Artificial Intelligence
Many varieties of iron ore rose more than 1%
On Wednesday, April 23, the domestic commodity futures market saw a broad upward trend. Several key commodities, including Shanghai aluminum, iron ore, coking coal, japonica rice, hot rolled coils, and rebar, surged by more than 1%. Other rising assets also showed gains, though they were below 1% in most cases. Meanwhile, methanol and polypropylene experienced slight declines, but the losses remained under 1%, indicating limited downside pressure.
In addition to the price movements, the manufacturing sector provided mixed signals. HSBC released its preliminary reading for China’s Manufacturing PMI for April, which came in at 48.3—slightly higher than the previous month's 48.0. Notably, the manufacturing output index rose to 48.0, marking the highest level in two months, up from 47.2 in March. This suggests some signs of recovery in industrial activity, though the overall PMI remains below the 50-point threshold, signaling contraction.
Looking at specific contracts, the main plywood contract reversed its downward trend, climbing 0.63% to 144.5 yuan per piece. The open interest dropped to 17,800 lots, suggesting reduced speculative activity. On the other hand, fibreboard continued its decline, falling 0.08% to 63.2 yuan per piece.
Hujiao’s main September contract climbed by 144 yuan, or 0.63%, reaching 14,015 yuan per ton. This marked a significant rebound, as it touched the lowest intraday low since December 26, 2008. Despite this positive move, concerns over slowing economic growth and high inventory levels continue to weigh on the market.
Iron ore closed below 800 points, settling at 786 yuan per ton, with a gain of 1.42%. The increase reflects improved demand expectations, although broader macroeconomic uncertainties remain a key factor influencing prices. Overall, the market appears to be navigating a delicate balance between optimism and caution.
Submersible Electric Pump,Large Submersible Electric Pumps,Electric Submersible Water Pump,Small Submersible Electric Pump
Shanxi Skysea Pump Lndustry Co.,Ltd. , https://www.skyseatianhai.com