[SMM afternoon Review] Market sentiment warms up rapidly. Lead and zinc in the metal market are up more than 1%. Iron ore is up more than 2%.

SMM7 March 21: colored goods generally rose in the morning trading session, the news said that there was new progress in the research and development of Xinguan vaccine. It is reported that a possible coronal vaccine developed by the University of Oxford has produced a good immune response in large-scale early human trials, according to the latest data released on Monday by the medical journal the Lancet (Lancet). Affected by this good news, the global market is obviously warm. Copper mine news, yesterday, BHP Billiton released its second-quarter production report, during the reporting period, BHP Billiton copper production in the second quarter totaled 414000 tons, down 7 per cent year-on-year and 3 per cent month-on-month. In fiscal year 2020, BHP Billiton produced a total of 1.724 million tonnes of copper, up 2 per cent from a year earlier. In the financial year 2021, BHP Billiton's copper production target is 148-1.645 million tons. "Shanghai zinc rose 1.02%, the shortage of domestic mine supply eased, and smelter raw material stocks returned to normal levels." Industry analysts believe that the current increase in supply is expected to strengthen, while demand remains off-season, fundamental support is slightly weak, but taking into account the previous consolidation cycle is long, capital deposits do more demand, short-term or narrow shocks, it is still possible to rise after repair.

In terms of black, iron ore and coking coal rose more than 2%, while steel rose by a limited amount. With the completion of inspection and repair of Australian ports in the middle and first ten days, iron ore shipments are still expected to pick up in the later period, but as the rainy weather in the south is coming to an end, the release of demand downstream of the terminal can still be expected, and iron ore prices may return to high range shocks after short-term adjustment. Vale today released its production and sales report for the second quarter of 2020. The report shows that Vale's iron ore powder production in the second quarter was 67.6 million tons, of which the monthly output in June exceeded 25 million tons, showing a strong increase over the April and May production levels.

Crude oil rose 0.44% in the previous period. OPEC+ decided to prevent loosening and cut production from August, and believes that the recovery in demand and compensated production cuts will offset a considerable portion of the increased production, and the loosening cuts will not affect the rebound in oil prices. The recovery in U. S. economic data also partly supported oil prices, but the spread of the epidemic hit optimism in the market. The long-term rising water of crude oil continues to fall, and the curve is obviously flattened.

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Today's spot

Copper: today, the spot price of electrolytic copper in Guangdong province rose by 40 per cent to the monthly contract, with an average price of 10 yuan / ton, while wet copper offered a discount of 10 yuan per ton, with an average price drop of 10 yuan / ton. The average price of electrolytic copper is 51865 yuan / ton, and the average price of wet copper is 51800 yuan / ton. Spot market: inventories decreased slightly, and some traders were willing to make up-price shipments in early trading. Flat copper was once quoted at 60 yuan / ton, but the degree of acceptance downstream was low. On the one hand, copper prices rose again. Downstream enterprises have reduced their own orders to catch up and replenish goods. On the other hand, the number of traders shipping today is also higher than yesterday, and there are more negotiable sources of goods. To sum up: today, the holder continues to reduce the rise of water for shipment, and the rise of water continues to decline within the day, but the transaction is still general. Finally, the mainstream transaction price of good copper is 80 yuan / ton, the mainstream transaction price of flat copper is 30 yuan / ton, and the mainstream transaction price of wet copper is 0 yuan / ton.

Zinc: Guangdong Zinc mainstream traded at 17800mur17890 yuan / ton, the quotation concentrated on the Shanghai zinc 2009 contract rising water 15mur40 yuan / ton, and the Guangdong market discount of 110yuan / ton compared with the previous trading day was the same as the previous trading day. In the first trading session, the price was high and fluctuating, the price center moved upwards than yesterday, and the downstream bought more bargains yesterday, and today it is relatively wait-and-see, but there are rumors in the market that big traders have received the goods, and the market price is strong. Kirin, Mengzi, Huize quoted for the Shanghai zinc contract in September, the water rose 3040 yuan / ton, and Feilong water rose 15 yuan / ton. In the second trading session, after the network price is determined, the market quotation is relatively unified, the holder is not willing to adjust the water, the transaction shows a stalemate, and part of the transaction is dominated. Kirin, Mengzi and Huize quoted a price of 40 yuan / ton for the September contract of Shanghai zinc, 30 yuan / ton for Tiefeng, and 15 yuan / ton for Feilong. The mainstream transaction of Kirin, Mengzi and Huize was 17560mi 17700 yuan / ton.

The mainstream turnover of zinc ingots in Tianjin market was 17960mur18010 yuan / ton, Zijin was traded at 18000mur18030 yuan / ton, Huludao was quoted at 19300 yuan / ton, common zinc against 2008 contract quoted water 140yuan / ton to 160yuan / ton, Zijin contract for August was quoted around 180yuan / ton, compared with Shanghai market, the price of rising water in Tianjin market rose from 2030yuan / ton to 50 yuan / ton. Today, the decline of zinc in Shanghai has widened, and the discount price has been raised on the spot market. The price is relatively uniform. The ordinary brand Bai Ling Bao quoted a rise of 140 won 150 yuan per ton for the 08 contract, and Hongyi quoted a rise of 160 yuan per ton for the 08 contract. Chi Hong quoted a rise of 140 Mel 150 yuan per ton for the 08 contract, while the high-priced brand Zijin quoted a rise of 180 yuan per ton for the August contract, while Baiyin quoted 180 yuan per ton for the 08 contract. The fourth Ring Road (delivered) quoted 130 yuan / ton of water for the 08 contract and 60 yuan / ton of zinc (including the out of the warehouse) for the 08 contract. Zinc prices have gone up and down today, and traders have maintained their discounted quotations. After today's rebound, shipments are not smooth; downstream, after today's price rebound, the willingness to receive goods in the lower reaches weakens, and the return just needs to be purchased. On the whole, today's transaction is worse than yesterday's. Zinc ingots were sold at around 17850 RMB17880 per ton.

Lead: Guangdong market South China lead 14900 yuan / ton, the average price of SMM1# lead quotation; Henan Jinli, Wanyang 14880 yuan 14900 yuan / ton, the average price of SMM1# lead discount 20 yuan / ton to Pingshui (trader); Minshan, Henan 14950 yuan / ton, the average price of SMM1# lead price 50 yuan / ton; Shuikoushan, Hunan 14950 yuan / ton, the average lead price of SMM1# 50 yuan / ton (trader); Jiang Copper 14920 yuan / ton, the average price of SMM1# lead water 20 yuan / ton quotation. Yunnan small factory 14600 yuan / ton, the average price of SMM1# lead discount 300 yuan / ton. Lead prices stopped falling and stabilized, market trading is still good, downstream on-demand procurement, recent orders have picked up, refinery supply is relatively small, loose orders are basically quoted to net prices.

Tin: spot market. Today's quotation is 139500 RMB142500 per ton. The tin market in Shanghai is up about 1000 yuan / ton compared with yesterday morning, and the average net price is up 500 yuan / ton. Spot prices are higher than yesterday, and buying downstream is in general. Early afternoon prices rise, rising discount is more appropriate, traders are more willing to receive goods, there are a small number of goods. The overall Shanghai-tin spot trading atmosphere is general. Liter discount, on the Shanghai tin 2009 contract set Yunxi rise 500mur1000 yuan / ton, Yunzi Pingshui near, small brand discount 1500mur2000 yuan / ton.

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