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International crude oil prices plummeted in the Asian session on Thursday (June 2). Although the crude oil inventory announced overnight dropped significantly, the Fed’s interest rate hike was the final word, and the US dollar was full. Blood resurrection has been soaring. OPEC's monthly report showed that crude oil supply is oversupplied, and oil prices plummeted under double siege. The US dollar. Even if there is an accident and it contradicts the previously announced results, the oil price will be embarrassed when it comes to the Federal Reserve's interest rate meeting. After the crude oil inventory data was released, the oil price rose sharply. However, because the Federal Reserve's hawk's voice was loud and the U.S. dollar was fully resurrected, the oil price fell back to the dollar.
Raise interest rates by 1 basis point
The Federal Open Market Committee (Federal Open Market Committee) raised interest rates by 1 basis point on Wednesday (June 1) and signaled that it will accelerate the pace of interest rate increases next year. The last time the Fed raised interest rates was a year ago, from the low end of the zero range hit during the financial crisis.
The Federal Reserve raised the target range for the federal funds rate by 1 basis point to ..%. After a series of generally strong economic data were released, the market believed that an interest rate hike was basically a certainty. In a statement issued after the two-day policy meeting, it said: "In view of the labor market and inflation conditions that have been achieved and expected to be achieved, the Committee decided to increase the target range for the benchmark interest rate. &Today’s decision was unanimously approved by the members present at the meeting.
Gold and silver plummeted after interest rate hike
Gold prices turned lower on Wednesday and hit their lowest level in more than a month. Spot gold fell .% in late New York trading at $/oz. The price of gold once fell to 3.0 US dollars per ounce, hitting its lowest level since March. Before the Federal Reserve announced its interest rate decision, the price of gold once rose by up to .%.
Crude oil was cramped yesterday. It was expected to drop near the US dollar. It was also expected to be negative, but the 11:30 data turned out to be slightly positive. However, the positive data disrupted the plan. The production cut is really good for crude oil, and Fei has agreed to cut production, which provides support and guarantee for crude oil. What’s the point of cutting production if prices fall below the dollar? The most important point is U.S. shale oil. If the oil price is low in US dollars, shale oil will not dare to increase production, which is also beneficial to crude oil. The current resistance above crude oil is the U.S. dollar. When crude oil reaches this point, shale oil production will increase, which will negate the effect of production cuts. Unless production is significantly reduced, it will be difficult for crude oil to break through the U.S. dollar.
However, the negative news about crude oil cannot be underestimated.
The Saudi oil minister’s speech suppressed the sentiment of the oil market. Saudi Energy Minister Falih said on Wednesday that it will take some time for the oil market to recover after the Organization of the Petroleum Exporting Countries (OPEC) and non-oil-producing countries reached an agreement to limit production.
, monthly reports put pressure on oil prices. The monthly report shows that monthly crude oil production continues to increase, and the degree of oversupply has increased, which has also dragged down oil prices. In addition, in the monthly report, it also raised its non-state supply forecast for next year and lowered its global demand for crude oil next year. This is all bad for oil prices.
, monthly reports put pressure on oil prices. A report from the International Energy Agency (IEA) on Tuesday also weighed on oil prices. It said it believed the country's daily production in May was about 10,000 barrels per day, 10,000 barrels per day higher than the official estimate of a record high. If this is the case, it will be detrimental to joint production reduction plans with other oil-producing countries such as Russia.