皇冠体育寻求亚洲战略合作伙伴,皇冠代理招募中,皇冠平台开放会员注册、充值、提现、电脑版下载、APP下载。

首页社会正文

欧博手机版网址_Insight - Metal meltdown amid recession fears

admin2022-08-149

新2代理网址www.hg108.vip)实时更新发布最新最快最有效的新2网址和新2最新网址,包括新2手机网址,新2备用网址,皇冠最新网址,新2足球网址,新2网址大全。

Copper, aluminium, zinc and tin all hit record price highs in March.Lead was the only LME base metal to miss out on the super-bull party. After the March melt-up, however, industrial metals are now in meltdown.(File pic shows Copper *** elting in Peru.)

INDUSTRIAL metals have gone from boom to bust in the space of only three months.

In March, the London Metal Exchange (LME) suspended its nickel contract after the price spiked to more than US$100,000 (RM442,000) per tonne. Three-month nickel is now trading around US$22,500 (RM99,405), pretty much back where it was before the descent into chaos.

Copper, aluminium, zinc and tin all hit record price highs in March.

Lead was the only LME base metal to miss out on the super-bull party. After the March melt-up, however, industrial metals are now in meltdown.

The LME Index has just experienced its sharpest quarterly fall since the global financial crisis.

The pivot in sentiment from super-bullish to super-bearish has been the Feb 24 launch of what Russia calls its “special operation” in Ukraine.

Fears of sanctions against Russian metal helped drive prices to those record highs in March. But flows of Russian aluminium, copper and nickel have so far been largely unaffected.

Rather, traders are now focused on the recessionary impact of high energy prices as the Russian invasion grinds on.

Investor positioning across the industrial metals has flipped from long to short over the last few weeks, with systematic funds responding to chart breakdowns and downside price momentum by increasing bear bets.

,

欧博手机版网址www.aLLbet8.vip)是欧博集团的官方网站。欧博手机版网址开放Allbet注册、Allbe代理、Allbet电脑客户端、Allbet手机版下载等业务。

,

Money managers were net long of the CME copper contract to the tune of 42,000 contracts at the start of April. The net short now stands at 25,402 contracts, the most bearish positioning since April 2020.

The last few remaining bulls are throwing in the towel.

Funds’ outright long positions have shrunk to a two-year low of 33,926 contracts.

This is symptomatic of the broader investor landscape in metals, with heavier-weight funds trimming passive long exposure and systematic trend-following funds selling into price weakness.

LME broker Marex estimates there are now significant speculative short positions across the whole complex in the London market, several of them close to multi-year highs in terms of size.

It’s not hard to understand investors’ bear rationale.

High energy prices are fuelling inflation and central banks are responding by tightening policy.

They are also starting to chill manufacturing activity.

The latest string of purchasing managers indices captured stalled growth in Asia, the United States and Europe.

China is the potential bright spot in the global economy, with manufacturing activity expanding in June for the first time since February as the country gradually emerges from rolling lockdowns over the first half of the year.

网友评论

1条评论
  • 2022-08-14 00:12:08

    但在下半时的竞赛里,恒大却睁开绝地还击,回归的韦世豪也成为恒大的救星,他在场上造点+破门,显示无比抢眼!恒大以3-1的比分强势逆转,也为晋级到四强奠基坚实的基础。默默留名