SMM4 March 8: the non-ferrous metals market has ups and downs this morning. By midday, international copper was down 0.44%, Shanghai copper was down 0.39%, Shanghai aluminum was up 0.11%, Shanghai lead was up 0.2%, Shanghai zinc was up 0.18%, Shanghai nickel was up 0.49%, and Shanghai tin was down 1.16%. In terms of lead, in terms of fundamentals, the overall production of primary lead enterprises in March was stable, the weekly operating rate was slightly higher than before, inventory remained low, and the maintenance and recovery of recycled lead enterprises coexisted with environmental production restrictions. Overall, April showed a weak situation of supply and demand, lead price volatility is weak, strategic short-term recommendations to sell high low suction, long-term bargain, waiting for the follow-up (third quarter) peak season to stimulate price elasticity rise.
[SMM analysis] when will the inflection point of the traditional off-season and environmental overhaul come?
Zinc, zinc prices are high in the morning, the lower reaches still choose to wait and see mainly, a small amount of rigid demand procurement, holders of ordinary zinc ingots to maintain a discount of 2105 contract discount of 20 yuan / ton, the average price of the network is basically traded at a discount of 5 yuan 10 yuan / ton; into the second period of time, the spot premium of zinc ingots is maintained at a discount of 20 yuan / ton to 2105 contract. Today, zinc prices remain high, downstream is still mainly wait-and-see, the overall market trading is still light.
[SMM afternoon Review] Zinc in Shanghai: zinc prices are still high, shock downstream rigid demand procurement
In terms of black series, thread fell 0.1%, hot coil fell 1.45%, coking coal fell 0.83%, coke fell 0.17%, iron ore fell 0.66%, stainless steel rose 0.17%, spot market, according to SMM research, as of April 7, the operating rate of 34 independent electric arc furnace steel mills mainly producing building materials was 85.76%. It rebounded 1.67 percentage points from last week, up 2.28 percentage points from the same period last month, and reached its highest level since the second half of 2019. At present, the operating rate of electric arc furnace steel mill has reached an all-time high, and the space for continued growth is limited. In addition, environmental production restrictions are still in periodic interference, the space above the supply side is already very narrow, and there is still room for recovery on the demand side, short-term rebar prices are high, and even there is still a small upward momentum.
"[hot stocks] the iron and steel sector opened stronger and strengthened by the daily limit of Angang, Chongqing Iron and Steel Co., Linggang and other stocks.
Crude oil fell 0.49% in the previous period, and international oil prices fell on Thursday after official data showed an unexpected surge in gasoline stocks in the United States. Supply is rising around the world, raising concerns about falling demand in the United States, the world's largest oil consumer. Us crude oil inventories fell more than expected last week and gasoline stocks jumped sharply as refinery operating rates rose to their highest level in more than a year, the (EIA) said on Wednesday. Us crude oil stocks fell 3.5 million barrels to 501.8 million barrels in the week ended April 2, while US gasoline stocks rose 4 million barrels to 230.5 million barrels, an estimated decrease of 221000 barrels.
In terms of precious metals, Shanghai gold fell 0.06%, Shanghai silver fell 0.4%, and international gold prices fell on Thursday as the latest minutes of the US Federal Reserve / FED meeting hinted that support policies would be maintained and investors turned to risky assets after strengthening expectations of a rapid economic rebound. The US trade deficit surged to a record high in February as US economic activity rebounded faster than its global competitors and a massive fiscal stimulus package is expected to stimulate the economy to grow at its fastest pace in nearly 40 years. The trade deficit is likely to remain high this year.
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