SMM8 March 30: today's LME metal market is mixed. As of about 09:30 in the morning, Lun Copper and Lun Al are up nearly 1.3%, Lun lead is down nearly 0.2%, Lun Zinc is down nearly 0.4%, Lunni is up nearly 1.1%, and Lunxi is up nearly 1%. On the domestic side, non-ferrous metals are generally red. International copper and Shanghai copper are up nearly 1.3%, Shanghai aluminum is up nearly 1.5%, Shanghai lead only floating green is down nearly 0.9%, Shanghai zinc is up nearly 0.6%, Shanghai nickel is up nearly 2.3%, and Shanghai tin is up nearly 0.4%. In terms of black, thread rose nearly 3.6%, hot coil rose nearly 3.2%, coking coal fell nearly 0.4%, coke rose nearly 0.1%, iron ore rose nearly 3%, stainless steel rose nearly 1.8%, last period crude oil rose nearly 1.6%, Shanghai gold rose nearly 1.2%, and Shanghai silver rose nearly 2.3%.
In terms of copper, Federal Reserve Chairman Powell said at the market focus Jackson hole meeting last week that it may be appropriate to start reducing QE in 2021, but he is in no hurry to raise interest rates. Powell's speech greatly allayed market concerns by foreshadowing that the Fed would tighten monetary policy in a more moderate and market-friendly way. The dollar index fell sharply and copper futures rose significantly. From a fundamental point of view, the shortage of scrap copper is still the biggest bullish factor in the market, and the upside-down price difference of fine waste makes the substitution effect of refined waste obvious. in addition, restricted by logistics ports, it is difficult for imported copper to flow into the market in the short term, making it difficult for the country to accumulate stocks continuously. fundamentals still have some support for copper prices. The outer plate is closed for one day due to the Bank of London Holiday; it is expected that the copper in Shanghai will run at 69500-70000 yuan / ton today, and the spot water will rise to 160-230yuan / ton.
Tin, last Friday morning Shanghai tin 2109 contract price narrow horizontal trading, the trend remained in the 241000-243000 yuan / ton range volatility. Spot market: upstream smelter inventory is low, some smelters out of stock on the same day can only quote futures for pre-sale next week. In terms of traders, the overall market changed little on the day before the transaction, and the trading situation between merchants was mixed. Although individual merchants reported that they had lowered the rising water, it was still difficult to ship goods after the futures price rebounded. The overall performance of downstream enterprises has not changed much, still maintaining the production scale of rigid demand, and some enterprises have taken a wait-and-see trend in the near future. The quotation for rising water in the market is significantly lower than that of the previous day. Yunxi quotes around 6000 yuan / ton for 2109 contracts, Yunzi quotes about 5300-6000 yuan / ton for 2109 contracts, and other brands quote 2800-4000 yuan / ton for 2109 contracts. Inventory: LME tin inventory of 1585 tons, SHFE tin inventory of 1197 tons, SMM social inventory of 2253 tons.
As of 09:30, the status of contracts in the metals and crude oil markets:
"Click to see more SMM metal prices.
"[SMM Metal Morning reference] the price of aluminum has risen to a new high again. | A list of important news at the weekend
[minutes of SMM Copper Morning meeting] Powell's dovish remarks led copper uplink traders to lead the delivery of spot stocks.
[summary of SMM Aluminium Morning meeting] Development and Reform Commission perfects step-by-step electricity price policy in electrolytic aluminum industry. Shanghai Aluminum rushes up again.
[minutes of SMM lead Morning meeting] Macro fluctuations affect lead price inventory is still under pressure
[minutes of SMM Zinc Morning meeting] short-term macro guidance Zinc price trend pays attention to fundamental changes
[summary of SMM Nickel Morning meeting] Nickel inventory continues to decline, nickel plate supply is tight, nickel monthly difference expands.
[minutes of SMM Xi Morning meeting] Tin prices rebounded and returned to the former high contradiction between supply and demand affecting the future.
[minutes of SMM Steel Morning meeting] demand trend warms up steel prices or runs on the strong side
[summary of SMM Cobalt Lithium Morning meeting] the new energy market continues to be hot and enterprises actively increase the size and layout of lithium resources.
![[SMM Análisis Macro] Jackson Hole señala una Fed de línea dura, impulsando las expectativas de subida de tipos en septiembre](https://imgqn.smm.cn/usercenter/VCNvX20251217171735.jpeg)
