[SMM daily review] non-ferrous metals fell only Shanghai aluminum rose nearly 1% forward supply of pressurized iron ore fell 1.74%

Publicado: Apr 28, 2020 16:57 (GMT+8)
Nonferrous metals generally closed lower today, and even the sound of reserves in recent days has failed to continue to boost the market as oil prices have suffered another Waterloo. However, Shanghai aluminum rose against the trend, up 0.93%.

SMM4 28: non-ferrous metals generally closed down today, even in recent days failed to continue to boost the market, as oil prices were once again Waterloo. However, Shanghai aluminum rose against the trend, up 0.93%. According to SMM, under the background that the production and maintenance capacity of the early electrolytic aluminum plant has not yet been fully restored, the arrival of aluminum ingots in East China, South China and Henan has continued to decline in the past two weeks. At the same time, commercial collection and storage news has recently appeared in Yunnan and Gansu, and short-term profit news has concentrated on the supply side. However, in terms of the pressure level of 13000 yuan / ton above, it is difficult to break through quickly for the time being. It is expected that there will still be great resistance in the range of 12800-13000 yuan / ton in the short term. It is necessary to pay attention to the follow-up actual consumption situation and the possible news of other provinces' collection and storage plans in the market. On the nickel side, the two largest Philippine nickel miners said on Tuesday that they expected to gradually resume mining and shipping in the country's main ore-producing areas from May 1. Asian nickel company (Nickel Asia) and global Nife holding company (Global Ferronickel Holdings) are preparing to restart operations in North Surigao in the southern Karaga region, where restrictions are expected to be relaxed after April 30. According to SMM, the mines under the above two enterprises are mainly located in Suriname, and open up exports as scheduled. The two major restarts in the Philippines have been expected in the market, with little impact on nickel prices.

The black system was green across the line, and iron ore steel fell by more than 1%. Iron ore arrivals are expected to be 11.21 million tons last week, down 820000 tons from the previous month, according to SMM tracking data. BHP Billiton said recently that it would begin talks on the possibility of increasing iron ore exports. The company hopes to increase its Australian iron ore export capacity by 14 per cent, in a sign of its return to significant growth ambitions. It is understood that BHP Billiton is currently allowed to export 290 million tons of iron ore from Port Hedland in Western Australia every year. If market conditions permit, it is hoped that this limit will eventually be raised to 330 million tons, and the iron ore supply end will still be under pressure for a long time. In terms of building materials, the current terminal demand has basically returned to the normal level, coupled with the high level of building materials inventory will be in the process of continuous degeneration, spot prices do not continue to significantly explore the space. "View details

Crude oil fell 6.05% in the previous period. Previous production cuts have not boosted oil prices, which have been volatile recently. But Russian Energy Minister Novak said Tuesday that once the May production cut agreement comes into effect, the oil market will begin to restore balance. Oil prices will not rise sharply in the near future because of high global inventories. The Organization of Petroleum Exporting countries (OPEC) and other major oil producers, including Russia, have agreed to cut nearly 10 million barrels of oil a day from May to June, accounting for about 10 per cent of global production. The United States, Canada, Norway and Brazil are expected to participate in production cuts.

As of today's daytime close:

As of 16:10, the new US dollar denominated small metals contracts on the HKEx are as follows:

Today's capital flow

In terms of capital flows, the commodity index had a net inflow of 562 million yuan. Coal plate tumbled across the board, attracting 915 million funds into the game, of which coke gained 33600 hands to increase its holdings, inflow funds of 746 million yuan. As countries continue to press ahead with their economic plans, risk aversion has been curbed and 660 million dollars have fled the precious metals sector. In addition, the high diving LPG encountered 42600 hands reduction, outflow of funds up to 546 million yuan.

Brief comment of SMM analyst on April 28

Copper: today, the main contract of Shanghai copper is low at 42300 yuan / ton, the opening short position reduction copper price short-term pull up about 42300 yuan / ton. After that, the price of copper was suppressed to a daily low of 42130 yuan / ton. At this time, copper prices rebounded, climbing to the top of the daily moving average, closing at 42410 yuan / ton at noon. In the afternoon, the overall fluctuation of the disk is small, basically in the range of 42320-42390 yuan / ton to maintain stability. Near the close of the long departure, copper prices fell slightly, and finally closed at 42300 yuan / ton, down 260 yuan / ton, down 0.61%. Today, the daily position of the main copper contract in Shanghai decreased by 1613 hands to 113000 hands, mainly by the reduction of long positions, while the trading volume decreased by 27000 hands to 71000 hands. Shanghai Copper 2005 contract day reduction of a total of 5944 hands, to 51000 hands, mainly for the long reduction. The low opening of copper in Shanghai today was mainly affected by the decline in international crude oil prices. The largest oil-listed trading fund sold the June WTI crude contract, causing its price to fluctuate again, falling below $11, significantly widening the spread from the July contract. Fears of a collapse in crude oil prices have returned in the early days, dragging down copper prices. And basically in the face of copper prices still have support. In China, following the planned commercial collection and storage of Yunnan Province, Gansu Province has also formulated a storage plan for 436000 tons of non-ferrous metal products, the news boosted copper prices, and concerns about tight supply of copper mines remain, providing bottom support for copper prices. At present, Shanghai copper receives the cross star, the long and short sides game situation is still not clear, the rush high pressure is still big. Continue to pay attention to the global macro situation, can further push up the price of copper.

"the second China (Yingtan) Copper Industry Summit and the 15th China International Copper Industry chain Summit"

Lead: within the day, the Shanghai lead main force 2006 contract short opened at 13995 yuan / ton, pre-season stock expected to be basically desalinated, superimposed recycled lead discount small expansion, short the opportunity cost of funds decreased, the Shanghai lead center of gravity shock fell to 13770 yuan / ton, finally closed at 13770 yuan / ton, the position increased 209 hands to 25773 hands, down 170 yuan / ton, down 1.22%. Shanghai lead closed in the negative line, there is a strong suppression at the Wansi pass, this wave breakthrough also ended in failure, the expectation of weak fundamentals, or will be reflected after May Day, before the Shanghai lead probability to maintain the range of operation.

Zinc: intraday Shanghai zinc main force 2006 contract opened at 16045 yuan / ton, intra-day market long and short forces are more balanced, Shanghai zinc slowly rose, in 16100 yuan / ton about narrow range finishing operation, once touched 16160 yuan / ton, quickly fell back, the final closing price was 16125 yuan / ton, up 35 yuan / ton, up 0.22%, trading volume decreased 39001 hands children 84091 hands, position volume reduced 2458 hands to 85060 hands. Intraday Shanghai zinc upward break through the 60-day moving average suppression, two consecutive days to reduce positions upward, this week funds gradually to the far moon layout, zinc far moon Back structure has been weakened, on the near-term fundamentals, expected zinc is expected to stand firm all averages.

"2020 (15th) lead and Zinc Summit

Updating.

SMM "current combination" training class

Registration contact: Lu Qingping, SMM Iron and Steel Division

Tel: 021-51595781 / 187-1777-4590

Declaración de Fuente de Datos: Excepto la información disponible públicamente, todos los demás datos son procesados por SMM basándose en información pública, comunicación de mercado y confiando en el modelo de base de datos interna de SMM. Son solo para referencia y no constituyen recomendaciones para la toma de decisiones.

