[SMM midday review] the Bureau of Statistics released PMI data in October. Most of the non-ferrous metals are green, environmental protection and production restrictions, and the black system is warming up again.

SMM, Oct. 31, this morning, the non-ferrous metals market is generally green, of which by noon, Shanghai nickel rose 0.49%, Shanghai lead down 0.93%, Shanghai zinc down 0.79%, the rest also fell slightly. In October 2019, China's manufacturing purchasing managers' index ((PMI)) was 49.3%, down 0.5 percentage points from the previous month, according to the latest data released by the National Bureau of Statistics this morning. The index of non-manufacturing business activity was 52.8 per cent, down 0.9 percentage points from the previous month, indicating that the non-manufacturing sector as a whole remained expanding and growth slowed. "National Bureau of Statistics: manufacturing PMI fell 0.5 percentage point from the previous month to 49.3 per cent in October

On the copper side, the Peruvian government has given an important green light to the long-delayed Tia Maria copper mine of (Southern Copper Corp), a southern copper company, which SCCO hopes will be completed by 2020; once completed, the mine is expected to produce 120000 tons of copper a year for an estimated 20 years of life. "(Southern Copper Corp), a southern Peruvian copper company, has been approved by the Tia Maria copper project.

On the aluminium side, ThomasReuther, an executive board member of German aluminium producer Trimet Aluminium, said the company plans to produce at full capacity next year after cutting production in 2019, as demand from the auto sector is expected to be strong. In an interview with LME week, he said alumina supplies had returned to normalisation after being disrupted earlier in 2019. German aluminium producer Trimet plans to produce at full capacity by 2020

Nickel, Guotai Junan futures research said that in the short term, the recent internal and external nickel price oscillations violently. In the medium to long term, nickel prices are still prone to rise but not fall. In the industry, the raw material end of the nickel industry chain is better than in the early stage, the price of nickel ore in the upper reaches has stabilized, and the fundamental performance of nickel and iron has also improved slightly.

On the black side, iron ore rose 1.38%, while steel also rose due to environmental policies. According to SMM analysis this month, the PMI composite index is higher than 50 before the season, after the season below the 50 withered line, seasonal factors have a significant impact on the downstream industry, in October continued the traditional peak season, to a certain extent to stimulate downstream demand. The overall production situation was better than last month, but the range was limited. This month, the composite production index was 51.68, up 0.19 from the previous month, down 13.35 from the same period last year. With the exception of the construction industry and shipbuilding industry, other industries have increased to varying degrees due to sustained strong demand. The index of new orders was 52.62, down 5.40 from the previous month and 5.06 from a year earlier. With the advent of the traditional peak season, in addition to shipbuilding, new orders in all industries have continued to improve. The shipbuilding industry is mainly focused on completing hand-held orders this year, and new ship orders have dropped significantly compared with the same period last year. "[SMM Steel] PMI report: October peak season heat continues, multi-industry demand continues to improve

Crude oil fell 1.01% before noon. The latest news says TC Energy (TC??EnergyCorp) will shut down the Keystone pipeline due to an oil spill in North Dakota late Tuesday. The company said pressure drops on the Keystone pipeline, which has a capacity of 590000 barrels a day, were detected on Tuesday night, but did not specify the specific impact on pipeline operations. "TC Energy immediately went into the pipeline closure process, initiated the emergency plan, and sent ground technicians to assess the situation." The company did not say whether the entire pipeline was closed or only part of the pipe segment was closed. It is not clear how much oil has leaked. The leak was located about three miles northwest of Edinburg in Walsh County, North Dakota.

As of 11:50, the new LME Metal Mini Futures quotation launched by the Hong Kong Stock Exchange shows:

Today's stock

Zinc: Guangdong zinc mainstream transaction in 18880-18920 yuan / ton, the quotation is concentrated in Shanghai zinc 1912 contract discount 30-40 yuan / ton, Guangdong market than Shanghai stock market discount around 70 yuan / ton. Refinery shipments are normal, the market supply circulation is more abundant. In the morning, the quotation of the cardholder is more scattered, part of the quotation is near 10 yuan / ton to the 12 contract, and some is reported around 30-40 yuan / ton to the 12 contract, and the market transaction is more concentrated in the low price discount. After entering the second trading session, the traders' willingness to offer is still strong, mainly due to the decline in the market, the quotation is concentrated on the 12 contract posted 30 yuan / ton, the consignee is willing to receive the goods near 40 yuan / ton to the 12 contract, and the overall transaction of the market weakens in the second period. On the whole, it is basically flat compared with the day before. Yi Qilin, Cishan, Tiefeng, Mengzi mainstream transactions in 18880-18920 yuan / ton near.

The mainstream transaction of zinc ingots in Tianjin market was 18910-20280 yuan / ton, the mainstream transaction of ordinary brands was 18910-19000 / ton, the 1911 contract rose 20-80 yuan / ton, and the stock market in Tianjin expanded from 20 yuan / ton to 70 yuan / ton. Refinery shipments are normal today. In the market, the circulation of goods still tends to be loose. Today, the market is still mainly in the quotation of the 11 contract. The quotation of the high-priced brand source is concentrated in the vicinity of 20-80 yuan / ton to the 11 contract, and the quotation for the ordinary brand source is about 20 yuan / ton to the 11-liter water. Today, some of the holders have instead quoted prices for the 12 contracts. The source of high-priced brand goods is reported in the vicinity of 0-60 yuan / ton to the 12 contract, and the supply of the ordinary brand is reported to be about flat to the 12 contract. Today, the plate down, rising water also fell, the market trading atmosphere slightly better, but still slightly light, downstream to wait and see inquiry-based, only to maintain rigid demand to take goods. On the whole, the transaction today is slightly better than yesterday. Zi Zijin, Hongye, Bailing, Chi Hong, Xikuang, etc., were traded in 18910-19000 yuan / ton, and Zi Zijin, Chi Hong and Hongye were traded in 18860-18950 yuan / ton.

Nickel: today, Russia nickel than Shanghai nickel 1911 discount 1911 to 500, Jinchuan nickel Shanghai nickel 1911 contract general discount 1911 to 300 yuan / ton, discount continues to expand compared with yesterday. First, because the Shanghai Nickel 1911 and Shanghai Nickel 1912 contracts are still upside down at 3000 yuan / ton, the holders have postponed the backward movement of the contract one after another, and try to point the goods on the Shanghai Nickel contract 1911. However, at the end of the month, the market trading was very bleak, only a small number of transactions were completed, and the holders cut down the rising water delivery one after another. in the morning inquiry stage, there were basically no transactions, and some of the holders continued to lower the discount level to stimulate spot transactions, but the effect was very small. The ex-factory price of Jinchuan Company is 136500 yuan / ton, 900 yuan / ton higher than yesterday.

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