SMM6, March 9: yesterday, all the outer metal was red, and U.S. Treasury Secretary Yellen said this week that President Joe Biden's $4 trillion spending plan is good for the United States, even if it pushes up inflation and raises interest rates. Today, the LME metal market has its ups and downs. As of 09:20, Lun Copper is down nearly 0.2%, Lun Aluminum is down nearly 0.1%, Lun Pb is up nearly 0.3%, Lun Zinc is up nearly 0.1%, Lunni is up nearly 0.5%, Lunxi is up nearly 0.1%. On the domestic side, international copper is up nearly 0.9%, Shanghai Copper is up nearly 0.8%, Shanghai Aluminum is up nearly 0.1%, Shanghai lead is up nearly 1.8%, and Shanghai Zinc is up nearly 0.2%. Shanghai nickel rose nearly 1.7%, and Shanghai tin rose nearly 2%.
On the copper side, on the macro side, the (JOLTS) survey of job vacancies and labor turnover released by the US Department of Labor last night showed that the number of job vacancies rose to 9.3 million in April, the highest level since the data were available in 2000. The sharp increase in job openings suggests that the job market is expected to continue to recover strongly as epidemic prevention restrictions are lifted and the economy strengthens. In addition, with the vaccination.
[minutes of SMM Morning meeting] Copper bottomed out overnight and rebounded the spot market may continue.
In terms of lead, the first line of cost support under Shanghai lead appeared yesterday, and Shanghai lead briefly stopped falling and closed up slightly, making Shanghai lead stand back to the first line of ten thousand five, recording Erlianyang. Generally speaking, many (recycled lead cost support) empty (lead ingot supply is expected to increase) factors are intertwined, the domestic lead price action is limited, overseas in the context of depots, the overall trend is better than the domestic. It is expected that the average price of SMM1# lead today.
[minutes of SMM lead Morning meeting] the spot market has limited rigid demand for lead to rise slightly overnight.
Zinc, overnight Shanghai zinc recorded a positive column, the upper 10-day moving average to form a pressure, the lower Bollinger Road rail to provide support. Recent market sentiment towards rising inflation expectations has shifted to waiting for inflation data, fundamental supply-side disturbances may ease, consumption weakening trend does not change, short-term vigilance against the risk of high pullback.
[minutes of SMM Zinc Morning meeting] the market has a strong wait-and-see mood and short-term vigilance against the risk of high positions falling.
In terms of black, thread rose nearly 1.3%, hot coil rose nearly 1.5%, coking coal rose nearly 2.5%, coke rose nearly 3.3%, iron ore rose nearly 3.8%, stainless steel rose nearly 1.1%. In terms of coke, the spot coke market in Shanxi was in stable operation yesterday. In terms of supply, Fenyang District, Luliang, Shanxi Province has issued a production restriction policy, with coke enterprises limiting production by about 30%, and coke supply in Luliang area has been reduced. at present, the operating rate of most coke enterprises in Shanxi is maintained at a high level, the shipment is smooth, and the coke inventory is mostly maintained at a low or no inventory state. On the demand side, most steel mills maintain a wait-and-see attitude and reduce their willingness to replenish coke inventory. In the later stage, they need to continue to pay attention to the inventory situation and environmental production restrictions of coking plants in Shanxi Province.
[summary of SMM Steel Morning meeting] the effect of the college entrance examination is over. Dragon Boat Festival holiday is coming, waiting for the transaction to pick up.
Last-issue crude oil rose nearly 2.1 per cent, and international crude oil futures hit a more than two-and-a-half-year high on Tuesday, after US Secretary of State Abraham Lincoln said hundreds of US sanctions against Tehran would continue even if the US reached a nuclear deal with Iran. Us crude oil production in 2021 is expected to fall by 230000 b / d to 11.08 million b / d, less than the 290000 b / d forecast last month, according to a monthly report released by the US Energy Information Administration ((EIA)) on Tuesday.
In terms of precious metals, Shanghai gold fell nearly 0.1%, Shanghai silver fell nearly 0.6%, international gold prices fell on Tuesday, the stronger dollar offset the decline in US Treasury yields, investors are waiting for US inflation data, which may affect the timetable of the US Federal Reserve (FED/ Fed) to reduce monetary support. Us Treasury Secretary Yellen also said that the environment of raising interest rates slightly "is actually a good thing from the perspective of society and the Federal Reserve."
As of 09:20, the status of contracts in the metals and crude oil markets:
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