SMM4 March 16: most of the non-ferrous metals market is red this morning. By midday, international copper rose 2.06%, Shanghai copper rose 2.09%, Shanghai aluminum fell 0.14%, Shanghai lead rose 0.4%, Shanghai zinc rose 1.11%, Shanghai nickel rose 1.24%, Shanghai tin rose 1.75%. As for copper, SMM believes that at present, it is difficult to give impetus to a sharp rise in copper prices, and the strengthening of the US dollar also has greater pressure on copper prices. It is expected that copper prices will still fluctuate at a high level in the range of 65000-68000 yuan / ton in April. Macro pattern loose tone does not change the premise, if consumption in the second quarter can be booming, macro and basically good situation resonance, copper prices are expected to rise again.
[hot discussion] some investment banks and mining giants are still expected to sing long copper prices at new highs?
Lead, in early trading, Shanghai lead concussion down to 14940 yuan / ton line after the pressure within-day moving average consolidation. Refineries wait and see, waste battery prices are mainly flat, some refineries with strong demand have raised their purchase prices. Jiangxi, Hunan, Anhui and other places recycled lead smelter affected by the environmental supervision team to stop production, recycled lead regional supply is tight, while Henan, Hebei and other places recycled lead refinery supply is abundant, the price is relatively low, recycled refined lead sticker regional differences, the mainstream quotation of SMM1# lead sticker 50-200 yuan / ton out of the factory, downstream fear of high careful mining, low transaction activity.
[SMM afternoon Review] recycled lead: the regional price difference of recycled lead is large during the period of high-level concussion of recycled lead.
In terms of black series, thread fell 0.35%, hot coil fell 0.52%, coking coal rose 5.37%, coke 2.24%, iron ore 0.77%, stainless steel 0.87%. In terms of iron ore, according to the port inventory data of SMM, the inventory of fine powder has been reduced for three consecutive periods recently. On the one hand, some steel enterprises have increased the ratio of high-quality fine powder to increase hot metal production, on the other hand, with the resumption of overseas production, the proportion of medium-and high-quality resources in mainstream mines and non-mainstream mine fine powder sent to China has declined, resulting in a continued decline in port fine powder inventory. Domestic demand for fine powder has also increased significantly. It is understood that the proportion of domestic fine powder in the sintering of a steel plant in Hebei has increased from 5% to 30%. Under the support of high profits of steel mills in the short term, the demand for high-grade ore is expected to be better.
The previous period of crude oil rose 1.11 per cent, and international crude oil prices held steady near four-week highs on Friday, but are likely to rise more than 6 per cent this week, as fears about the novel coronavirus epidemic are offset by improved demand prospects and a strong economic recovery in China and the US. China's net crude oil imports are expected to reach 558.97 million tons in 2021, up 3.4 per cent from the previous year, according to data released by research institutes of the China National Petroleum Corporation.
In terms of precious metals, Shanghai gold rose 1.39%, Shanghai silver rose 1.71%, and international gold prices held steady on Friday. Us economic data strongly offset the support brought by falling US bond yields, but gold prices are expected to rise for the second week in a row, due to inflation concerns. Us Treasury yields fell to an one-month low on Thursday as heightened tensions between the US and Russia may have triggered safe-haven buying and Japanese buying and technical factors helped outweigh the impact of better-than-expected economic data.
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