Shanghai and LME base metals closed mixed as market players generally believe that the US economic data due this Friday will indicate sustaining high inflation, prompting the US to take more aggressive monetary policies. Bank of America Securities Group said it now expects the ECB to raise interest rates by 150 basis points this year, who originally expected a 100-basis-point hike this year.
Oyster fields are pictured against the backdrop of wind turbines in the intertidal zones off Changhua County’s Fangyuan Township yesterday. Mass deaths of oysters were reported recently in Fangyuan. Local farmers blame around-the-clock construction of offshore wind farms for stressing the oysters and disturbing bottom sediments required for their survival.
Shanghai and LME base metals closed mostly with gains as the Fed’s monetary meeting minutes showed the officials opinions were basically in line with market expectation with a broad support for 50-basis-point rate hike in the next two months. In China, the expected resumption of work and production from the pandemic especially in Shanghai boosted the market confidence.
In the overseas market, the manufacturing and retail data released by the US continue to show poor results, and the possibilities of the European Central Bank's interest rate hike in July have increased.