SMM6 March 8: metal on the outer disk rose and fell yesterday, as lower-than-expected Chinese trade data showed weaker demand from China as a major consumer of metals. China's copper imports fell 8 per cent in May from the previous month, record copper prices further undermined buying interest, while overall export growth was lower than expected. There are ups and downs in the LME metal market today. As of 09:20, Lun copper and lun lead were down nearly 0.1%, Lun Ni was flat, Lun aluminum was up nearly 0.4%, and Lun zinc and Lun Xi were up nearly 0.1%. There are ups and downs in domestic non-ferrous metals. International copper, Shanghai copper and Shanghai nickel fell nearly 0.3%, Shanghai aluminum fell nearly 0.4%, Shanghai lead rose nearly 0.3%, Shanghai zinc rose nearly 0.6%, and Shanghai tin was slightly red.
On the copper side, on the macro front, job growth was limited last week, and the Fed's overnight reverse repo usage hit a record high on Monday, and investors believe it is not enough to intensify expectations of continued Fed monetary easing. The dollar index was under pressure during the night, while copper futures were higher in intraday volatility. When will the Fed tighten its finances?
[minutes of SMM Morning meeting] the center of gravity of copper raised slightly overnight, focusing on the performance of the spot market before delivery.
In terms of zinc, overnight Shanghai zinc recorded a small positive column, the upper 5 / 10 moving average adhesion pressure, the lower Bollinger Road middle rail to provide support. The overnight outer disk drives the high concussion of Shanghai zinc. SMM processing fees are still low, zinc weekly inventory continues to decline, zinc price status at the rigid demand replenishment, the overall procurement performance is mediocre, the short-term zinc price is expected to maintain a concussion mode.
[minutes of SMM Zinc Morning meeting] Zinc removal continues to be difficult to change the concussion mode in a short period of time.
In terms of black, thread and hot coil fell by nearly 2.2%, coking coal by nearly 1.3%, coke by nearly 1.6%, iron ore by nearly 2.8%, and stainless steel by nearly 1.3%. In terms of thread, it is still in a pattern of weak supply and demand, low profits at the supply end, production reduction and maintenance, production is difficult to continue to rise, and the demand side is seasonally weak to catch up with the college entrance examination. Therefore, although the short-term price upward momentum is insufficient, but the bottom support is strong. In the absence of news interference, the possibility of weak concussion is greater.
[minutes of SMM Steel Morning meeting] Steel export tax rebate policy has taken effect. Steel exports fell by 33.9% in May compared with the previous month.
Crude oil fell nearly 1.7 per cent in the previous period, and international oil prices fell on Monday after hitting a two-year high on expectations of improved demand and continued restrictions on supply by (OPEC) producers of the Organization of Petroleum Exporting countries (OPEC). Analysts said the market was under pressure as China's May crude oil import data showed that crude oil imports fell to an one-year low. As refinery maintenance limited the consumption of raw materials, China's crude oil imports fell 14.6% in May from a high base a year earlier, and daily shipments reached the lowest level so far this year.
In terms of precious metals, Shanghai gold rose nearly 1.1%, Shanghai silver rose nearly 1.2%, international gold prices kept rising on Monday, the dollar fell, and investors waited for US inflation data to be released later this week to determine when the Fed might start to scale back its economic support measures. Gold prices rose more than 1 per cent on Friday after a weaker-than-expected monthly jobs report in the us calmed fears of the fed's recent tightening of monetary stimulus measures.
As of 09:30, the status of contracts in the metals and crude oil markets:
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