Financial data were better than expected, and most night commodities rebounded
On Monday (April 11), China's commodity futures market closed down more or less, led by two alcohols, ethylene glycol fell nearly 5% and methanol fell more than 3%; The black group fell, with iron ore down nearly 5%, stainless steel and ferrosilicon down more than 4%, coking coal down nearly 4% and coke down more than 3%; Fruit futures trend differentiation, jujube fell nearly 4%, apple rose nearly 5%; Crude oil was strong, with low sulfur fuel oil up nearly 3% and crude oil up more than 1%; Precious metals rose, with Shanghai silver up 1.5% and Shanghai Gold up nearly 1%.
Hot comment: affected by the continuous fermentation of China's epidemic, most of China's commodity futures weakened, among which the black series commodities dominated by China's demand fell significantly, driving the high level of commodity index down. However, the financial data in March was better than expected, the market sentiment was repaired, and the night trading commodities rebounded. Looking back, overseas, on the one hand, the situation in Russia and Ukraine is pending, and the possibility of reaching an agreement in a short time is low. The opening of the fifth round of sanctions by western countries will gradually reduce their energy dependence on Russia, and the supply chain problem remains prominent; On the other hand, the Federal Reserve will significantly tighten monetary policy at a fast pace, which will have an impact on future demand. In fact, the upside down of US bond interest rate indicates that the risk of economic recession is increasing. In China, since March, the epidemic situation in China has continued to escalate. Under the "dynamic zero" epidemic prevention policy, many places have tightened epidemic prevention measures one after another. Downstream demand is facing impact and logistics is facing interruption. However, the steady growth of macro policies has increased unabated, and the demand is expected to recover rapidly after the epidemic situation is controlled. On the whole, internationally priced goods face a pattern of short strength and long weakness, while Chinese demand dominated goods face a pattern of short weakness and long strength.
