The “morale” of American retail investors was deflated… They agreed to “sign up” together and fought bloody battles to the end, but a huge reversal occurred in one day. GameStop fell more than 60%, the largest drop in history. COMEX silver futures plunged more than 10% during the day.
On February 2, local time, Real Madrid Football Club officially announced that its club president Florentino Perez had tested positive for the new coronavirus and has not yet shown relevant symptoms. .
Last night, the OPEC+ expert group held a meeting. Oil-producing countries strictly adhered to their commitment to reduce production, and international oil prices once rose by more than 3%. The meeting predicted that by December 2021, global oil demand will be 97.9 million barrels per day, and the oil market deficit will reach a peak of 2 million barrels per day in May. Oil inventories are expected to decline every month in 2021, with a cumulative decrease in 2021 406 million barrels per day; oil demand growth is expected to drop to 5.6 million barrels per day in 2021 (the January report expected 5.9 million barrels per day); oil inventories are expected to be lower than the 5-year average in the second quarter; this year’s expected Oil inventories fell by an average of 1.1 million barrels per day.
The API report showed that U.S. crude oil inventories fell by 4.3 million barrels last week to 477.6 million barrels. U.S. crude oil imports increased by 66,000 barrels per day last week. As of early morning closing today, the US S&P 500 index rose 1.39%, the European Stoxx50 index rose 1.62%, the U.S. dollar index rose 0.04%, WTI crude oil rose 2.78%, Brent crude oil rose 2.86%, London copper fell 0.90%, and gold fell 1.36%. COMEX silver fell 9.3%, U.S. soybeans fell 0.88%, U.S. soybean meal fell 0.74%, U.S. soybean oil fell 1.53%, U.S. sugar rose 1.11%, U.S. cotton rose 0.89%, the CRB index rose 0.43%, and the BDI index fell 4.43%.
The new coronavirus variant discovered in the UK has mutated again
2 On March 2, according to the British Broadcasting Corporation (BBC), British scientists said that the new coronavirus variant currently spreading throughout the UK has once again undergone a worrying mutation.
It was reported that after analysis, British scientists found that some samples had a mutation called E484K, which had previously been reported in South Africa and Brazil. Appeared in the variant virus discovered. Experts from Public Health England said that such mutations have only appeared in some samples of the new coronavirus variant discovered in the UK. This does not mean that the mutations are widespread and the vaccines currently in use should still be effective.
In order to control the spread of the mutant virus in the UK, large-scale COVID-19 testing has begun in many places in England, and the British government has also introduced corresponding travel restrictions. Julian Tang, a virus expert at the University of Leicester in the UK, said that people must abide by the anti-epidemic lockdown regulations and reduce the increase in confirmed cases to prevent the new coronavirus from mutating further.
GameStop plummeted more than 60%, and the three major U.S. stock indexes collectively closed up
American retail investors The “morale” was deflated… They agreed to “join the team” together and fought bloody battles to the end, but a huge reversal occurred in one day. The astonishing gains caused by the short squeeze by retail investors have given back more than 85%, which is like riding a roller coaster.
As of the close of trading early this morning, GameStop fell by more than 60%, the largest drop in history. The three major U.S. stock indexes collectively closed higher, with the Dow Jones Industrial Average rising 1.57%, the Nasdaq Composite Index rising 1.56%, and the S&P 500 Index rising 1.39%.
Maarten Geerdink, head of European equities at NN Investment Partners, said, “It looks like the long short squeeze is over, and the stock price will start to reflect fundamentals again,” GameStop GEM’s stock price fell while accompanying With the sharp reduction in short positions, the short squeeze initiated by retail investors on Reddit forums has weakened.
