SMM6 March 1: the overnight outer disk metal market is closed for one day due to bank holidays. Inner plate metal ups and downs, black mineral trend differentiation, due to market rumors of Tangshan ironmaking control details adjustment, the proportion of production restrictions decreased. Most of the LME metal market fell today. As of 09:30, Lun Copper is up nearly 0.4%, Lun Aluminum is down nearly 1.4%, Lun lead is down nearly 0.2%, Lun Zinc is down nearly 0.9%, Lun Nickel is down slightly, Lunxi is down nearly 1.6%, domestic copper is up nearly 0.4%, Shanghai Copper is up nearly 0.3%, Shanghai Aluminum is down nearly 0.7%, Shanghai lead is down nearly 0.1%, and Shanghai Zinc is down nearly 0.7%. Shanghai nickel rose nearly 0.3%, while Shanghai tin fell nearly 1.7%.
In terms of copper, macroscopically, the people's Bank of China raised the required reserve ratio for foreign exchange deposits for the first time in 14 years, or suspended the pressure on RMB appreciation. The Organization of Petroleum Exporting countries ((OPEC)) and its allies have tightened their outlook for the global oil market, with oil distribution approaching the $70 mark. Pay attention to the United States.
[minutes of SMM Morning meeting] the spot price of copper is stable and firm when the outside market is closed and the inner plate runs independently.
In terms of aluminum, from a macro point of view, the US index has been repeated, but it still remains weak and still gives some support to non-ferrous metals. From a fundamental point of view, the small accumulation of social inventory caused by factors such as the increase in arrival and downstream power cuts yesterday does not mean that the inventory inflection point is coming.
[minutes of SMM Morning meeting] Social inventory of aluminum ingots is a small burden to maintain a wide range of shocks in Shanghai and Shanghai aluminum.
Zinc, overnight Shanghai zinc recorded a negative column, the lower 10-day moving average to provide support, the upper Bollinger Road on the track to form a compression. Macro uncertainty remains, with the Biden administration's infrastructure plans boosting inflation expectations and domestic regulators' focus on commodity prices disrupting market sentiment. The fundamentals are still weak supply and demand, it is expected.
[minutes of SMM Zinc Morning meeting] Macro-instability remains expected short-term wide fluctuations in zinc prices
In terms of nickel, overnight Shanghai nickel closed at Xiaoyangzhu, the upper and lower shadow lines are longer, short-term pull up or suppress long-short profits to quickly leave the market, nickel price fluctuations, Shanghai nickel around the 133000 barrier near the shock, long-short differences are obvious, today pay attention to whether this position can effectively break through. It is expected that this week, the main 07 contract of Shanghai Nickel is 123000-133000 yuan / ton, and Lunni is 16600-18300 US dollars / ton.
[minutes of SMM Morning meeting] Nickel long-short divergence wide range volatility on the last trading day of May, the spot market is active.
On the black side, the thread fell nearly 1.8%, the hot coil fell nearly 3.3%, the coking coal fell nearly 0.8%, the coke rose nearly 1.6%, the iron ore rose nearly 4.4%, and the stainless steel rose nearly 2.6%. In terms of threads, policy in June is still an important factor disturbing the market, including the review of steel production capacity, how to implement the dual control policy of production capacity and production, the adjustment of steel export tariff policy, and the investigation and punishment of violations by regulatory authorities. And changes in monetary policy, and so on. From the perspective of industrial fundamentals, supply is expected to remain high in June, while demand is facing the test of the off-season, and the overall supply and demand is more likely to be weak. It is expected that the thread price range will fluctuate in June, and the overall downward trend will be limited.
[minutes of SMM Morning meeting] production restrictions emerge and relax expectations that black raw materials become stronger and weaker.
The last period of crude oil rose nearly 1.3%, according to news, according to reports, at Tuesday's meeting, the Organization of Petroleum Exporting countries ((OPEC)) and its allies, the OPEC, may insist on the existing policy of gradually relaxing oil supply restrictions, as oil-producing countries strike a balance between expectations of a rebound in demand and a possible increase in Iranian supply.
In terms of precious metals, Shanghai gold rose nearly 0.5% and Shanghai silver rose nearly 1.4%. International spot gold prices strengthened on Monday, hitting the biggest monthly increase since July 2020 in May, as the dollar fell for the second month in a row. at the same time, growing inflationary pressures have also enhanced the attractiveness of gold.
As of 09:30, the status of contracts in the metals and crude oil markets:
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