The early ups and downs of metal trading showed that the black series of red iron ore rose 1.78% in a straight line [SMM Review]

Publicado: Feb 21, 2022 09:56 (GMT+8)
Fuente: SMM
[SMM comment: metal plate early floating red Shanghai nickel rose nearly 3% black decline narrowed]

On the 21st of SMM2, the minutes of the Fed's January meeting were lower than expected, and the dollar fell slightly in early trading. Crude oil, affected by the expectation that an agreement could be reached in the US-Iraq talks, fell slightly in early trading today.

The metal inner market was mixed this morning, with Shanghai nickel, Shanghai tin and Shanghai copper floating red. As of 09:50, Shanghai nickel was up 0.94%, Shanghai tin was up slightly, up 0.21%, and Shanghai copper was slightly higher, up 0.03% in morning trading. Other varieties were all downwards, with Shanghai zinc down 1.25%, Shanghai lead down nearly 1%, and Shanghai aluminum narrowing to 0.42%.

Most of the black lines were red, with iron ore rising in a straight line after morning trading, up 1.78 per cent as of 09:50. Both threads and hot rolls have risen by more than 1%. Stainless steel fell slightly by 0.35%. Shuangjiao continued to rise, with coking coal up 4.13% and coke up 2.8%.

The outer disk was also mixed, with Lunni leading the way up by 1.57%, while Lun Copper and Lun Aluminum rose slightly. Lead fell by 0.98%, while zinc fell slightly by 0.01%.

As of 9:50:

"Click to view the trend of metal futures.

For copper, the moderate minutes of the Fed's January meeting and yesterday's mixed US economic data did not give the dollar a boost. Affected by the renewed tension between Russia and Ukraine and the news that Russia expelled Gorman, US Deputy Ambassador to Russia, market risk aversion has increased, and copper prices continue to fluctuate at high levels. It is expected to be today.

"the conflict between Russia and Ukraine triggered Lun Copper's flash collapse. Expectations of raising interest rates by 50 basis points in March have been cut one after another [minutes of SMM Copper Morning meeting].

"Click to view the price of SMM copper products.

In terms of aluminum, on the supply side, domestic Baise has been lifted in an orderly manner, and the operating capacity of local electrolytic aluminum and alumina plants is not expected to decline again; abroad, the tense situation in Russia and Ukraine and the continuing energy shortage have intensified the pressure on overseas supply. On the demand side, yesterday SMM statistics of domestic electrolytic aluminum social inventory increased by 90, 000 tons to 1.039 million tons compared with last Thursday, continuing to be in a state of accumulation, but this week the market trading activity increased, the operating rate of downstream processing enterprises rebounded steadily, with seasonal consumption picking up, going to the warehouse can still be expected. Overall, short-term aluminum prices are expected.

"the situation in Russia and Ukraine continues to be tense. European natural gas prices soar and aluminum rises overnight [minutes of SMM Aluminium Morning meeting]

"Click to view the price of SMM aluminum products

In terms of lead, fundamentals, as lead smelting enterprises basically return to normal production, coupled with the increase in lead market supply after delivery, while the production recovery progress of downstream enterprises is not as good as that of the supply side, the discounts for shipments of primary lead and recycled lead smelters are further expanded compared with yesterday. In addition, 3% value-added tax on waste batteries will be implemented in March, and increased costs and possible short-term supply constraints are expected to continue to support lead prices to maintain high shocks.

"multiple factors interweave lead prices or continue the trend of high volatility [minutes of SMM lead Morning meeting]

"Click to view the price of SMM lead products

Zinc, on the whole, affected by macro geopolitical factors, the situation in Russia and Ukraine is currently known as the market focus, macro-level tensions or negative economic development in Europe, zinc prices are still dominated by shocks. Overnight, Shanghai zinc recorded a positive pillar, opened high, then went up all the way up, reached a high of 25255 yuan / ton, and then fell back, giving up some of its gains. The final price was 25100 yuan / ton, up 180 yuan / ton, or 0.72%. In terms of fundamentals, there is little contradiction between supply and demand in the current domestic fundamentals, and the overall price is still greatly affected by macro factors.

"the five-day average line at the zinc price station stops at Wulianyin [minutes of the SMM Zinc Morning meeting]

"Click to view the price of SMM zinc products

Tin, fundamentals, warehouse receipt inventory to maintain a small decline, the spot market is still difficult to ship, supply and demand continue to be weak. It is difficult to change the state of weak supply and demand in the short term, which affects the high horizontal finishing probability of tin price trend.

