Cable raw materials (aluminum) weekly report (6.20-6.24)

1.
According to the latest report from the US Department of Commerce, housing starts in May fell slightly by 0.
3% month-on-month to 1.
164 million, slightly better than expected
.
Construction permits rose 0.
7% month-on-month to 1.
138 million in May, slightly worse than expected
.
The data is slightly sluggish, which means that the residential real estate industry will not contribute
much to the economic growth of the United States in the second quarter of this year.

2.
Fed Chair Janet Yellen's semi-annual congressional testimony said that there is considerable uncertainty in the US economy, low economic growth may be the new normal, and the Fed's cautious approach in monetary policy is appropriate, and it is still expected to raise interest rates
slowly.
The market widely believes that Yellen's testimony indicates that a rate hike in July is unlikely
.

3.
Affected by the news of the decline in Brexit expectations, the three major US stock indexes opened sharply higher, with the S&P 500 up 1.
1%, the Dow Jones Industrial Average up 1.
2%, and the Nasdaq Composite up 1.
3%.

European stocks extended gains, with the European Stoxx50 up 3.
58% and GBP/USD up more than 2% to now at 1.
4657, its biggest gain since December 2008
.

4.
Recently, the State Council issued a document saying that it will improve the reserve system, improve the non-ferrous metal reserve mechanism combining government reserves and commercial reserves, and appropriately increase some non-ferrous metal reserves
.
It is understood that in the first half of this year, the national reserve has collected about 150,000 tons, basically implemented by domestic smelters, from the perspective of the national copper storage in recent years maintained at about 25-300,000 tons, the second half of this year or there is a possibility of continued storage, but the impact on copper prices depends on the amount and time of storage
.