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Futures News, September 1st: Aluminum prices have recently rebounded after fluctuating. The main reasons are: 1. The US Treasury announced an expansion of its long-term bond repurchase program, leading to a decline in long-term interest rates and improved market risk appetite, resulting in a rebound in aluminum prices; the US July PCE price index slightly exceeded expectations, but the market reaction was limited; Nvidias second-quarter earnings report exceeded expectations, driving continued strong growth in related computing power and power investment. 2. While aluminum prices rose, downstream demand cooled slightly, while aluminum exports and the recycling sector maintained steady consumption. Looking ahead, considering the hawkish signals released by the Wash-Jackson Hole symposium and the remaining uncertainties in the geopolitical situation, aluminum prices may continue to fluctuate between 23,800-24,300 yuan/ton.September 1 – On September 1, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. In response to a question regarding New Zealand politicians, Guo Jiakun stated that China has always adhered to the principle of non-interference in internal affairs and has never had the interest in, nor will it, interfere in the internal affairs of other countries in any way. The remarks concerning New Zealand are baseless. China consistently upholds the principle of "four full respects" in developing relations with Pacific Island countries and has neither the interest nor the history of interfering in the internal affairs of other countries.On September 1st, the Huangpu District Peoples Government Office of Shanghai issued the "15th Five-Year Plan for the Reform and Development of State-owned Assets and Enterprises in Huangpu District." The plan outlines support for enterprises to utilize capital market refinancing tools to strengthen and supplement their supply chains in accordance with legal and compliant principles, based on their development needs. It also emphasizes the continuous revitalization of existing assets. The plan strengthens the functions of the state-owned assets management platform, enhances asset operation and professional disposal capabilities, and gradually establishes an asset "receive-revitalize-inject" model. For assets that align with the regions key industrial directions and meet injection conditions, operational efficiency will be improved through injection into district-owned enterprises and listed companies, thus opening up channels for assets, funds, and capital. The plan also strengthens cooperation with professional institutions, utilizing non-performing asset acquisition and disposal, substantive restructuring, and market-oriented debt-to-equity swaps in accordance with legal and compliant principles to tap the value of idle and inefficient assets. Furthermore, it encourages eligible district-owned enterprises to effectively revitalize existing assets through asset securitization and other means, and to study REITs implementation paths based on infrastructure such as commercial complexes, industrial parks, and affordable rental housing as underlying assets, continuously improving the level of state-owned capital securitization.September 1st - On August 20th, 2026, Shanghai introduced the "Shanghai Eight Measures" for the housing market, focusing on facilitating the exchange of new and secondhand homes and comprehensively addressing residents diverse housing needs. Since the implementation of the "Shanghai Eight Measures" on September 1st, market feedback has been positive, transaction activity has significantly increased, and the policy effects are gradually emerging, helping the market to recover from the off-season. Statistics show that in August, the total transaction area of new and secondhand homes in Shanghai reached 2.21 million square meters (24,300 units), an increase of 2% month-on-month and 15% year-on-year. The Shanghai Municipal Housing Administration stated that, considering the recent market performance, based on the stable release of the effects of the "Shanghai Six Measures" and the new "Shanghai Seven Measures," the "Shanghai Eight Measures" better meet residents diverse housing needs, helping to consolidate the markets recovery and improvement, and a strong market performance is expected in the "Golden September and Silver October" this year.On September 1st, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A foreign journalist asked whether China shared information with Nepal after the mudslide disaster, and at what frequency—hourly or daily? Guo Jiakun stated that China and Nepal have maintained good cooperation in meteorology, water resources, and disaster prevention and mitigation. Following the disaster, China maintained smooth communication with Nepal on search and rescue, information sharing, and prevention of secondary disasters, continuously providing meteorological and hydrological data, conducting professional consultations, and providing relevant early warning information. China will continue to strongly support Nepals disaster relief efforts, strengthen cooperation in disaster prevention and mitigation, and safeguard the common interests of the two peoples.

Silver Price Analysis: Near 50 DMA, XAG/USD rises to mid-$23.00s

Alina Haynes

Feb 03, 2023 15:21

Silver attracted buyers around its 50-day simple moving average (SMA) on Friday, halting its previous day's regression from its highest level since April 2022. In the early European session, the precious metal maintains a moderately bullish tone, although the intraday increase lacks bullish confidence.

 

The XAG/USD has formed a rectangle pattern on the daily chart during the previous half-month, bouncing in a typical range. This indicates traders' hesitation and calls for care before putting aggressive direction bets. The inability to gain acceptance above the $24.50 supply zone overnight validates the trading range resistance, which should now serve as a pivot point.

 

Given that technical indications on the daily chart have only recently begun to drift into negative territory, it would be smart to await a sustained advance beyond the aforementioned barrier before putting bullish wagers. The XAG/USD pair might then attempt to recapture the $25.00 psychological level for the first time since April 2022. On the way to $26.00, the momentum could be extended towards the next significant obstacle near the $25.35 region.

 

Conversely, any further decline below the horizontal zone between $23.40 and $23.30 may continue to find support around the $23.00 to $22.95 region. This is followed by support in the $22.75 range, which, if forcefully broken, could pull the XAG/USD to the next key support near the $22.20-$22.15 zone before the $22.00 level.