Market sentiment picked up and the commodity index rebounded
On Tuesday (April 12), China's commodity futures market closed mostly higher, led by energy chemicals and black series, with soda ash up more than 5% and LPG and PTA up nearly 3%; Iron ore and coke rose by more than 4%, while coking coal rose by more than 2% Shenzhen Agricultural Products Group Co.Ltd(000061) fluctuated, with palm oil and vegetable oil up more than 2%, soybean oil up nearly 2% and strong wheat down more than 3%; Most base metals fell, while Shanghai aluminum fell more than 1%; Precious metals all rose, with Bank of Shanghai up more than 2%.
Hot comments: China's financial data in March was significantly better than expected. Various departments accelerated the dredging of transportation and logistics. The premier presided over a meeting of heads of some provinces and cities to study and deploy measures to stabilize growth. There were market rumors that China would relax epidemic prevention and control measures, market sentiment was significantly repaired, and the sharp rise of black products led to the recovery of commodity index. Looking back, overseas, on the one hand, the situation in Russia and Ukraine is pending, the possibility of reaching an agreement in a short time is low, and the supply chain problem is still 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 in China has continued to expand, downstream demand has been impacted and logistics has been interrupted. However, the steady growth of macro policies has increased, and the epidemic prevention and control strategy is expected to change. After the follow-up epidemic is controlled, the demand is expected to recover quickly. 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.
