The rise of red iron ore narrowed to 1.54% at the beginning of the metal session. Coke fell 0.85% [SMM comment]

2021SMM South China Nonferrous Metals Industry Annual meeting invites you to get together in Foshan in December!

SMM12 March 8, the dollar rose slightly on Tuesday after the opening shock lower today, crude oil failed to continue the previous two days of rise, today shock opening, poor performance.

Metal at the beginning of the general red, compared with the overnight rise, Shanghai tin, Shanghai nickel, Shanghai lead continued to expand, Shanghai zinc, Shanghai aluminum, Shanghai copper slightly narrowed. Among them, Shanghai tin and Shanghai nickel rose more than 1.5%, Shanghai lead rose 1.41%, Shanghai copper remained volatile after opening, up 0.12% as of 09:30. The black department performed poorly, with only iron ore floating red, but compared with yesterday's increase continued to narrow to 1.54%, stainless steel extended the decline in night trading, the decline expanded to 3.19%, hot rolls and threads continued to decline in early trading, falling slightly. In terms of double coke, coke continued to decline in early trading after closing up overnight, falling 0.9% as of 09:30. Although coking coal continued to rise, the rise slowed after early trading and remained volatile, up 2.08%.

Compared with the inner disk, the outer disk was mixed, with Lun lead up 0.69% and Lunni's rise narrowed to 0.12%. Lun Copper continued to decline after morning trading, leading the way with a decline of 0.47%. Lun Zinc and Lun Aluminum failed to maintain the rising trend of night trading and fell slightly by 0.09% and 0.19% respectively after the opening of trading.

As of 09:30, the metal futures market:

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On the copper side, US stocks posted their biggest gain in nine months yesterday as concerns about the Omicron virus cooled. At the same time, the nuclear negotiations between the United States and Iran have been blocked, and under the influence of market worries about demand, oil prices continue to rise, which is good for copper futures to a certain extent. Lun Copper is expected to be today.

"the macro mood has picked up somewhat. Shanghai Copper closed slightly higher the next night [minutes of SMM Copper Morning meeting]

"Click to view the price of SMM copper products.

On the aluminum side, from the supply side, according to SMM statistics, electrolytic aluminum production fell 3% in November compared with the same period last year, maintaining a low level. On the demand side, the export volume of unwrought aluminum and aluminum products increased by more than 20% in November compared with the same period last year, and the demand support is still there. Short-term Shanghai aluminum is still expected to be dominated by narrow shock.

"spot-end feedback on de-warehousing is slightly stronger. Electrolytic aluminum production declined compared with the same period last year [minutes of SMM Aluminium Morning meeting].

"Click to view the price of SMM aluminum products

In terms of lead, fundamentals, the Synchronize decline in lead ingot stocks at home and abroad, coupled with the limited supply of waste batteries, strong price performance, narrowed profits on recycled lead, refinery shipments, price discount further narrowed, consumption, the production of downstream enterprises is stable, and lead prices fall mostly have the intention to buy bargains, the spot market trading activity is good, it is expected that the subsequent lead prices can stop falling and stabilize.

"macroscopically weakening fundamentals short-term lead prices may stop falling and stabilize [minutes of SMM lead Morning meeting]

"Click to view the price of SMM lead products

In terms of zinc, LME inventories continued to decline, short-term European macro data performed well, and the effectiveness of the Omicron strain vaccine boosted market sentiment, and Lun Zinc shock strengthened. Overnight, Shanghai Zinc recorded a positive pillar and once again stood on the middle track of Brin Road. And the central bank will be the news after the market digestion, market sentiment warmed up, superimposed in December supply or less than expected situation, the trend of Shanghai zinc.

"Market sentiment picks up Zinc Price trend is strong [minutes of SMM Zinc Morning meeting]

"Click to view the price of SMM zinc products

Tin, in terms of fundamentals, the relationship between supply and demand remains stable. According to SMM research, domestic refined tin production decreased slightly in November compared with the previous month, and the output is expected to fluctuate little in December. On the market trend, after the Shanghai-tin 2201 contract opened high, the long funds left the market on their own initiative to drive the trend down quickly to cover the gap, and then the price volatility slowed down around 284000 yuan / ton narrow horizontal market shock.

"long-short funds continue to leave the market and the price trend returns to the range [SMM Tin Morning News]

"Click to view the price of SMM tin products

In terms of nickel, the price of nickel in the night market rose with the macro mood. The center of gravity moves up 2000 yuan / ton to 148400 yuan / ton. Although the price of nickel has risen emotionally, from a fundamental point of view, the upward momentum is still weak. Nickel series spot market consumption.

"Nickel system spot market sentiment weakens obviously under macro mood fluctuation, nickel price is adjusted in the short term [minutes of SMM Nickel Morning meeting]

"Click to view the price of SMM nickel products

In terms of iron and steel, the people's Bank of China announced yesterday that it would cut the required reserve ratio for financial institutions by 0.5 percentage points on December 15, 2021, and the economic blue book issued by the Chinese Academy of Social Sciences had a positive impact on the real estate industry, indirectly boosting iron ore prices. On the other hand, the steel mills are understarted and the hot metal output is low. At present, the profits of the steel mills are restored and the crude steel reduction output is completed ahead of schedule. The steel mills are expected to resume production, and there is also a certain support for ore prices. Iron ore prices will continue to fluctuate strongly in the short term.

"the operation of snail concussion during the period of strong concussion of Lianhe Iron and Steel Co., Ltd. [summary of SMM Steel Morning meeting]

"Click to view the price of SMM steel products