"Hu Xi maintains a high level of horizontal trading funds and a small amount of money leaves the market to wait and see [SMM Tin Morning News]

"Click to view the price of SMM tin products

On the nickel side, the supply side: pure nickel spot market part of the arrival, so that the spot water down slightly but still at a high level, high matte nickel return volume is expected to go to the warehouse; on the demand side, the output of downstream precursors and stainless steel enterprises gradually recovery. at present, the spot of nickel sulfate and nickel pig iron is tight and the price is on the high side. Therefore, the raw material end price is expected to maintain a strong trend, the basic supply and demand of nickel price is still strong.

"Nickel futures continued to strengthen at night, spot prices fell and trading volume was weak [minutes of SMM Nickel Morning meeting]

"Click to view the price of SMM nickel products

In terms of iron and steel, Lianhe continued to fluctuate downwards yesterday, and the early quotation in the port spot market was more than a single discussion. The overall wait-and-see mood of the market is strong, the enthusiasm of traders to ship goods is general, and steel mills purchase at low prices. The atmosphere of spot transaction at the port is OK. The operating rate of blast furnace increased slightly month-on-month this week.

"demand slowly rebounds, steel prices fluctuate and run [minutes of SMM Steel Morning meeting]

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
La producción de Blanket cae mientras Caledonia recorta sus previsiones para 2026
hace 3 horas
La producción de Blanket cae mientras Caledonia recorta sus previsiones para 2026
Leer más
La producción de Blanket cae mientras Caledonia recorta sus previsiones para 2026
La producción de Blanket cae mientras Caledonia recorta sus previsiones para 2026
[SMM Gold Flash] Caledonia Mining anunció que la mina Blanket en Zimbabue produjo 17.030 onzas en el tercer trimestre de 2026, un 10,9% menos que las 19.106 onzas del año anterior, mientras que la producción de nueve meses cayó a 49.158 onzas desde 58.846 onzas. La empresa atribuyó el déficit del trimestre a una capacidad insuficiente de aire comprimido en las zonas más profundas de alta ley y a problemas de puesta en marcha que dejaron unas 1.100 onzas de oro libre retenidas temporalmente en la planta. Redujo la guía de producción para 2026 a 69.000–72.500 onzas desde 72.000–76.500 onzas. La interrupción aumenta la presión sobre los costes unitarios a corto plazo: Caledonia elevó la guía de coste en mina a 1.700–1.900 US$/onza y la guía de AISC a 2.650–2.850 US$/onza. Dos de los cuatro nuevos compresores ya se habían desplegado para el 9 de octubre, y la dirección espera recuperar el oro retenido a partir de mediados de octubre una vez que se ponga en marcha la capacidad adicional de elución. Esas mejoras del cuarto trimestre siguen siendo previsiones; el hecho verificado es la menor producción del tercer trimestre y la guía revisada, no una recuperación completa de la producción.
hace 3 horas
Etiopía inaugura su primera refinería nacional de metales preciosos
hace 5 horas
Etiopía inaugura su primera refinería nacional de metales preciosos
Leer más
Etiopía inaugura su primera refinería nacional de metales preciosos
Etiopía inaugura su primera refinería nacional de metales preciosos
[SMM Gold Flash] Etiopía inauguró su primera Refinería Nacional de Metales Preciosos en la Zona Económica Especial de Bole Lemi el 10 de octubre. La instalación es una alianza entre la estatal Ethiopian Investment Holdings y Sam Precious Metals; Reuters cifró la inversión inicial en 50 millones de dólares. La Oficina del Primer Ministro señaló que la refinería está diseñada para ensayar, refinar y fundir oro, y fabricar lingotes de oro y plata, con una capacidad anunciada a plena carga de más de 600 toneladas de metales preciosos al año. La puesta en marcha brinda a Etiopía una vía nacional para refinar oro hasta convertirlo en lingotes listos para la exportación y, potencialmente, atender a productores vecinos, lo que favorece la trazabilidad y retiene más valor del procesamiento en África. Sin embargo, la cifra de 600 toneladas corresponde a la capacidad de diseño para metales preciosos —no a una producción confirmada de oro— y ni el gobierno ni el operador revelaron el rendimiento actual, la utilización ni los compromisos de suministro. Por lo tanto, la inauguración establece la capacidad de refinado; no demuestra que la planta ya esté operando a su capacidad nominal.
hace 5 horas
Sexto déficit consecutivo de plata: ¡la escasez de suministro crece a 46 millones de onzas!
hace 6 horas
Sexto déficit consecutivo de plata: ¡la escasez de suministro crece a 46 millones de onzas!
Leer más
Sexto déficit consecutivo de plata: ¡la escasez de suministro crece a 46 millones de onzas!
Sexto déficit consecutivo de plata: ¡la escasez de suministro crece a 46 millones de onzas!
hace 6 horas