduct exercises in relevant waters at both ends of Taiwan Island, including verification and identification, warning and expulsion, simulated strikes, as well as maritime assault, air defense and anti-submarine warfare, testing the sea-air coordination and integrated control capabilities.Integrated Circuits (Chips): 1. Intel completes $5 billion sale of common stock to Nvidia. 2. Lisuan Technology completes first order delivery for its 7G100 series chips. 3. Tianshu Zhixin: Hong Kong IPO plans to issue over 25 million shares priced at HK$144.6. 4. TSMCs 2nm (N2) technology is scheduled to begin mass production in Q4 2025. 5. Reports indicate that Samsung Electronics Taylor wafer fab in the US is accelerating its 2nm deployment, with an initial monthly capacity of 50,000 wafers. 6. SK Hynix plans to build its first 2.5D packaging mass production line at its new plant in Indiana, USA, aiming for production to begin in the second half of 2028. 7. The installation and testing of equipment for Samsung Electronics Pyeongtaek P4 factory project is 2-3 months ahead of schedule. Artificial Intelligence: 1. Zhipu GLM-4.7 tops the global open-source Artificial Analysis list. 2. Zhipu: Hong Kong IPO plans to issue over 37 million shares priced at HK$116.2. 3. Meta acquires Manus for billions of dollars; founder Xiao Hong will become Metas vice president. Other: 1. EHangs VT35 completes its first public flight in Hefei. 2. Chery responds to rumors of cooperation with Dreame: There is no such thing. 3. Israeli Prime Minister Netanyahu discusses cooperation with Tesla with Musk. 4. my countrys first domestically produced commercial 300 MW heavy-duty gas turbine project—Unit 5 of Phase II of Huadian Wangting Power Plant—officially goes into operation.

WTI Price Analysis: Testing the $80 level versus the broad USD

Daniel Rogers

Apr 11, 2023 14:20

 截屏2023-01-13 下午5.17.06.png

 

On Monday, crude oil prices are lower as a risk-averse sentiment underpins the U.S. dollar. The price of the black gold is a few cents above its intraday low of $79.71 per barrel and is approaching the range's bottom.

 

Early in April, the Organization of the Oil Exporting Countries and Allies (OPEC+) astonished market participants by announcing a 1.16 million-barrel-per-day reduction in their oil output, which pushed West Texas Intermediate (WTI) approximately 5.5% higher on April 3 and left a $4 void. Since the announcement, WTI has been consolidating between $79 and $81.80, unable to find fresh directionality.

 

Higher energy prices have contributed to inflation's meteoric rise, and OPEC+'s decision came as a complete surprise, reigniting concerns not only about price pressure but also about economic growth.