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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Copper exhibits a five-day downward trend as economic worries supplant China's production decline

Daniel Rogers

Sep 01, 2022 15:26

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Copper price is on the bears' radar as it falls for the fifth straight day and remains under pressure near the one-month low heading into the European session on Thursday. The latest weakening in the red metal may be attributable to negative data from the world's leading producers as well as coronavirus in the world's largest metal consumer, China. In doing so, the quotation disregards a decline in output at one of the commodity's primary producers, Chile.

 

Copper futures on the COMEX declined more than 1.0% to $3.4790 at the time of publication, while depicting the movements. Reuters reported that as of 02:13 GMT, a three-month copper contract on the London Metal Exchange (LME) was down 0.8% to $7,742.50 a tonne, extending losses from the previous session. The metal contract for October on the Shanghai Futures Exchange falls about 1.6%.

 

However, China's Caixin Manufacturing PMI had the lowest readings in three months, indicating a contraction in activity, with a figure of 49.5, compared to 50.2 expected and 50.4 previously. In doing so, the private manufacturing indicator mirrors the official NBS PMI and reveals the bleak conditions at the largest industrial actor on the planet. On the same line, the US ADP Employment Change increased by 132K, compared to 288K anticipated and 270K previously.

 

Recent market sentiment appears to be weighed down by rumors of another ship obstructing the Suez Canal prior to the recent refloat, pessimism over China's covid conditions, and disputes with the United States over Taiwan. Recently, Taiwan's president, Tsai Ing-Wen, stated Taiwan's desire to strengthen its chip sector partnership with the United States.

 

Elsewhere, hawkish Fed wagers add to the industrial metal's load. According to the CME's FedWatch Tool, the probability of a September rate hike of 75 basis points has increased to 74.0% from 73.0% yesterday.

 

Alternately, forthcoming details of China's stimulus and an 8.6% YoY decline in the output of the world's largest copper producer, Chile, during the month of July appear to challenge copper bears.

 

While market anxieties and expectations of a decline in demand and a stronger US dollar are bearish for metal prices, headlines around the ISM Manufacturing PMI for August, which is predicted to be 52.8 versus 52.0 before, could delight traders ahead of Friday's US Nonfarm Payrolls report (NFP).


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