SMM4, March 19: metal on the outer disk rose and fell on Friday, while Lun Copper fell on Friday, but the weekly line still posted its biggest gain in two months, after strong economic data from the United States and China pushed global stock markets to record highs and several investment banks raised their expectations for copper prices. Analysts pointed out that optimism in the stock market was a factor supporting metals, and strong demand in the second quarter could further boost copper prices in the short term, but prices would fall later this year. The second season is the Chinese traditional architecture season. Most of the LME metals were green in early trading. As of 09:30, Lun Copper fell nearly 0.1%, Lun Aluminum rose nearly 0.4%, Lun Zinc fell nearly 0.2%, Lunni fell nearly 1.8%, Lun lead fell nearly 1%, Lunxi was flat, most domestic metals were green, international copper fell nearly 1%, Shanghai Copper fell nearly 0.9%, Shanghai Aluminum fell nearly 0.6%, Shanghai lead and Shanghai Zinc fell nearly 0.2%, Shanghai Nickel fell nearly 2%, and Shanghai Tin rose nearly 1%. The price of copper in Shanghai fell nearly 0.9%, that of Shanghai Aluminum fell nearly 0.6%, that of Shanghai lead and Zinc fell nearly 0.2%, that of Shanghai Nickel fell nearly 2%, and that of Shanghai Tin rose nearly 1%.
On the copper side, on the macro front, it was announced on Friday night that the total number of new housing starts in the United States exceeded expectations, market sentiment continued to warm as the economy continued to recover, and investors increasingly agreed with the idea that the Federal Reserve would maintain a loose policy stance for a longer period of time. The dollar index continued to be weak, bullish on copper prices, but oil prices appeared at night.
[minutes of SMM Morning meeting] the center of gravity of copper fell back in Friday night trading and focused on today's spot trading.
In terms of lead, last Friday night, Shanghai lead opened high and walked low, with the upper two averages under pressure for 40 days and 60 days, and the bulls were cautious to avoid risks. During the day, they paid attention to whether Shanghai lead could continue the trend of idling and stand firm. This week, on the one hand, we will pay attention to the progress of local environmental inspectors, and on the other hand, we will pay attention to the changes in the flow of goods into the market after delivery and the subsequent changes in spot prices. Lead in Shanghai is expected to run this week. Lead in stock today is expected to be higher than that of last Friday.
[minutes of SMM lead Morning meeting] the regional quotation differentiation of lead is obvious in the period of continuous strong external strong and weak internal regenerated lead.
Zinc, last Friday, Shanghai zinc recorded a barefoot column, the lower 10 / 20 moving average to provide support, the upper Bollinger Road on the track to form a compression. From the perspective of zinc fundamentals, the supply side is still tight in the short term, but with the resumption of production of domestic mines and the arrival of overseas mines in Hong Kong, the tight supply side will gradually ease. Zinc social stocks fell again on Friday, and zinc may remain volatile in the short term. Short-term attention.
[summary of SMM Zinc Morning meeting] Zinc price may continue to run in the short term and follow the change of TC in the short term.
Nickel, the current nickel market fundamentals are expected to be weak, especially last week LME Nickel Bean inventory base is obvious, Russian nickel mine production earlier than expected. Under the negative factors, once the macro mood ebbs, the price of nickel will fall. The main contract of Shanghai Nickel fell 2.12% last week, giving up all the gains last week. The spot price of pure nickel has rebounded to a limited extent.
[minutes of SMM Morning meeting] Nickel returns to fundamentals in the late period of low tide, and the trend of nickel price tends to be empty.
In terms of black system, thread fell nearly 0.8%, hot coil fell nearly 0.1%, coking coal Zhang Jing 1%, coke rose nearly 0.9%, iron ore rose nearly 0.3%, stainless steel fell nearly 0.5%, news surface. The General Office of the Ministry of Ecology and Environment issued the guidance on strengthening the Prevention and Control of the Source of the Ecological Environment of High Energy consumption and High Emission projects (draft for soliciting opinions), and openly solicited opinions. It is proposed to strictly control the environmental access of new, reconstruction and expansion projects with high energy consumption and high emissions, and take the lead in carrying out the pilot project of carbon emission impact assessment in the environmental assessment of the "two high" projects.
[SMM Steel Morning News] curbing speculative speculation & the Ministry of Ecology and Environment has released a draft for soliciting opinions on the prevention and control of the source of the ecological environment.
The previous period of crude oil fell nearly 1.2 per cent, and NYMEX crude oil futures closed lower on Friday after four consecutive days of gains, but posted weekly gains of more than 6 per cent this week as the demand outlook was stronger and signs of economic recovery in China and the US offset concerns about increased novel coronavirus infection in other major economies. China's gross domestic product ((GDP)) grew 18.3 per cent in the first quarter from a year earlier, according to official figures. This follows a sharp increase in US retail sales announced on Thursday and a decline in initial jobless claims.
In terms of precious metals, Shanghai gold rose nearly 0.9%, while Shanghai silver fell nearly 0.5%. Comex gold futures rose on Friday, hitting the biggest weekly percentage gain this year, boosted by a weaker dollar and a sharp fall in US Treasury yields the previous day. Benchmark U.S. Treasury yields hovered near an one-month low hit the previous session. The dollar fell to a four-week low against a basket of currencies on Friday, still affected by a sharp fall in Treasury yields in the previous session, and investors increasingly agree that the FED/ Federal Reserve will maintain its easing stance for a longer period of time.
As of 09:30, the status of contracts in the metals and crude oil markets:
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