Para cualquier consulta o para obtener más información, por favor contacte: lemonzhao@smm.cn
Para más información sobre cómo acceder a nuestros informes de investigación, contacte con:service.en@smm.cn
Noticias relacionadas
El proyecto de ley de Ghana propone una acción especial del Estado y plazos más cortos para las concesiones mineras
02 Oct 2026 15:49 (GMT+8)
El proyecto de ley de Ghana propone una acción especial del Estado y plazos más cortos para las concesiones mineras
Leer más
El proyecto de ley de Ghana propone una acción especial del Estado y plazos más cortos para las concesiones mineras
El proyecto de ley de Ghana propone una acción especial del Estado y plazos más cortos para las concesiones mineras
[SMM Gold Flash] Un proyecto de ley minera revisado por Reuters el 30 de septiembre permitiría al ministro de Minas de Ghana exigir a las empresas que emitan al Estado una acción especial gratuita con derechos de consentimiento sobre transacciones importantes. Mantendría el interés estatal existente del 10% sin costo y limitaría los arrendamientos mineros a 15 años o a la vida útil proyectada de la mina, lo que sea más corto. El proyecto también permitiría futuras normas que exijan procesamiento local y restrinjan las exportaciones de concentrados sin procesar. Ninguna de estas propuestas ha sido promulgada; Reuters no pudo determinar cuándo se preparó el proyecto. Para los mineros de oro de Ghana, los derechos propuestos y los arrendamientos más cortos podrían afectar el financiamiento, las valoraciones y las decisiones de renovación. Según el proyecto, los titulares de derechos existentes que busquen renovación recibirían consideración prioritaria para licencias equivalentes. Las empresas mineras esperan más consultas antes del debate parlamentario, informó Reuters. La redacción final y el calendario siguen siendo inciertos.
02 Oct 2026 15:49 (GMT+8)
PGM: pruebas independientes impulsan la tecnología de baterías de platino y paladio
02 Oct 2026 15:48 (GMT+8)
PGM: pruebas independientes impulsan la tecnología de baterías de platino y paladio
Leer más
PGM: pruebas independientes impulsan la tecnología de baterías de platino y paladio
PGM: pruebas independientes impulsan la tecnología de baterías de platino y paladio
[SMM PGM Flash] Platinum Group Metals anunció el 1 de octubre que las pruebas independientes del Battery Innovation Center validaron los electrodos a base de platino y paladio de su filial Lion Battery en celdas prototipo de litio-azufre. En comparación con celdas sin los catalizadores, los prototipos mostraron mejor capacidad y rendimiento de tasa, con las formulaciones ricas en paladio obteniendo los mejores resultados generales. Platinum Group y Valterra Platinum, que poseen el 52% y el 48% de Lion respectivamente, aprobaron la financiación para la siguiente fase. El resultado ofrece un posible nuevo uso para los metales del grupo del platino más allá de los catalizadores de escape de vehículos, pero sigue siendo un hito a nivel de prototipo. Lion planea fabricar y probar celdas tipo pouch, refinar los catalizadores y evaluar aplicaciones que incluyen drones. El rendimiento comercial y la demanda de volúmenes significativos de metales del grupo del platino aún no se han establecido. El trabajo es relevante para los proveedores de África austral: Valterra produce metales del grupo del platino en Sudáfrica y Zimbabue, mientras que Platinum Group está desarrollando el proyecto Waterberg en Sudáfrica.
02 Oct 2026 15:48 (GMT+8)
Sibanye alcanza un acuerdo salarial en East Boulder; la huelga en EE. UU. continúa por separado
01 Oct 2026 16:45 (GMT+8)
Sibanye alcanza un acuerdo salarial en East Boulder; la huelga en EE. UU. continúa por separado
Leer más
Sibanye alcanza un acuerdo salarial en East Boulder; la huelga en EE. UU. continúa por separado
Sibanye alcanza un acuerdo salarial en East Boulder; la huelga en EE. UU. continúa por separado
[SMM PGM Flash] Sibanye-Stillwater anunció el 30 de septiembre que los trabajadores de su mina de platino y paladio East Boulder en Montana habían ratificado un convenio colectivo con United Steelworkers. El acuerdo tiene efecto retroactivo desde el 1 de agosto de 2026 hasta el 31 de julio de 2029, con un aumento salarial del 4,5 % en el primer año, el mayor entre el 3,5 % o el IPC en el segundo año y el mayor entre el 3,0 % o el IPC en el tercer año. La huelga en la mina separada Stillwater East y en la planta metalúrgica de Columbus continúa, señaló la empresa. El acuerdo de East Boulder fija parte de la trayectoria de los costes laborales del negocio de PGM de Sibanye en EE. UU. y respalda su transición prevista hacia una minería más mecanizada e incentivos por equipos. No resuelve la otra huelga ni demuestra una recuperación de la producción; la empresa no reveló una guía de producción revisada en este comunicado.
01 Oct 2026 16:45 (GMT+8)