SMM4 March 2: yesterday, most of the metals in the outer disk were green, and Lun Copper closed slightly higher on Thursday, falling to its lowest level in nearly a month. China's Yangshan copper premium hovered around $58.50 per ton, the lowest since December 23 last year, indicating that China's demand for imported copper is weakening. Copper stocks in exchange warehouses have been steadily increasing. Analysts point out that there is an increase in LME copper storage, and the current demand seems to have cooled, which is a bit worrisome as we are about to enter a seasonally strong period of the year. There were ups and downs in LME metals in early trading. As of 09:30 in the morning, Lun Copper fell slightly, Lun Aluminum rose nearly 1.1%, Lunzn Zinc fell nearly 1.4%, Lunni rose nearly 0.6%, Lunxi fell nearly 0.4%, and Lunxi lead fell nearly 0.9%. Domestically, international copper is up nearly 0.4%, Shanghai copper is up nearly 0.3%, Shanghai aluminum is up nearly 1.6%, Shanghai lead is down nearly 1.2%, Shanghai zinc is down nearly 1.1%, Shanghai nickel is up nearly 1.5%, and Shanghai tin is up nearly 3.6%.
In terms of copper, the spot aspect, the new long order was also reopened in April, and the Qingming Festival short holiday was about to be ushered in on the weekend. under many factors, traders led the buying tide and led the downstream to actively replenish goods, and the market ushered in an active and active atmosphere that had not been seen for a long time. The seller finally regained the rare market voice, and the discount narrowed rapidly all the way, and the copper spot market began to show warmth in spring. LME is closed today because of good Friday and Easter holidays. The copper in Shanghai is expected to be 65400-66000 yuan / ton today. It is expected that the spot discount is 80 yuan / ton today-20 yuan / ton.
[minutes of SMM Morning meeting] macroscopically speaking, the spot market is beginning to show warmth in spring to stop falling and closing up in the good order period.
In terms of aluminum, Shanghai Aluminum continues to fluctuate in a high and wide range on the disk. Downstream consumption is better, the import window is temporarily closed, and the social inventory of aluminum ingots may be kept in a state of continuous de-stocking, which will support the short-term spot price. In the medium term, we will continue to pay attention to the changes in short sentiment and the interference of related rumors to the market. It is suggested that the upstream should increase shipments, downstream purchases should be based on demand, and be cautious to chase higher.
[summary of SMM Aluminium Morning meeting] consumption in the downstream of aluminum is optimistic and Shanghai aluminum is on the strong side.
In terms of lead, yesterday's lead rally in Shanghai has highlighted the bulls' test ambition. Overnight, the lead bulls in Shanghai once again increased their positions, recording a long shadow line positive pillar, briefly standing firm at 15400 yuan / ton, in an attempt to challenge the first-line target of 15500 yuan / ton. The recent trend of Shanghai lead is strong, but it is still necessary to guard against the risk of rising and falling in the future, and pay attention to whether Shanghai lead can continue to stand firm at 15400 yuan / ton during the day. It is expected that today's spot lead is better than yesterday's.
[minutes of SMM Morning meeting] the spot market remains cautious under the concussion and volatility of lead overnight.
In terms of zinc, overnight Shanghai zinc recorded three consecutive overcast, daily K center of gravity moved downward, the upper short moving average was suppressed, and the lower 40-day moving average provided support. Overnight due to the outer disk downward drag down the weak operation of Shanghai zinc, superimposed multinational epidemic fermentation and liquidity tight sentiment dragged down the market enthusiasm, but the zinc fundamentals did not change for the better trend did not change to limit its decline.
[minutes of SMM Morning meeting] Market enthusiasm weakens and zinc prices remain volatile
In terms of black series, thread rose by nearly 2.1%, hot coil by nearly 1.7%, coking coal by nearly 1.6%, coke by nearly 2.7%, iron ore by nearly 1%, stainless steel by nearly 0.5%, and steel mills' demand for medium-and high-grade ore increased, driving the port spot high-and middle-grade products and the price gap between medium-and low-grade products to expand slightly. Rebar, thread fundamentals strong situation has not changed, is expected to continue to maintain a strong shock pattern in April; hot coil.
[minutes of SMM Morning meeting] Steel prices are on the strong side and the hot roll is expected to hit a new high.
The previous period of crude oil rose nearly 2.4%, and international oil prices rose more than $2 on Thursday, despite news that the OPEC alliance of the Organization of Petroleum Exporting countries ((OPEC)) and its allies has reached an agreement to gradually reduce production cuts from May. OPEC announced that it had approved adjustments to production levels in May, June and July.
In terms of precious metals, Shanghai gold rose nearly 2.1%, Shanghai silver rose nearly 2.7%, and international gold futures prices continued to rise on Thursday, helped by the pullback of US Treasury yields and the weakness of the US dollar. The dollar index fell from a five-month high hit on Wednesday, making gold less expensive for holders of other currencies. Benchmark U.S. Treasury yields also fell.
As of 09:30, the status of contracts in the metals and crude oil markets:
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