SMM12 March 24: the whole non-ferrous metals market is red in the morning. by midday, international copper is up 0.88%, Shanghai copper is up 0.76%, Shanghai aluminum is up 1.08%, Shanghai lead is up 1.43%, Shanghai nickel is up 0.77%, Shanghai zinc is up 0.3%, and Shanghai tin is up 0.65%. New confirmed cases in the UK are a record, and another more infectious variant strain has been found, and the level of prevention and control has been raised in many places. Us President Donald Trump vetoed the defense bill and threatened to cut off government funds, bringing more uncertainty to the macro atmosphere. However, under the pressure of epidemic worries, domestic industrial products have plummeted in a row, and non-ferrous metals have generally fallen deeply, and the current market has picked up slightly.
In terms of lead, the 5-day average of lead pressure in Shanghai fluctuated horizontally along the 14565 yuan / ton line in early trading. The price of lead rebounded to boost the purchasing enthusiasm of refineries, and the price of waste batteries rose. Recycled lead smelters follow the market, improve the willingness to ship, recycled refined lead quotation to SMM1# lead average price discount of about 150 yuan / ton, downstream to maintain rigid demand procurement.
[SMM afternoon Review] recycled lead: lead concussion active shipments of recycled lead
In terms of zinc, today's futures prices operate in a narrow range and purchase downstream on demand, but the current inventory of zinc ingots in Shanghai is still very low, the overall spot price is still high, and the inflow of imported zinc into the market has increased in the past two days.
[SMM afternoon Review] Zinc in Shanghai: zinc prices continue to fluctuate and spot prices rise steadily
In terms of the black system, the thread fell by 0.56%, the hot coil fell by 0.58%, the coking coal rose by 0.87%, the coke by 1.99%, and the iron ore by 1.66%. In terms of iron ore, recently, the export willingness of domestic hot rolls has increased, while the profit space of import volumes is still narrowing. In the past two months, the import volume in circulation in the market has remained at a low level, and the willingness of traders to order new import volumes is general. Driven by an increase in exports and a decrease in imports, it is expected that the volume of domestic trade in medium-and long-term hot rolls is expected to narrow slightly; on the demand side, terminal export orders have also been received to the first quarter of next year, with strong demand continuity. It is expected that the volume price is expected to maintain an upward trend in a longer period.
[minutes of SMM Morning meeting] Steel prices may level off after the collapse
Crude oil rose 3.39% in the previous period, and international oil prices continued to rise on Thursday as falling US crude oil and gasoline stocks boosted demand, while the UK is expected to reach a Brexit trade deal to boost investor confidence. Analysts point out that the oil market is quite calm and all investors are in holiday mode. The decline in US crude oil and fuel stocks and signs that a Brexit trade deal could lead to a depreciation of the dollar are good news, but fears of a new variant of novel coronavirus have limited gains.
In terms of precious metals, Shanghai gold rose 0.09%, Shanghai silver rose 0.93%, and international gold prices rose slightly on Thursday as high U.S. jobless claims undermined the nascent economic recovery and outweighed US President Donald Trump's threat not to sign the economic stimulus bill. In a video posted to social media on Tuesday night, Trump asked Congress to amend the novel coronavirus aid part of the spending bill to increase the amount of checks paid to each American from $600 to $2000.
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