Cable raw materials (copper) weekly report (5.23-5.27)

1.
According to data released by the US Department of Commerce, the monthly rate of durable goods orders in the United States rose sharply in April, mainly due to the strong market demand for products other than transportation
.
The preliminary U.
S.
durable goods orders rose 3.
4% m/m in April, well ahead of expectations of 0.
5% and 1.
9%
in the previous month.
However, orders excluding aircraft non-defense capital durables decreased 0.
8%
sequentially.

2
.
After the release of the minutes of the Fed's April meeting, many Fed officials expressed their position on raising interest rates, which significantly strengthened the market's expectations for the Fed's interest rate hike in the summer.
At the moment, the July meeting has suddenly become the focus of the
next rate hike.
According to Bloomberg News, federal funds futures data show that traders expect a 57%
probability of a rate hike in July.

3.
According to data from the US Department of Commerce, the annualized number of new home sales in the United States in April was 619,000, far exceeding the expectation of 523,000, and the value in March was revised from 511,000 to 531,000
.
New home sales surged 16.
6% month-on-month in April, the biggest
since January 2008.
Housing data showed that U.
S.
economic growth accelerated
in the second quarter.

4.
According to data released by the National Association of Realtors (NAR), the monthly rate of existing home sales in the United States after the NAR quarterly adjustment in April increased by 1.
7%, which is expected to increase by 1.
3%, and the annual rate is 5.
45 million households and 5.
4 million households
.
In the United States, the March NAR seasonally adjusted existing home sales rate was confirmed to be up 5.
7% month-on-month, at an annual rate of 5.
36 million units
.

5.
The preliminary value of the Eurozone composite purchasing managers' index (PMI) in May was 52.
9, which was less than the expectation of 53.
2 and hit a 16-month low
.
The preliminary manufacturing PMI of the Eurozone in May was 51.
5, a three-month low
.
Eurozone May services PMI flash reading 53.
1
.
Chris Williamson, chief economist at British financial information firm Markit, pointed out that the Eurozone May PMI data was disappointing, and Eurozone GDP was expected to slow to 0.
3%
in the second quarter.