On the 21st of SMM2, the minutes of the Fed's January meeting were lower than expected, and the dollar fell slightly in early trading. Crude oil, affected by the expectation that an agreement could be reached in the US-Iraq talks, fell slightly in early trading today.
The metal inner market was mixed this morning, with Shanghai nickel, Shanghai tin and Shanghai copper floating red. As of 09:50, Shanghai nickel was up 0.94%, Shanghai tin was up slightly, up 0.21%, and Shanghai copper was slightly higher, up 0.03% in morning trading. Other varieties were all downwards, with Shanghai zinc down 1.25%, Shanghai lead down nearly 1%, and Shanghai aluminum narrowing to 0.42%.
Most of the black lines were red, with iron ore rising in a straight line after morning trading, up 1.78 per cent as of 09:50. Both threads and hot rolls have risen by more than 1%. Stainless steel fell slightly by 0.35%. Shuangjiao continued to rise, with coking coal up 4.13% and coke up 2.8%.
The outer disk was also mixed, with Lunni leading the way up by 1.57%, while Lun Copper and Lun Aluminum rose slightly. Lead fell by 0.98%, while zinc fell slightly by 0.01%.
As of 9:50:
"Click to view the trend of metal futures.
For copper, the moderate minutes of the Fed's January meeting and yesterday's mixed US economic data did not give the dollar a boost. Affected by the renewed tension between Russia and Ukraine and the news that Russia expelled Gorman, US Deputy Ambassador to Russia, market risk aversion has increased, and copper prices continue to fluctuate at high levels. It is expected to be today.
"the conflict between Russia and Ukraine triggered Lun Copper's flash collapse. Expectations of raising interest rates by 50 basis points in March have been cut one after another [minutes of SMM Copper Morning meeting].
"Click to view the price of SMM copper products.
In terms of aluminum, on the supply side, domestic Baise has been lifted in an orderly manner, and the operating capacity of local electrolytic aluminum and alumina plants is not expected to decline again; abroad, the tense situation in Russia and Ukraine and the continuing energy shortage have intensified the pressure on overseas supply. On the demand side, yesterday SMM statistics of domestic electrolytic aluminum social inventory increased by 90, 000 tons to 1.039 million tons compared with last Thursday, continuing to be in a state of accumulation, but this week the market trading activity increased, the operating rate of downstream processing enterprises rebounded steadily, with seasonal consumption picking up, going to the warehouse can still be expected. Overall, short-term aluminum prices are expected.
"the situation in Russia and Ukraine continues to be tense. European natural gas prices soar and aluminum rises overnight [minutes of SMM Aluminium Morning meeting]
"Click to view the price of SMM aluminum products
In terms of lead, fundamentals, as lead smelting enterprises basically return to normal production, coupled with the increase in lead market supply after delivery, while the production recovery progress of downstream enterprises is not as good as that of the supply side, the discounts for shipments of primary lead and recycled lead smelters are further expanded compared with yesterday. In addition, 3% value-added tax on waste batteries will be implemented in March, and increased costs and possible short-term supply constraints are expected to continue to support lead prices to maintain high shocks.
"multiple factors interweave lead prices or continue the trend of high volatility [minutes of SMM lead Morning meeting]
"Click to view the price of SMM lead products
Zinc, on the whole, affected by macro geopolitical factors, the situation in Russia and Ukraine is currently known as the market focus, macro-level tensions or negative economic development in Europe, zinc prices are still dominated by shocks. Overnight, Shanghai zinc recorded a positive pillar, opened high, then went up all the way up, reached a high of 25255 yuan / ton, and then fell back, giving up some of its gains. The final price was 25100 yuan / ton, up 180 yuan / ton, or 0.72%. In terms of fundamentals, there is little contradiction between supply and demand in the current domestic fundamentals, and the overall price is still greatly affected by macro factors.
"the five-day average line at the zinc price station stops at Wulianyin [minutes of the SMM Zinc Morning meeting]
"Click to view the price of SMM zinc products
Tin, fundamentals, warehouse receipt inventory to maintain a small decline, the spot market is still difficult to ship, supply and demand continue to be weak. It is difficult to change the state of weak supply and demand in the short term, which affects the high horizontal finishing probability of tin price trend.
"Hu Xi maintains a high level of horizontal trading funds and a small amount of money leaves the market to wait and see [SMM Tin Morning News]
"Click to view the price of SMM tin products
On the nickel side, the supply side: pure nickel spot market part of the arrival, so that the spot water down slightly but still at a high level, high matte nickel return volume is expected to go to the warehouse; on the demand side, the output of downstream precursors and stainless steel enterprises gradually recovery. at present, the spot of nickel sulfate and nickel pig iron is tight and the price is on the high side. Therefore, the raw material end price is expected to maintain a strong trend, the basic supply and demand of nickel price is still strong.
"Nickel futures continued to strengthen at night, spot prices fell and trading volume was weak [minutes of SMM Nickel Morning meeting]
"Click to view the price of SMM nickel products
In terms of iron and steel, Lianhe continued to fluctuate downwards yesterday, and the early quotation in the port spot market was more than a single discussion. The overall wait-and-see mood of the market is strong, the enthusiasm of traders to ship goods is general, and steel mills purchase at low prices. The atmosphere of spot transaction at the port is OK. The operating rate of blast furnace increased slightly month-on-month this week.
"demand slowly rebounds, steel prices fluctuate and run [minutes of SMM Steel Morning meeting]
