SMM2 March 3: the whole non-ferrous metals market is green in the morning. by the close of midday, international copper and Shanghai copper fell nearly 1%, Shanghai aluminum and Shanghai lead fell nearly 0.9%, Shanghai zinc fell nearly 0.1%, Shanghai nickel fell nearly 1.8%, and Shanghai tin fell nearly 2.3%. On the macro level, the dollar index continued to hold steady, and the dollar index held steady yesterday as bullish technical indicators and investors covering short positions, and the market believes that the outlook for recovery in the United States is stronger than that in Europe. Highly speculative trading by retail investors seems to be on the wane. This view is underpinned by Washington's push for more stimulus spending, compared with Europe under blockade and eurozone gross domestic product (GDP) is expected to shrink in the first quarter of this year.
In terms of lead, Shanghai lead fell below the 10,000-14900 yuan / ton line again in early trading. Lead prices continue to decline slightly, but refinery stock demand is strong, and the price of waste batteries is high to maintain stability. Cross-provincial logistics is out of service, refineries are mainly long-order shipments, downstream battery plants have more holidays, and consumption is light.
[SMM afternoon Review] recycled lead: lead continues to decline, recycled lead trading two light
In terms of zinc, the mainstream transaction of zinc in Shanghai was 19,620,19720 yuan / ton, Shuangyan was 19,640,19730 yuan / ton, Zinc in March was quoted at 130,000,140 yuan / ton, Shuangyan quoted water in March at 140,160 yuan / ton, and zinc mainstream trading in Shuangyan was 19,550,19650 yuan / ton. Shanghai Zinc 2103 contract shock operation, the first trading session of the morning market closed at 19555 yuan / ton, today's market trading is light, holders are active shipments, zinc ingots spot rising water quickly down, morning market ordinary zinc brand transactions and quotations concentrated on the SMM net average price discount of 10 yuan / ton to 15 yuan / ton, the market quotation in the morning to 2103 contract premium 150 yuan 160 yuan / ton, after the holder lowered the price to 2103 contract 120 yuan 140 yuan / ton; Entering the second period of time, the ordinary zinc brand of the holder rose 130,000 yuan / ton; the downstream holiday one after another, the market transaction gradually weakened, the spot rising water fell back at a high level.
[SMM afternoon Review] Zinc in Shanghai: zinc price fluctuates and spot quotation falls back.
The main circulation brands in Ningbo market are Huize, Tiefeng and Xikuang. Since the beginning of this week, the stock preparation of downstream enterprises has been basically completed, and most of the enterprises have stopped production during the holiday. Market consumption is weak, trading is less, spot trading is relatively light.
[SMM afternoon Review] Ningbo Zinc: trading weakens in Ningbo Market
In terms of black series, threads fell by nearly 0.3%, hot coils by nearly 0.1%, coking coal by nearly 1%, coke by nearly 1.6%, and iron ore by nearly 1.7%. In terms of threads, according to SMM statistics, the impact of domestic building materials overhaul was 1.2584 million tons in February, 200000 tons less than in January, but considering that short-stream steel mills generally stop production during the Spring Festival holiday in February, it is expected that the actual supply level will still be significantly lower than in January. At present, the spot market is in the closed stage, and the overall steel price is stable, and there is no practical significance for both rising and falling; after the lack of spot guidance, the market is mainly a game of capital sentiment, and the up and down driving forces are mainly the changes in the macro environment and the inventory accumulation rate of Weekly songs.
The previous period of crude oil rose nearly 1.6%, and U.S. crude and refined oil inventories fell last week, according to data released by the American Petroleum Institute (API) on Wednesday. Crude oil inventories in Cushing, Oklahoma fell by 1.9 million barrels, refineries increased by 69000 barrels per day, and gasoline stocks unexpectedly fell by 240000 barrels per day, according to API.
In terms of precious metals, Shanghai gold fell nearly 1.6 per cent and Shanghai silver fell nearly 5.7 per cent. Silver trading volume in London surged to 1.006 billion ounces on Monday, three times the normal level in recent months, as silver prices soared to their highest level since 2013, the London bullion market association (LBMA) said on Tuesday. The US Mint said on Tuesday that it was unable to meet the surging demand for gold and silver coins in 2020 and January, in part because the epidemic boosted demand, while the US Mint's production capacity was constrained. However, (CME Group) said on Monday that it had raised the margin of its silver futures COMEX 5000 by 17.9 per cent.
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