The black series fell across the board, and iron ore fell by more than 5%
On Tuesday, iron ore fell Ore led the decline in black commodities. “The bearish macro sentiment is the main reason for this round of black slump.” Qiu Yuecheng, director of black research at Everbright Futures Research Institute, told a reporter from Futures Daily. First, the tightening of funds and the introduction of strict real estate control policies in many places; second, the central bank last week Funds continue to be withdrawn from the market, with a total of 470.5 billion yuan withdrawn throughout the week, and liquidity is generally tight; third, cities such as Shanghai and Beijing have intensively released relevant real estate regulatory policies and measures, covering adjustments to purchase restriction policies, tightening of mortgage loans, and stabilizing the order of the real estate market , Strengthen the supply of rental housing, etc.
It is reported that migrant workers returned home earlier this year than in previous years, the demand for finished products has weakened rapidly in recent weeks, and the overall speed and total inventory increase are higher than the seasonality in previous years. The accumulation rates of rebar in the past five weeks have reached 6.1%, 5.3%, 7.0%, 9.7% and 15.9% respectively. The current total rebar inventory has reached 8.9171 million tons, an increase of 2.5668 million tons year-on-year.
“Currently, steel mills are already in a loss-making situation, with production cuts and maintenance increasing. Recently, various departments have deployed carbon peak policy measures, and the market has strong expectations for crude steel production reduction. In addition, in recent years, Iron ore arrivals and inventories have continued to increase in the past two weeks, and coke inventories have also increased. The market does not fully recognize the high prices of raw materials. The restoration of steel mill profits has been achieved by suppressing raw materials. The active withdrawal of bull funds has accelerated the decline, reflecting the emergence of That is, the price of raw materials has dropped significantly more than that of finished materials.” Qiu Yuecheng said.
Silver�A reporter from Futures Daily said that the current operation of refineries in Europe and the United States has not returned to pre-epidemic levels, and maintenance is expected in Europe from February to March, and the overall supply of fuel oil is tight. The demand-side driver mainly comes from two aspects. First, countries such as Japan and South Korea shut down some coal-fired power plants in winter due to environmental protection, and the price of LNG is at a high level in the past two years. The demand for low-sulfur fuel oil as a raw material for power generation is very strong. Second, as the cracking price difference between gasoline and diesel has been repaired, the feed to the secondary unit of the refinery, which is mainly based on catalytic cracking, has increased month-on-month, diverting some of the blending components of low-sulfur fuel oil, further tightening the supply of low-sulfur fuel oil. “Singapore’s heavy fuel oil onshore inventory has been destocked counter-seasonally for three consecutive weeks. The current inventory is at a low level in the past five years. Low-sulfur fuel oil is expected to remain strong before the end of the month.”
Yang An, head of crude oil at Haitong Futures, believes that the increase in crude oil supply is less than expected. Goldman Sachs believes that the supply of crude oil market exceeds expectations, and predicts that the average deficit in the first half of this year will be 900,000 barrels per day, compared with the previous forecast is 500,000 barrels per day.
It is reported that OPEC increased crude oil production last month as originally planned, but the production increase was weakened due to supply disruptions from long-troubled member countries. OPEC increased oil production by 190,000 barrels per day in January, a survey showed, in line with an OPEC+ agreement to restore some supplies disrupted during the epidemic. However, the increase was only two-thirds of what was planned as output growth among OPEC’s Persian Gulf exporters was offset by supply disruptions in African countries Nigeria and Libya. The survey showed that the average daily output of OPEC’s 13 member countries in January was 25.67 million barrels.
“Macroeconomic sentiment has strengthened, and the ‘short squeeze drama of U.S. retail investors’ has shocked all short sellers. The rise in the US dollar has not stopped the market’s rising sentiment, which shows that the market has indeed entered It’s a very exciting state, which also creates conditions for rising oil prices.” Yang An said.
However, Yang An reminded investors to operate with caution. Although oil prices have emerged from the upward trend after three weeks of trading, judging from the overall assessment of oil prices, the $5 range above the current position is a very strong resistance area for oil prices. The sustainability of this market remains to be seen. Oil prices will follow. The probability of recurrence is still relatively high, so you need to be cautious when chasing higher and pay attention to risk control. </p
