morning closeonlinepokerforfun, the main domestic futures contracts are mixed. Industrial silicon rose by more than 4%onlinepokerforfun, the container shipping index and glass rose by more than 3%, polyvinyl chloride (PVC) and manganese silicon rose by more than 2%, and No. 20 rubber (NR), lithium carbonate, alumina, and red dates rose by more than 1%. In terms of decline, Shanghai gold and Shanghai silver fell by more than 2%, and pulp and fiberboard fell by more than 1%.
Industrial silicon has risen strongly under the influence of positive macro expectations, focusing on actual changes on the demand side
Guangfa Futures said that in May, as new production capacity is put into production and resumption of production during wet periods, the output growth rate will gradually exceed the demand growth rate, and inventories will gradually accumulate. Previously, the market believed that price expectations will fall under pressure or fluctuate at the bottom. Recently, under the pressure of falling spot prices and increasing companies that repair and reduce production of polysilicon, industrial silicon futures have risen strongly, and the basis has weakened rapidly, which may be related to the increase in macro-positive commodity buying but the fundamentals are still weak. However, it should be noted that opening the arbitrage window may also increase hedging orders. Although the spot side of the industrial silicon market is currently falling due to increased supply and demand, the futures side has risen strongly under the influence of positive macro expectations. The difference between reality and expectations has led to a decline in spot and a strengthening of futures, driving a sharp basis. Weakening, in the future, we need to pay attention to whether actual changes on the demand side can support the strengthening of prices in the distant months, otherwise the increase in hedging orders may bring certain downward pressure on the market.
Record high gold prices have a bad week amid strong data
Gold headed for its biggest weekly decline this year after hitting a record high on Monday as U.S. inflation data exceeded expectations and strengthened bets that the Federal Reserve would keep interest rates high. In early Asian trading, the weekly decline in gold prices is expected to reach 3.5 percentonlinepokerforfun.6%, which would be the biggest decline since September last year. The biggest one-day drop this week came on Thursday, when data showed U.S. business activity accelerated at its fastest pace in two years in early May, extinguishing hopes that the Federal Reserve would soon shift to monetary easing. However, despite the sharp fall in gold prices this week, some market observers are still bullish on gold. UBS raised its year-end gold forecast by 4% to $2,600 an ounce on expectations that interest rates will fall, which will drive inflows into gold-backed ETFs. Analysts Wayne Gordon and Giovanni Staunovo advised investors to buy around $2,300 because of the "relatively short-lived" recent pullback.