[SMM afternoon Review] the undetermined economic target market turned to cautious metal market generally lower iron ore rose 1.34%

SMM5 March 22: this morning, non-ferrous metals generally fell. Mainly because the government did not mention specific economic growth targets, market expectations failed and turned to caution, leading to a decline in financial markets today. In addition, the sharp decline in Shanghai Nickel night market also deepened the market cautious mood. Premier Li Keqiang pointed out that we did not put forward a specific target for economic growth for the whole year, mainly because of the great uncertainty of the global epidemic situation and economic and trade situation. China's development is faced with some unpredictable factors. "check the details."

Last night, a number of contracts suddenly plunged to the limit in late trading in the nickel market, and the industry believes that the slump has nothing to do with fundamentals, which may be caused by procedural trading or Oolong. Shanghai Nickel almost recovered its decline this morning, but fell more than 3% again due to macro news. Copper, according to SMM research, as of Friday, SMM national mainstream copper market inventory totaled 237500 tons, down 17600 tons from last week, recording the 10th consecutive week of decline. Among them, copper stocks in Shanghai decreased by 17000 tons to 182000 tons from the previous month. According to the Chilean Metallurgical and Metal production Association, the biggest impact of Covid-19 in the first quarter of 2020 was a change in the course of investment projects, with 29 of the 48 mining projects seriously affected by the blockade, construction delays and a slowdown in work. Chilean miners believe that the impact of the shutdown caused by the Covid-19 epidemic is more serious than the consequences of the social unrest in Chile last year.

Only iron ore rose 1.34% in black, while steel fell in intraday trading. The government work report was released this morning, but it did not put forward a specific target for economic growth for the whole year. The market's strong expectations for the good news of the two sessions were not fulfilled as scheduled, and the thread fell by 0.9% to 3510 points at one point in the main trading session. The sentiment in the spot market has weakened, and the spot price has been stable in early trading. Market quotations in some areas, such as Hangzhou and Xi'an, have dropped by about 10 Mel 20 yuan / ton to guarantee the transaction. Market sentiment tends to be cautious, poor transactions, speculative demand, terminal demand are more wait-and-see. Spot market prices are expected to fall again.

Crude oil fell 4.29% in the previous period. The outer disk crude oil futures also showed a correction at the end of the rally, but people in the industry are still more optimistic than before, as the supply and demand of crude oil is slowly improving. Recently, the main thing that dominates the oil market is the improvement in fundamentals. Including Shanghai crude oil, WTI and Brent forward curves are significantly flattened, price spreads continue to narrow in recent and distant months, indicating that market expectations for crude oil fundamentals have been substantially reversed, pessimism has receded and optimism is accumulating.

Close by noon

Today's spot

Copper: today, the spot price of electrolytic copper in Guangdong province rose 190 to 220 for that month's contract, with an average price of 25%, while wet copper rose 150 to 160, with an average price of 30%. The average price of electrolytic copper is 43925 yuan / ton, and the average price of wet process copper is 43875 yuan / ton. In the spot market, although copper prices fell sharply yesterday, the holder did not make a straight price shipment. in early trading, Pingshui Copper quoted 190x200 yuan / ton down 20 yuan / ton compared with yesterday's price, but the receiving of goods was not active, and the holder could only continue to lower the level of water shipment. by about 11:00, good copper had fallen to 210yuan / ton, flat copper to 180yuan / ton, and wet copper to 140yuan / ton. Overall, Shengshui continued to decline today, but the transaction did not follow the improvement. It is worth noting that there will continue to be imports of copper next week and domestic smelters to increase shipments, material supply will increase compared with this week.

Zinc: Shanghai Zinc mainstream traded at 16460 Mel 16605 yuan / ton, Shuangyan and Chihong traded at 16470 Mel 16610 yuan / ton; Zinc Shuangyan and Chihong reported water rising water 145 Mor 160 yuan / ton in June; Shuangyan and Chihong quoted water 150 RMB160 / ton in June; and Shuangyan and Chihong traded 16380 RMB16540 / ton. Shanghai Zinc 2006 contract shock bottomed out and rose again, closing at 16475 yuan / ton in the morning market. Zinc prices adjusted downwards, long orders entered the closing stage within the month, trading activity among traders did not decrease, and market transactions recovered obviously. in the morning market, domestic water rose about 150 yuan / ton, which was basically the same as yesterday, but the transaction was still dominated by the average price. part of the transaction was done by rising water 150 yuan / ton. Entering the second trading session, downstream inquiry procurement increased, and traders entered the market to buy, but the transaction price decreased slightly, focusing on about 150 yuan / ton of rising water, while the supplement decreased after the import window was closed, and imports of Spain and Belgium were gradually digested. There was more SMC circulation in the Shanghai stock market during the day, with a quotation of 120 million yuan per ton, while Shuangyan, Huize and other downstream brands traded at about 150 yuan per ton, with a small price difference. The actual consumption in the lower reaches of the day picked up significantly, and some of them were still weak in the future, showing caution in procurement, and the overall intraday turnover was better than that of yesterday.

The mainstream transaction of zinc in Guangdong was 16270mur16490 yuan / ton, and the quotation was concentrated on the price increase of 90rel 110 yuan / ton in the 2007 contract for Shanghai zinc, and the discount of 150 yuan / ton in the Guangdong market was 20 yuan higher than that in the previous trading day. In the first trading session, futures prices fluctuated downwards, and downstream market inquiries for bargains increased, coupled with the widening price difference between futures the following month, the holder offered a firm price for the next month's contract, but the supply of high-rise water was generally traded, and the overall market demand was better. Kirin, Huize, Mengzi quoted water for the Shanghai zinc contract for July, rising water 90,100 yuan / ton, Tiefeng rising water 90,100 yuan / ton. In the second trading session, with the rebound in futures prices and more purchases in the first period, there was a strong wait-and-see mood downstream, demand dropped, market trading cooled, some holders offered relatively stable quotations, and individual prices for next month's tickets were on the low side. The overall deal is average. Kirin, Mengzi and Huize quoted for the July contract of zinc in Shanghai to raise water by 90mur100 yuan / ton. The mainstream transactions of Kirin, Mengzi, Huize, Tiefeng and Feilong were 16270mi 16490 yuan / ton.

The mainstream transaction of Ningbo Gao was 16480 Mel 16580 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands was maintained at a discount of 10 yuan / ton. The price of ordinary brands for ordinary brands in Ningbo was raised around 120,580 yuan / ton for a contract of 2006. Overnight non-ferrous metals fell, zinc prices reduced traders active shipments, but due to poor market demand, the holder price willingness is not high. In the first session of the morning, the market continued to quote yesterday. Huize and Tiefeng reported an increase of 150 yuan per ton for the June contract, 130 yuan per ton for the June contract, and 120 yuan per ton for the June contract. The first period of downstream trading is relatively light, entering the second trading session, the market fell again, downstream enterprises entered the market inquiry increased, today's trading situation is slightly warmer than yesterday.

Updating.