We are seeing History in the making when the European Union announced its 750 billion- Euro ($824 billion) recovery package, aimed at boosting economic growth and creating a swathe of new jobs. The capital injection will have global financial markets breathing a sigh of relief, following the commitment from China at the Two Session to …
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FIS Technical – Aluminium Rolling 3 Month
China’s Headstart to Recovery Creates Rare Aluminum Trade
China’s race to restore normality has opened up a rare opportunity to profit from shipping aluminum into the country, which is typically burdened by excess supply of the metal. The theoretical margin from importing aluminum into China jumped to the highest level since 2016, according to Bloomberg calculations based on local spot prices and the …
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U.S. Mulls Sanctions on Chinese Officials, Firms Over Hong Kong
The U.S. is considering a range of sanctions to punish China for its crackdown on Hong Kong, people familiar with the matter said, as the Trump administration weighs whether to declare the former colony has lost its autonomy from Beijing. The Treasury Department could impose controls on transactions and freeze assets of Chinese officials and …
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China Abandons Hard Growth Target, Shifts Stimulus Focus to Jobs
The Chinese government abandoned its decades-long practice of setting an annual target for economic growth amid the storm of uncertainty unleashed by the coronavirus pandemic, and said it would continue to increase stimulus. Speaking at the National People’s Congress in Beijing on Friday morning, Premier Li Keqiang delivered an annual policy address that instead laid …
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What to Watch as China Unveils Stimulus in Policy Meeting
China’s top leaders should reveal on Friday how much they’re planning to spend on stimulus to support the post-virus economy, when they belatedly announce their economic policy blueprint for the rest of 2020. The centerpiece event will be the work report delivered by Premier Li Keqiang, which typically contains the economic growth and spending targets, …
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Zinc Falls From 3-Month High on Rising Supply
Zinc retreated from its highest close since February as pandemic-driven supply disruptions ease. Zinc’s backwardation on the London Metal Exchange narrowed Tuesday in a sign that supply is set to recover. Mines are gradually resuming production as virus restrictions ease and Chinese smelters are boosting runs. Investors will focus on China’s policy-setting National People’s Congress …
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FIS Technical – Copper Rolling 3 Month
Commodities Bounce Back on Chinese Stimulus Anticipation and Vaccine Hopes
Freight prices jumped on Monday with front month Capesize futures up over 10% on anticipation of a large stimulus package out of China later this week. This created a knock-on effect into the smaller vessels with the Panamax front month futures up over 5%. Oil futures performed well with a USD 3.00 move higher, as …
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Fitch Solutions Cuts Aluminum Outlook Amid Risks for Metals
Aluminum will average $1,600 a ton this year, according to Fitch Solutions, which cut its forecast from $1,850 as demand prospects weaken. Global consumption will decline 1.1% this year due to disruption from pandemic, especially closures of major car manufacturers, according to note Demand in China will fall 2% NOTE: LME aluminum last traded at $1,470/ton; YTD …
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