First, the basic message
The update of the Bank’s website on the 27th shows that since December 26th, the interest rate on financial institutions* (re) has been raised, with one-year increase of 0.52 percentage point to 3.85%; rediscount rate has been raised from 1.80% to 2.25%. Both were raised for the first time since January 2008. Wednesday (December 29) New York Mercantile Exchange West Texas Light Oil February 2011 ** settled at $91.12 a barrel, down $0.37 from the previous trading day.
Second, the technical status
Main warehouse receipt
Opening price
Closing price
Settlement Price
Volume
order amount
PP1103
12300
12435
12369
578
1207
PP1104
12430
12555
12500
249
478
The PP warehouse receipts index opened slightly lower today, followed by a gradual recovery, turning red in the afternoon. As of the close of the PP warehouse receipts index closed at 1198.77 points, up 1.77 points over the previous day, an increase of 0.15%. The K line took the Yangxian line and was supported by the 20-day moving average. It rebounded and recovered the 5-day moving average. The volume of the entire day was 946 batches, showing a rebound from the previous trading day with 2215 orders. In terms of technical indicators, the MACD indicator has been enlarged by red bars, KDJ indicators have been diverging upwards, BOLL lines have been enlarged, and prices have rebounded slightly.
The main product PP1103 opened higher and higher, and the gains steadily expanded. As of closing PP1103 closed at 11090 yuan / ton, compared with the previous trading day up 91 yuan / ton, an increase of 0.83%. The Yang line was retracted on the K line and the center of gravity moved up again.
Third, the market outlook forecast
Today's exchange rate against the US dollar was reported at 6.6229, the eighth consecutive trading day to maintain its upward trend, setting a new high since the exchange rate reform. Behind it is the influx of hot money under the influence of interest rate hikes. This constitutes a direct benefit to the commodity market. Furthermore, the A shares have temporarily stopped falling yesterday and today. Therefore, the rebound of the PP warehouse receipts is also reasonable today. Investors should not ignore their impact on the real economy while enjoying the benefits of hot money.