SMM7 March 15: the non-ferrous metals market generally fell in the morning, Shanghai zinc fell more than 1%, Shanghai aluminum and Shanghai lead fell more than 0.7%. There was a big correction in the stock market in the morning, capital sentiment tightened, and production of many kinds of metals fell. Shanghai copper rose 0.11%, domestic and foreign monetary liquidity remained abundant, economic data of major economies showed a marginal improvement, the macro level is still conducive to the further rise of copper prices. The outbreak in Latin America continues and news of a copper strike in Chile continues. On Tuesday, the Centinela copper union of Chile's Antofagasta voted to strike in Chile. It is reported that Centinela2019 produces 277000 tons of copper a year. With the help of both macro and fundamentals, copper prices are expected to continue to rise. Shanghai nickel shock fell 0.24%. According to customs data, China's exports of stainless steel coil to the European Union in 2019 accounted for about 10% of the total exports in 2019, accounting for about 16% of the export volume. In the first quarter, due to the influence of the epidemic, China's stainless steel market was greatly affected, but since the second quarter, demand and production have been strongly improved and recovered, but foreign markets have been affected to varying degrees, and customs data show that stainless steel exports declined slightly from April to May after the concentrated release of orders in March, and it is expected that stainless steel exports will still weaken to a certain extent in the later period.
The black iron ore fell 0.24%, the thread dropped 0.08%, and the hot coil rose 0.4%. According to an exclusive survey by SMM, as of July 14, the operating rate of 34 independent electric arc furnace steel mills was 74%, up 0.76% from the same period last week. On the one hand, the pressure on the factory warehouse has eased slightly, and production has resumed one after another, leading to a slight pick-up in the operating rate this week. On the other hand, the profits of most steel mills have not improved significantly, so they still maintain a low operating rate. Hot rolls, according to SMM steel research statistics, this week, the mainstream market resources are expected to arrive 183000 tons, an increase of 32000 tons over last week, supply-side pressure increased compared to the previous period.
Crude oil rose 0.75% in the previous period. Us crude oil inventories may fall last week, but distillate stocks are likely to increase, according to a survey released on Tuesday. The average estimate of 10 analysts shows that US crude oil inventories may fall by 2.1 million barrels in the week to July 10. According to a previous report released by the US Energy Information Administration (EIA), US crude oil unexpectedly increased by 5.7 million barrels in the week ended July 3, while analysts expected a decline of 3.1 million barrels. EIA's weekly inventory report will be released at 22:30 on Wednesday in Beijing.
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Today's spot
Lead: Guangdong market South China lead 15425 yuan / ton, quoted for SMM1# lead average price level; Henan Jinli and Wanyang 15325 yuan 15375 yuan / ton, for SMM1# lead average price discount 50 yuan / ton Henan Minshan 15450 yuan / ton, for SMM1# lead average price up 25 yuan / ton; Hunan Shuikoushan 15475 yuan / ton, for SMM1# lead average price 50 yuan / ton (trader); Jiang Copper 15475 yuan / ton, 50 yuan / ton for SMM1# lead price rise. Jinde 15350 yuan / ton, the average price of SMM1# lead discount 75 yuan / ton. Yunnan small factory 15025 yuan / ton, the average price of SMM1# lead discount 400 yuan / ton. Lead prices fell high, downstream just need to purchase, today's futures delivery day, some refineries unplanned delivery sources to expand water shipments.
Zinc: the mainstream transaction of Zinc ingots in Tianjin market was 17960Mel 18020 yuan / ton, Zijin traded at 18010Mel 18050 yuan / ton, Huludao quoted at 19280 yuan / ton, Zinc common to 2008 contract quoted water 100 yuan / ton to 120 yuan / ton, Zijin contract quoted water 150 yuan / ton in August, Tianjin stock market dropped from 60 yuan / ton to 40 yuan / ton compared with Shanghai stock market. Today, the weak consolidation of zinc in Shanghai, the spot market to maintain a rising discount price, the price is relatively uniform, the ordinary brand Bering News quoted a rise of 110 yuan per ton for the 08 contract, Hongyi quoted a rise of 120 yuan per ton for the 08 contract, Chi Hong quoted a rise of 100 yuan per ton for the 08 contract, and the high-priced brand Zijin quoted a rise of 150 yuan per ton for the August contract, while Baiyin quoted a rise of 100 yuan per ton for the 08 contract. Yunxi Daily quoted a rise of 60 yuan per ton for the 08 contract, Sihuan (delivered to) quoted a rise of 100 yuan per ton for the 08 contract, and ha zinc (including out of the warehouse) quoted a rise of 60 yuan per ton for the 08 contract. Today, zinc prices are weak, traders maintain rising water prices, some traders ship goods at low prices under the demand for capital return, and overall shipments are not smooth; downstream, absolute prices fell slightly today, and downstream enterprises are not willing to receive goods, maintaining the need for weak purchases. On the whole, the turnover in Tianjin today is the same as that of yesterday. Zinc ingots were traded around 17890 Mill 17930 yuan per ton.
Guangdong Zinc mainstream traded at 17840 RMB17950 per ton, and the quotation concentrated on a discount of 10 yuan per ton to level water for the Shanghai Zinc 2008 contract, while the discount of 60 yuan per ton for the Guangdong market was 10 yuan higher than that of the previous trading day. In the first trading session, at the initial stage, the holder tried to take advantage of the falling futures price to ship the goods at a straight price, but the market demand was still weak, and the later period began to adjust the price for shipment, and the market began to make a deal, but it was still mainly received by traders. Kirin, Mengzi and Huize quoted a discount of 10 yuan / ton to flat for the August contract of Shanghai zinc. In the second trading session, futures fluctuated in a narrow range, but the current price is still high, the downstream only needs to purchase, the demand has not improved, individual consignors offer low prices for shipments, and the market is generally traded. Kirin, Mengzi and Huize quoted a discount of 10 yuan / ton to Pingshui for the August contract of Shanghai zinc. Kylin, Mengzi, Huize and mainstream traded at 17840 RMB17950 per ton.
Tin: spot market. Today's quotation is 1400000 RMB143000 per ton. Shanghai tin noodles this morning continued the decline late last night, the center of gravity moved lower than yesterday morning, the average net price fell 500 yuan / ton. Prices have declined, but manufacturers' shipments are still general, downstream just need to purchase, traders hold a wait-and-see attitude, the overall spot market trading atmosphere is relatively weak. Liter discount, the Shanghai tin 2009 contract set Yunxi rose about 500yuan / ton, near Yunzi Pingshui, small brand discount around 2000 yuan / ton.
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