SMM10 March 20: there are ups and downs in the domestic metal market this morning. By midday, Shanghai zinc rose 0.73%, Shanghai tin rose 0.42%, Shanghai copper rose 0.04%, Shanghai nickel fell 0.22%, Shanghai aluminum fell 0.47%, Shanghai lead fell 0.87%. In terms of data, National Development and Reform Commission spokesman Meng Wei said at a regular news conference of the National Development and Reform Commission in October that in September, The electricity consumption of the whole society increased by 7.2% over the same period last year, an increase of 2.8 percentage points over the same period last year. Among them, the primary, secondary, tertiary and residential electricity consumption increased by 11.6%, 8.6%, 5.1% and 4% respectively compared with the same period last year. From a regional point of view, electricity consumption in 28 provinces (autonomous regions and municipalities) across the country is growing, with seven provinces, including Henan, Anhui and Hainan, growing at a rate of more than 10%. From January to September, the electricity consumption of the whole society increased by 1.3% compared with the same period last year.
In terms of lead, Shanghai lead fell to an intraday low of 14180 yuan / ton in early trading and then rebounded to around 14260 yuan / ton. The decline in the price of lead suppresses the enthusiasm of refineries to purchase waste batteries, and refineries reduce the purchase price of waste batteries. Recycled lead smelter pro-price shipment, recycled refined lead discount contraction, the mainstream quotation of SMM1# lead average price discount 50-150RMB / ton, but downstream fear of falling careful mining, light trading.
[SMM afternoon Review] recycled lead: Shanghai lead hits bottom, rebound, recycled lead sticker shrinks
In terms of zinc, some traders receive a small amount of goods, but still give priority to shipments, the market quotation is generally stable, the circulation of imported zinc in the market is gradually reduced, and the supply pressure is alleviated. At the same time, the circulation of long single brands is relatively abundant, and the contradiction between supply and demand in the Shanghai stock market is not prominent. Downstream, wait and see every rise, only do rigid demand procurement, the overall transaction is flat.
[SMM afternoon Review] Shanghai Zinc: spot quotation stabilizes market transaction is mediocre
For the black system, the thread fell 0.1%, the hot coil rose 0.1%, the stainless steel fell 0.9%, the coke dropped 0.07%, the coke coal rose 0.6%, the iron ore rose 0.13%, and the hot coil, in terms of later stage, was on the supply side. The output of steel mills is slipping, but the market inventory is high. Short-term supply is still under pressure. On the demand side, although there is a decline after the centralized release of terminal replenishment, the overall demand remains basically stable. In terms of mood, under the pressure of inventory, the capital is tight, the willingness to ship and reduce the warehouse is enhanced, and the willingness to raise the price is lacking. In view of this, if there is no news interference, the spot price of hot rolls is likely to show a downward trend of concussion.
Crude oil fell 1.5% in the previous period, and US oil fell slightly on Tuesday (October 20), but the overall range is still volatile. OPEC+ calls for active implementation of production cuts and warns of the risk of outbreaks, all compensatory production cuts will be completed by the end of the year; OPEC+ will make every effort to balance the market; no one in the market should doubt OPEC+ 's commitment. OPEC+ 's final decision on next year's production will be made at a large ministerial meeting from November 30 to December 1.
In terms of precious metals, Shanghai gold fell 0.1%, Shanghai silver rose 0.7%, and international gold prices fell slightly in early trading on Tuesday as the deadline for an agreement on a new bailout package approached, raising caution and weakening gold's attractiveness as a hedge against inflation. Clarida, vice chairman of the Federal Reserve / FED, said on Monday that the US economy is recovering strongly after being hit hard by the novel coronavirus pandemic, but it may take another year for the economy to return to pre-crisis levels, while it will take longer for the labor market to recover its lost ground.
By the close of noon, the contracts in the metals and crude oil markets were as follows:
