SMM12 March 10: there are ups and downs in the non-ferrous metals market in the morning. by the close of midday, international copper and Shanghai copper fell nearly 0.2%, Shanghai aluminum rose nearly 1.7%, Shanghai lead fell nearly 1.4%, Shanghai nickel rose nearly 1.6%, Shanghai zinc rose nearly 0.4%, and Shanghai tin rose nearly 0.9%. The narrow range of the dollar index fluctuated this morning, the market waited for evening US data and ECB interest rate decisions, the slow progress of negotiations on the US bailout package weakened the downward pressure on the US dollar, and the novel coronavirus epidemic in the United States continued to worse. provide safe-haven support for the dollar, the market also expects the ECB to expand bond purchases and extend bond purchases, as well as support for the dollar. But positive news on vaccines and the prospect of more fiscal stimulus in the US next year still make bulls wary.
Zinc, Shanghai Zinc 2101 contract shock operation, the first trading session in the morning closed at 21445 yuan / ton, futures price high loop, downstream today's rigid demand procurement, dismal trading in the trading market, morning market ordinary zinc brand transactions and quotations concentrated on the SMM net average price discount of 51010 yuan / ton, the market quotation early on the 2101 contract increased 110 yuan / ton, but the trading was dismal, the spot premium continued to fall to 90,100 yuan / ton for the 2101 contract. Entering the second period of time, zinc prices continued to run high, trading did not improve, the common zinc brand of the holder rose at 90 yuan / ton; although the zinc futures fell, the market trading was light, and the basic rigid demand downstream today is mainly, approaching the end of the year. Traders have a higher willingness to ship goods.
[SMM afternoon Review] Zinc in Shanghai: the decline in zinc in the future has not brought about a significant improvement in consumption.
The mainstream transaction in Ningbo is 21530-21590 yuan / ton, and the price of rising water in January is about 110130 yuan / ton, which is 200.30 yuan / ton higher than that in Shanghai. Market circulation brands are Tiefeng, Honglu-V, Kirin, Huize and so on. Today, the spot market in Shanghai collapsed, followed the quotation up and down, Ningbo die-casting downstream orders are still good, maintain rigid demand procurement, the overall consumer enthusiasm of the market is better than Shanghai, Ningbo premium to Shanghai return to normal.
[SMM afternoon Review] Ningbo Zinc: orders in the lower reaches of Ningbo are still good, and the market trading enthusiasm is better than that of Shanghai.
The mainstream trading of zinc ingots in Tianjin market was 21500-21600 yuan / ton, Zijin was traded at 21530-21600 yuan / ton, Huludao was quoted at 23080 yuan / ton, zinc common to 2101 contract was quoted at around 70,110yuan / ton, Zijin was quoted around 100,120yuan / ton for January contract, and the water in Tianjin was about 10 yuan / ton higher than that in Shanghai.
[SMM afternoon Review] Tianjin Zinc: the downgrade of Shengshui did not drive the market to buy a light transaction today.
In terms of tin, tin in Shanghai Stock Exchange remained high around 150800 yuan / ton this morning. The spot price of the Shanghai tin market rises with the futures price, and the mainstream of the market rises the discount: about 300 yuan / ton for the 2102 contract Yunxi discount, about 700,800 yuan / ton for the ordinary Yunzi discount, and 1000-1300 yuan / ton for the small brand discount. Prices are rising rapidly, market trading is in the doldrums, and downstream and traders are less willing to trade.
[SMM afternoon Review] the spot price of Shanghai and tin continues to rise and trading is low.
In terms of black series, the thread rose nearly 2.7%, the hot coil rose nearly 3.2%, the coking coal rose nearly 1.4%, the coke rose nearly 1.8%, and the iron ore rose nearly 4.6%. In terms of threads, although the fundamentals of rebar are slightly weaker in the short term, there is a lack of motivation to continue to decline or even fall sharply. On the one hand, from the point of view of the variety itself, the demand is still sustained-although the demand in North China has weakened, it is still sustained in the short term, the shipment situation has remained at a reasonable level in the past two days, and the construction in East and South China is basically unaffected by the season. There are still some tight specifications of rebar in most areas of China. On the other hand, the price of raw materials contributes to the rise of the cost of finished products, and the willingness of steel mills to raise prices is strong.
Crude oil fell nearly 0.3% in the previous period, and international oil prices rose early in Asia on Thursday, buoyed by news that the United Kingdom had launched novel coronavirus vaccination and the United States would soon approve the vaccine. Although US crude oil inventories rose sharply last week, energy demand is likely to rebound as vaccination unfolds. Analysts pointed out that vaccine-related optimism dominated the market and continued to curb the sharp decline.
In terms of precious metals, Shanghai gold fell nearly 1.3%, Shanghai silver fell nearly 2.2%, and spot gold fell on Thursday as the US introduced additional fiscal stimulus to ease the impact of the epidemic on the economy, and the dollar strengthened against other major currencies. The U.S. House of Representatives on Wednesday approved an one-week extension of federal spending, giving lawmakers more time to discuss broader spending plans, including anti-epidemic relief measures.
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