SMM6 March 17: there are ups and downs in non-ferrous metals in the morning. By midday, international copper fell 0.19%, Shanghai copper fell 0.1%, Shanghai aluminum rose 0.19%, Shanghai lead rose 0.52%, Shanghai zinc rose 0.71%, Shanghai nickel fell 1.74%, and Shanghai tin rose 0.03%. According to the news, the National Development and Reform Commission is scheduled to hold a regular press conference in June on Thursday, June 17, 2021, and a spokesman for the National Development and Reform Commission will introduce the situation. Spokesman Meng Wei said that everyone has noticed that yesterday, the State Grain and material Reserve Bureau issued a notice that it will organize the release of national reserves of copper, aluminum and zinc. This launch is aimed at processing and manufacturing enterprises in the middle and lower reaches, implementing open bidding and tilting towards small and medium-sized enterprises as far as possible in terms of participation conditions. For some time in the future, we will, together with relevant parties, timely launch multiple batches in the light of market changes, increase market supply in a timely manner, ease the cost pressure on enterprises, and promote prices to return to a reasonable range.
"National Development and Reform Commission: Reserve release for the middle and lower reaches of the processing industry to timely carry out multi-batch release to promote the price to return to a reasonable range."
In terms of black series, thread fell 0.61%, hot coil fell 0.67%, coking coal rose 2.21%, coke rose 1.37%, iron ore rose 0.21%, stainless steel fell by 1.07%. In terms of threads, the general trend of recent rebar shock decline is in line with the expectation of weak supply and demand in the off-season. Under the stimulation of no obvious good news, it is easier to get out of the weak and volatile market. From the perspective of industrial fundamentals, due to the frequent occurrence of mine accidents, the scope of safety inspection is expanded, and the raw material end is on the strong side. The profit per ton of steel in steel enterprises has been at a low level, and the cost support is strong. In addition, there has been a continuous reduction in regional production recently, and the supply is expected to shrink. The performance of short-term rigid demand is still resilient. It is expected to be weak and volatile in the short term, and the downside space is limited.
The previous period of crude oil fell 0.74%, international oil prices fell on Thursday, due to the rise of the dollar, but the decline in oil prices was limited by data showing a sharp decline in US commercial crude oil inventories last week. Us crude oil inventories fell sharply last week as refineries raised capacity utilisation to the highest level since January 2020, suggesting continued improvement in demand, according to data released by the US Energy Information Administration ((EIA)) on Wednesday.
In terms of precious metals, Shanghai gold fell 1.02% and Shanghai silver fell 1.99%. International gold prices hovered near a more than one-month low on Thursday as yields on the dollar and Treasuries jumped after Federal Reserve / FED officials advanced their forecast for a rate hike. The Fed on Wednesday advanced its first post-epidemic interest rate hike to 2023, debated when and how to start scaling back its massive bond-buying program, and removed the long-used language in the statement that the crisis was a drag on the economy.
Close by noon
"check the metal futures market.
