SMM4 March 2: the non-ferrous metals market has ups and downs this morning. By midday, international copper was up 2.15%, Shanghai copper was up 1.79%, Shanghai aluminum was up 1.65%, Shanghai lead was down 1.41%, Shanghai zinc was down 0.46%, Shanghai nickel was up 1.5%, and Shanghai tin was up 3.13%. The US dollar index fell, a large area of non-ferrous metals strengthened, the US non-farm payrolls report was just around the corner, the US dollar index fell at a high level, and the pressure on the metal market eased somewhat, but the trend of varieties was slightly differentiated, and the traditional peak season was approaching. Downstream demand is still the focus of the market.
In terms of aluminum, the main force of Shanghai Aluminum was strong and volatile in early trading, and the basis was weaker in recent months, still maintaining a negative level. In the spot market, today's morning transactions are concentrated around 30 yuan in the month, the difference between the supply price of that month and alternate monthly tickets is about 10 yuan / ton, and the spot transaction in East China is concentrated between 17420 yuan and 17430 yuan / ton. spot transactions are concentrated in that month with a small discount of 30 yuan / ton to 40 yuan / ton. Lunchtime aluminum shock is unstable, although the price is high, but some downstream there is Qingming reserve demand, spot transaction is OK.
"the high spot discount for aluminum futures is OK to expand the market.
In terms of black, the thread rose 2.63%, the hot coil rose 2.18%, the coking coal fell 2.51%, the coke rose 1.1%, the iron ore rose 1.35%, and the stainless steel fell 0.21%. At present, rebar inventory maintains high-speed removal, and the pressure of inventory on fundamentals and even market sentiment is very limited. In the later stage, under the circumstances that the operating rate of blast furnace and electric furnace has reached a high level, and the periodic interference of environmental protection production restrictions continues, the supply side is likely to remain stable, while the demand side is still available, and the basic situation of the thread has not changed. It is expected that the pattern of shock will continue to be maintained in April.
[minutes of SMM Morning meeting] Steel prices are on the strong side and the hot roll is expected to hit a new high.
Last period crude oil rose 3.41%. On Thursday, OPEC+ agreed to gradually increase oil production from May to July, expressing greater confidence in the global economic recovery. OPEC+ 's agreement to gradually increase production is seen as an affirmation of expectations of demand growth. The 23 member states, led by Saudi Arabia and Russia, agreed to increase production by 350000 b / d in May, another 350000 b / d in June and 450000 b / d in July, the Saudi energy minister told reporters. In addition, Saudi Arabia will withdraw an additional production reduction of 1 million b / d in phases.
In terms of precious metals, Shanghai gold rose 1.95%, Shanghai silver rose 2.81%, and the number of Americans applying for unemployment benefits rose unexpectedly last week, casting a shadow over the outlook for economic recovery. Us bond yields and the dollar index fell. In addition, precious metals rose sharply as inflation expectations were boosted by the $2.25 trillion spending plan announced by Biden. At the same time, the US infrastructure plan is good for new energy vehicles, photovoltaic and other industries, and the industrial demand for silver will be effectively boosted. Pay attention to the non-farm payrolls data for March in the United States released in the evening.
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