[live broadcast] the 16th lead and Zinc Summit opened ceremoniously and felt the pulse of the 2021 market to explore new opportunities for regeneration.
SMM5 March 18: the outer plate of metal was all red yesterday, and Lunbrass week rebounded to a record high hit last week as a possible strike at Chilean mines and investors believed copper prices would rise further, offsetting weak manufacturing data in China, a major consumer of metals. The LME metal market continues to be red today. As of 09:30, Lun Copper is up nearly 1%, Lun Aluminum is up nearly 0.6%, Lun lead and Lun Xi are up nearly 0.2%, Lun Zinc and Lun Ni are up nearly 0.3%, domestic copper and Shanghai copper are up nearly 1.6%, Shanghai Aluminum is up nearly 1%, Shanghai lead is up nearly 1.2%, Shanghai Zinc is up nearly 3.4%, Shanghai Nickel is up nearly 2.1%, and Shanghai Tin is up nearly 1.5%.
In terms of aluminum, the macroeconomic environment is improving as a whole. In terms of fundamentals, the stock of aluminum ingots in the society remains in a state of elimination. Although domestic aluminum consumption belongs to the small peak season, the amount of aluminum used in automobile blocks may be reduced in the future due to lack of cores, and persistently high prices may restrain the demand for other plates. The current import window continues to open, but the short-term increment of the inflow of aluminum ingots is not obvious. Under the situation that the liquidity of spot aluminum ingots is not sufficient, the worse the futures are, the worse the futures will widen again. Aluminum prices in the high range of operation, it is recommended to increase shipments upstream, downstream procurement mainly on demand.
[minutes of SMM Morning meeting] the stock of aluminum ingots in the society is maintained in the state of going out of stock and the spot discount is still strong.
In terms of lead, overnight confidence in Shanghai lead bulls was boosted in the rising atmosphere of internal and external trading, increasing positions and boosting Shanghai lead to cross the middle rail of Brin Road and stand on the 40-day moving average. Yesterday, the delivery of the Shanghai lead contract was completed that month, the pressure on the accumulation of spot lead ingots was released, and the effects of superimposed macro-positive and tight supply of raw materials such as lead concentrate were still in place. During the day, we are concerned about whether Shanghai lead can continue to rise above the 5-day moving average pressure level. It is expected to be in stock today.
[minutes of SMM lead Morning meeting] lead trading in the spot market was light during the internal and external trading period.
In terms of zinc, overnight Shanghai zinc recorded three Lianyang, the daily K center of gravity moved upward, the upper Bollinger Road rail formed compression, and the lower 5 / 10 moving average provided support. Driven by the strengthening of the overnight outer disk, Shanghai zinc rebounded sharply, macro optimism warmed up, and SMM social inventory decreased again. Boost the mood of the bulls. Short-term focus on pre-high pressure.
[minutes of SMM Zinc Morning meeting] Macro-cautious mood warms up and pays close attention to the high pressure in front of Shanghai Zinc in the short term.
In terms of black, threads rose nearly 0.8%, hot rolls rose slightly, coking coal fell slightly, coke rose nearly 1.3%, iron ore rose nearly 4.7%, and stainless steel rose nearly 1.4%. In terms of threads, yesterday's market continued to fall, and the promotion atmosphere of killing and falling in the spot market continued, with a nationwide decline of 100-300 yuan per ton. At present, the average national thread price is 5626, down 189 from last Friday. At present, the cost bottom support of 5500 yuan / ton is still strong, but market confidence is getting weaker and weaker, mainly due to the strong wait-and-see mood downstream holding money to fall, market trading volume is poor. Short-term market speculation mood cooling, gradually return to the fundamentals of the industry, prices overfall will certainly usher in the downstream replenishment of the small best part, trading volume recovery can still lead to a small rebound in prices. However, in the case of weakening fundamentals, if there are no new bullish speculation factors, the price counter-pumping is highly limited.
"[minutes of SMM Morning meeting: black futures vary]
Last-issue crude oil rose nearly 2.8 per cent. NYMEX crude oil futures rose more than 1 per cent on Monday, driven by a resurgence of the European economy and increased demand in the US, after a surge in novel coronavirus cases in Asia and poor manufacturing data in China led to lower oil prices. The dollar fell slightly on Monday as a manufacturing survey in the US showed record high input prices fuelled inflation fears, benefiting riskier currencies and hurting the dollar.
In terms of precious metals, Shanghai gold rose 1.3%, Shanghai silver rose nearly 4%, and international gold futures closed higher on Monday, driven by the weakness of the US dollar and global stock markets. Federal Reserve Vice Chairman Clarida (Richard Clarida) said the US economy had not yet reached the criteria for "substantial new developments" that the Fed had begun to scale back its asset purchase program. Clarida's remarks put pressure on the dollar and pushed gold higher.
As of 09:30, the status of contracts in the metals and crude oil markets:
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