LME nonferrous metals increased across the board on Friday morning, reversing previous losses, while their counterparts on the SHFE edged higher today. However, those metals fell for the most part on Thursday as higher US jobless claims drove up concerns on a slow economic recovery. Shanghai base metals, except for aluminium, traded lower in overnight trading. The number of Americans filing unemployment claims unexpectedly topped one million again in the week ended August 15, overshadowing the economic recovery. However, China’s one-year loan prime rate (LPR) and over-five-year LPR remained unchanged from the previous month at 3.85% and 4.65% respectively, which are in line with market expectations. Japan’s core consumer prices were stubbornly unchanged in July, dashing hopes for a modest rise as the pandemic hit household demand.
TREND : WEAK BULL / SIDEWAYS
Time : 21/08/2020
Pivot : 2.9736
Technical View : LONG ABOVE 2.9913
Target : 3.0091, 3.0256, 3.0582
Technical View : SHORT BELOW 2.9647
Target : 2.9558, 2.9242, 2.9066