SMM7 March 12: the outer disk metal market was red on Friday, and Lun Copper jumped on Friday as China announced a cut in the interest rate on reserves. Nickel prices hit a four-month high on Friday as seasonal demand strengthened and investors bullish on the outlook for the green economy bought again. Today, most of the LME metal market is red. As of 09:40, Lun Copper is down nearly 0.3%, Lun Ni is down nearly 0.4%, Lun Al and Lun Pb are up nearly 0.2%, Lun Zinc is up slightly, Lunxi is up nearly 0.4%, domestic copper is up nearly 1.4%, Shanghai Copper is up nearly 1.3%, Shanghai Aluminum is up nearly 1.8%, Shanghai lead is up nearly 1.1%, Shanghai Zinc is up nearly 0.9%, Shanghai Nickel is up nearly 1.4%. Shanghai tin rose nearly 0.7%.
On the copper side, on the macro side, the Federal Reserve promised in its semi-annual monetary policy report to maintain "strong" monetary policy support until the economy fully recovered; the domestic central bank decided to cut the required reserve ratio for financial institutions by 0.5 percentage points on July 15, 2021. The RRR cut was a comprehensive cut, and the domestic liquidity fully released short-term bullish sentiment in the market, and the center of gravity of copper futures rose at night. On the spot side.
[minutes of SMM Morning meeting] liquidity remains loose and macro sentiment boosts copper.
In terms of aluminum, on a macro level, liquidity is abundant around the world. Fundamentally, the current aluminum consumption shows signs of weakening to the off-season, but the aluminum ingot inventory has not yet fully entered the inventory cycle, while the aluminum bar inventory appears the phenomenon of small accumulation.
[summary of SMM Morning meeting] Shanghai Aluminum Co., Ltd. continues to pay attention to the inflection point of Leiku.
In terms of tin, global liquidity is still loose. After the recovery of overseas manufacturing, electronics industry orders in Europe, the United States, Japan and South Korea are strong. Global semiconductor shipments hit an all-time high in May, and tin demand is still expected to grow high. at present, tin maintains high rising water in overseas structures, tin prices are easy to rise and difficult to fall, and a number of indicators of low inventory + spot water + Back structure of tin will still provide upward momentum.
[minutes of SMM Morning meeting] Tin prices maintain a strong trend and focus on the performance near the front high.
In terms of black series, thread rose nearly 2.2%, hot coil rose nearly 2.1%, coking coal rose nearly 1%, coke fell nearly 0.4%, iron ore rose nearly 1.5%, stainless steel rose nearly 0.6%, iron ore, steel mills in Tangshan and other places picked up demand for iron ore raw materials after "July 1" at the beginning of last week, iron ore demand expected to rebound led to prices, coupled with the requirements of reduced crude steel production, steel prices rebounded to a certain extent; But in the second half of the week, crude steel production reduction is not expected to be strong, resulting in iron ore prices began to fall. On the whole, the weekly price increase of spot PB powder in Shandong ports last week was maintained at about 7-20 yuan / ton. Considering that there is no significant reduction in demand for mainstream fines from steel mills, imported ore prices are expected to continue to be high this week.
[minutes of SMM Steel Morning meeting] at the end of July 1, the central bank cut reserve requirements and the market sentiment was hot. Prices rose again and again.
The previous period of crude oil rose nearly 2.7%, and international crude oil futures closed sharply higher on Friday, continuing the rebound of the previous session, as the market reacted to the decline in US oil inventories last week, and there are signs of strong Asian demand from China and India. This also brings support.
In terms of precious metals, Shanghai gold rose slightly, Shanghai silver rose nearly 0.8%, and international COMEX gold futures rose on Friday, recording the biggest weekly increase in seven weeks, amid growing concerns that the spread of the Delta variant could hinder the global economic recovery.
As of 09:40, the status of contracts in the metals and crude oil markets:
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