SMM10 March 27: yesterday, the outer disk metal market closed down again, due to the surge in the number of novel coronavirus cases in Europe and the United States and the US stimulus plan is still hanging in the balance, the dollar index rose. Lun Copper continued its decline on Monday, hitting a nearly one-week low as investors took profits as the US stimulus package was postponed again after a surge in COVID-19 cases. Last week, at an online week on the London Metal Exchange, copper prices broke through the $7000 mark for the first time in 28 months, as analysts and investors predicted the outlook for the industrial metals industry in the coming year. In early trading today, most of the LME metal market was red. Lunxi rose nearly 0.8%, Lun lead rose nearly 0.4%, Lun Al rose nearly 0.3%, Lun Copper and Lun Ni rose nearly 0.1%, and Lun Zinc fell nearly 0.4%. Domestically, non-ferrous metals are red and thin. Shanghai copper fell nearly 1%, shanghai tin fell nearly 0.5%, shanghai zinc fell nearly 0.4%, shanghai lead fell nearly 0.3%, shanghai nickel fell slightly, shanghai aluminum rose nearly 0.1%.
Aluminum, after entering the autumn and winter season, be on guard against the impact of a possible second outbreak of the epidemic on market trading sentiment. In addition, foreign countries pay attention to the process of the US election in early November, remarks and plans on economic and financial development in Europe and the United States, and the 19th committee this week. Fundamentals focus on inventory changes in the fourth quarter, consumer feedback, and actual new investment in supply-side production. Under low inventory, the recent trend of aluminum price remains strong, and observe the contract position and capital flow in that month.
[summary of SMM Morning meeting] Australia's imports of ores and alumina increase the scope of anti-dumping of aluminum foil by the European Union
Lead, overnight lun lead three consecutive negative, is expected to maintain a concussive trend in the short term, guard against the impact of the deterioration of the epidemic on the metal market. Overnight, Shanghai lead opened low above the 14000 yuan / ton mark, following Lun lead upstream as a whole, with weak fundamental consumption and expected short-term weak shocks. SMM1# lead prices are expected to be flat or down 50 yuan / ton today.
[minutes of SMM Morning meeting] three consecutive declines of Lun lead, the low level of Shanghai lead, the rebounding of regenerated refined lead, and the small gain of lead discount.
In terms of zinc, the overnight strengthening of the US dollar put pressure on the general decline of non-ferrous metals, the US stimulus package was suspended and the number of new cases in Europe and the United States surged, and market risk aversion increased. In terms of Shanghai zinc, environmental production restrictions in the north affect some downstream consumption, and social inventory continues to increase, but the tight logic on the supply side has not yet been falsified, and it is expected that Shanghai zinc will fluctuate widely in the short term.
[minutes of SMM Morning meeting] the fundamental contradiction is not obvious yet. Zinc price fluctuates in a wide range.
In terms of nickel, overnight Shanghai nickel closed in Zhongyang column, K column stood in the 5 / 40 daily moving average range, Shanghai nickel again against the trend, the recent direction of Shanghai nickel trend is not clear, temporarily or will maintain the shock situation, today pay attention to the shock situation of Shanghai nickel pressure 120000 gate.
[minutes of SMM Morning meeting] Nickel price pullback and spot transactions improve. There is still a big gap in the intention of buying and selling high nickel pig iron.
Tin, yesterday's spot discount has improved compared with last Friday, the mainstream rising water: Yunxi rising water 1000-1500 yuan / ton, ordinary cloud word rising water 500 yuan / ton to flat water, small brand flat water to 500 yuan / ton. The decline in tin prices led to an improvement in market turnover and downstream replenishment. Today's forecast: Shanghai tin rebounded after a sharp fall, and the mainstream spot price is expected to be around 144000-146000 yuan / ton today.
"[10.27 Tin Price Forecast Today]
In terms of black, thread rose nearly 0.1%, hot coil rose nearly 0.4%, stainless steel fell nearly 1.4%, coke rose nearly 1.2%, coking coal fell nearly 0.2%, iron ore fell nearly 0.1%, thread trend was volatile, spot prices were also basically weak and stable, and market sentiment was still dominated by cautious wait-and-see. In terms of transactions, on Monday, merchants in the mainstream market had a relatively high enthusiasm for picking up goods at multi-feedback terminals and preferred shipping conditions. The recent Hangzhou market terminal demand preference, terminal procurement-based, market trading atmosphere is stable, traders can ship goods, low-price transactions are the main, the recent shortage of snail resources, market prices continue to rise, today's mid-day snail reported 4240-4250 yuan / ton. to a certain extent, it reflects the recent strong terminal demand and transaction preference.
[minutes of SMM Steel Morning meeting] short-term demand resilience is still running in steel price shocks.
The previous period of crude oil fell nearly 2.3 per cent, while US crude oil futures fell more than 3 per cent on Monday, extending last week's decline as the number of new cases in the US and Europe continued to surge and the rebound in Libyan crude oil production raised concerns about oversupply. The United States reported a record number of new cases on Friday and Saturday; France set a record of more than 50,000 new cases on Sunday, and Italy and Spain imposed new restrictions to curb the spread of the virus. Analysts said the epidemic prevention measures would hit demand for gasoline and other fuels, dragging down an already poor energy recovery.
In terms of precious metals, Shanghai gold rose nearly 0.7%, Shanghai silver rose slightly, and COMEX gold prices held steady on Monday as investors worried about a surge in novel coronavirus cases and, on the other hand, a stronger dollar ahead of next month's US presidential election. Analysts point out that gold has been stuck between $1880 and $1930. The market is waiting for guidance from the US election, and the epidemic is on the rise again. But the dollar index rose today, and the dollar has a strong inverse correlation with gold.
As of 09:40, the status of contracts in the metals and crude oil markets:
