SMM1 March 11: metal fell across the board today, as the winter epidemic once again aroused market concerns. According to the Health Commission, there were 103 new confirmed cases and 85 local cases nationwide on January 10. At the same time, the epidemic in the United States, Japan, Europe and other places is also not optimistic. By midday trading, Shanghai Copper was down 2.05%, Shanghai Aluminum was down 2.5%, Shanghai Zinc was down 2.73%, Shanghai lead was down 4.26%, Shanghai Nickel was down 3.55%, and Shanghai Tin was down 2.86%.
In terms of aluminum, on January 11, the arrival of domestic and imported aluminum ingots increased, and consumption in many places seasonally weakened. SMM statistics showed that the social inventory of electrolytic aluminum in China was 67.6 tons, an increase of 12000 tons over the previous Thursday.
[SMM data] the social inventory of electrolytic aluminum increased by 12000 tons to 676000 tons compared with the previous Thursday.
In terms of lead, lead in Shanghai bottomed out at 14495 yuan / ton in early trading. Lead prices fell sharply, refineries were affected by profits to significantly reduce the procurement price of waste batteries, but due to their own procurement demand is still large, the supply of waste batteries is tight, the price is limited. Recycled lead refinery sales sentiment, coupled with some refineries in the north due to low temperature and epidemic reasons to reduce production, recycled lead sticker contraction, the mainstream quotation of SMM1# lead sticker 100,150yuan / ton factory, downstream bargain replenishment, procurement sentiment has improved.
[SMM afternoon Review] recycled lead: phase lead detection bottom regenerated lead paste shrinkage
Tin, from a fundamental point of view, at present, the city closure test has been carried out in the WA Bangkang area of Myanmar from January 6, and the city closure is tentatively scheduled for one week. Whether to continue to close the city after a week depends on the development of the epidemic and the test results will be decided again. During the closure of the city, the transportation and export of local tin mines will be suspended. The market had expected that more miners would sell more tin mines in January for the sake of withdrawing funds before the Spring Festival, but now the epidemic has intensified the city closure, so tin miners' shipments may be affected. at present, the shortage of domestic tin ore supply has not improved, and it is difficult to return to low processing fees.
[SMM brief Review] the US dollar returns to the top of 90, and the closing of more than 2% positions in Shanghai and tin leads to a decline in short-term test support.
In the morning, the main tin contract in Shanghai extended the decline in night trading and continued to decline, falling to around 153000 yuan / ton during the midday break. The spot price of Shanghai tin falls with the futures price, the rising price continues to rise, the holding price of the smelter is relatively strong, and the spot in circulation is less, the current mainstream rising discount: the 2103 contract Yunxi rises 500 yuan / ton, the ordinary cloud word is flat, and the small brand discount is about 200,300 yuan / ton. at one point in the morning market, there was a small brand supply of 500 yuan / ton discount, but it has been consumed. The downward price attracts the downstream to replenish the stock in the market, and the overall trading atmosphere is OK.
[SMM afternoon Review] there is a sharp correction in the price of Shanghai and tin, and there is a shortage of goods in the market.
In terms of black, the thread fell by 1.88%, iron ore by 2.26% and hot coil by 2.51%. According to SMM research, most domestic steel enterprises plan to complete the replenishment of raw materials such as iron ore before the Spring Festival in January, and the inventory days are often increased by about 7-10 days. At present, the average daily trading volume of the port spot remains high, which is much higher than the previous average level. Steel mills are still expected to replenish the stock, and there is a strong support for the port spot price.
Crude oil fell 5.01% in the previous period. International oil prices fell on Monday as strict epidemic blockades in Europe and new travel restrictions in China after a jump in the number of cases reignited concerns about global fuel demand. ICE benchmark March Brent crude oil futures fell 44 cents, or 0.8 percent, to $55.55 a barrel. Us February crude oil futures fell $0.17, or 0.3%, to $52.08 a barrel.
In terms of precious metals, Shanghai gold fell 3.8% and Shanghai silver fell 9.49%. Shanghai Bank continued its decline on Friday night, but Biden said: "We need to provide more direct relief to families and small businesses," Biden said. "We need to provide more direct relief to families and small businesses," Biden said. "including completing the work of handing out 2000 dollars in subsidies to people," Shanghai Bank continued its decline on Friday night amid concerns about the epidemic and worrying about demand for strong industrial silver. " He said he would put forward his plan on Thursday. If the US introduces further stimulus measures, this will be good for precious metals.
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