SMM3 March 23: the non-ferrous metals market has its ups and downs today. by the end of the day, international copper rose 0.27%, Shanghai copper rose 0.33%, Shanghai aluminum fell 2.57%, Shanghai lead rose 1.36%, Shanghai zinc fell 0.41%, Shanghai nickel rose 2.12%, and Shanghai tin fell 0.09%. In terms of aluminum, Shanghai Aluminum fell rapidly after the opening of trading in the morning, hitting the limit of 16480 yuan / ton at one point, and then the decline narrowed. At present, the relevant rumors have not been confirmed, from the disk point of view, the morning bulls suffered more emotional impact than the actual impact, Shanghai Aluminum to long positions mainly, thus forming a downward "stampede" trend. But then there is a deep V line, which also confirms the feedback of the market after the information has been digested. The current aluminum price is in a high range, long-short information game is fierce, positions increase or decrease easy to cause sharp fluctuations in aluminum prices, emotional obvious, long and short need to be cautious!
"[SMM comment] rumors disturb the aluminum once fell the limit long short game drastic operation need to be cautious!
In terms of zinc, Shanghai zinc rose rapidly for the second day in a row, breaking the high price since Feb. 22 and breaking the range. The main 2105 contract rose as high as 2.2% to 22465 yuan / ton before trading today. But then zinc prices fell rapidly, falling as much as 1.59 per cent to 21510 yuan per ton at one point. SMM believes that zinc mine supply is still tight, domestic and zinc mine processing fees remain absolutely low, and overseas FOB quotations of import processing fees show signs of continuing to explore; although downstream prices are not willing to take goods at a high price, zinc prices have withdrawn to 21400 to 21500 yuan / ton, and downstream zinc prices have a strong desire to take goods; we maintain an optimistic view of rising zinc prices as a whole.
[SMM analysis] Zinc in Shanghai is dragged down by rumors and does not change the upward trend.
For the black system, the thread fell 1.77%, the hot coil rose 0.21%, the coking coal fell 2.12%, the coke dropped 1.22%, the iron ore rose 2.01%, and the stainless steel rose 1.53%. In terms of threads, so far, the output of building materials affected by the overhaul of steel mills in April is 225900 tons, which is significantly lower than that in March. 920800 tons. The main reason is that steel profits are good and demand is on the way to recovery. With the continuous overhaul and resumption of production of blast furnace steel mills, the operating rate of electric furnace has rebounded rapidly, and the overall production scale of building materials will show an increase in April, which is already at a high level in the same period of history. However, taking into account environmental production restrictions (such as Tangshan) and the rapid rise in billet prices, billet operating rate has fallen, output may have declined compared with the previous month. In addition, as of last week (March 18), the inflection point of demand de-inventory has appeared (factory inventory ratio-3.02%, social warehouse month-on-month ratio-1.86%).
Crude oil rose 1.22 per cent in the previous period, while international oil prices fell more than 1 per cent on concerns about slow vaccination in Europe and travel restrictions in response to a new wave of outbreaks that will slow the recovery in fuel demand. The lower prices by producers are also a sign that oil is in plentiful supply. The American Petroleum Association (API) will release its weekly inventory report later on Tuesday, while the official EIA weekly inventory report will be released on Wednesday. Us crude oil stocks have increased for four consecutive weeks.
In terms of precious metals, Shanghai gold rose 0.01%, while Shanghai silver fell 1.19%. International spot gold prices fell on Tuesday due to the strength of the US dollar, while the market was waiting for Federal Reserve Chairman Colin Powell and US Treasury Secretary Yellen to speak on the economic situation later in the day. Federal Reserve Chairman Colin Powell said on Monday that the US economy had "improved significantly", but he also warned that the economic recovery was still "far from complete".
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[stock market close] the three major A-share indexes closed down, leading the decline in the non-ferrous and iron and steel sectors.
The market volatility weakened throughout the day, with the gem index falling more than 2 per cent at one point, more than 3100 shares in the two markets falling and nearly 60 shares falling more than 9 per cent, and the afternoon loss effect was further expanded. On the plate, the theme of carbon neutralization is facing a big differentiation, and a number of high standards such as Southern Grid Energy and China Wood Energy Conservation appeared in the afternoon. Huayin Electric Power once dived and turned green, but the overall financial carrying capacity was strong. In addition, the direction of production capacity such as non-ferrous materials and iron and steel fell sharply, the high-level medical and beauty plate fell sharply, and funds switched between high and low positions, flowing into photoresist, digital currency, securities, tobacco and other overfallen plates. On the whole, the market sentiment has entered the ebb period, and the short-term game may come to an end. On the disk, photoresist, digital currency, gas and other plates led the increase, while titanium dioxide, non-ferrous materials, iron and steel and other plates led the decline. As of the close, the Prev index fell 0.93% to close at 3411 points; the Shenzhen Composite Index fell 1.12% to close at 13607 points; and the gem index fell 1.12% to close at 2668 points. The net outflow of Shanghai shares is 3.096 billion, while that of Shenzhen stocks is 8.088 billion. "View details
Related readings:
[SMM comment] it is rumored that during the period of disturbance, aluminum once fell by the limit and the long-short game needs to be operated with caution!
[SMM analysis] Zinc in Shanghai is dragged down by rumors and does not change the upward trend.
[SMM Daily Review] A small correction in the price of oxygenated low-grade silicon
