Progress has been made in the Russia Ukraine negotiations, and bulk commodities have weakened collectively
On Tuesday (March 29), most of China's commodity futures markets closed down, most of energy and chemicals fell, crude oil fell by more than 5%, and fuel oil and low sulfur fuel oil fell by more than 3%; Most base metals rose, with Shanghai tin and zinc up more than 1% and Shanghai nickel down more than 4%; Black series rose and fell, coke and coking coal rose by more than 3%, iron ore rose, and power coal fell by more than 2% Shenzhen Agricultural Products Group Co.Ltd(000061) mostly fell, with soybean meal down nearly 3%, Douer down more than 2% and pigs up nearly 3%; Precious metals fell, with Shanghai silver and Shanghai Gold falling by more than 1%.
Hot comment: the news shows that after the new round of negotiations between Russia and Ukraine in Turkey, the negotiators of both sides made more positive statements after the meeting. Ukraine conveyed its position of maintaining neutrality and denuclearization, while Russia will reduce the intensity of military action in Ukraine. The positions of the two sides gradually approached and the situation eased greatly. We have proposed that once the situation in Russia and Ukraine eases, energy, metals, Shenzhen Agricultural Products Group Co.Ltd(000061) and other commodities that have risen sharply due to tension will face the pressure of adjustment. With the significant progress made in the Russian Ukrainian negotiations, commodities will face greater adjustment pressure in the short term. However, we still need to guard against the possibility of recurrence of the situation in Russia and Ukraine under the interference of western countries.
