SMM2 March 22: the non-ferrous metals market soared across the board in the morning. By the midday close, international copper and Shanghai copper rose 6%, Shanghai aluminum rose 1.91%, Shanghai lead rose 2.23%, Shanghai zinc rose 2.44%, Shanghai nickel rose 4.18%, and Shanghai tin rose 8.11%. Today, Shanghai tin rose again. As of 10:20, the main contract of Shanghai tin rose nearly 8%, breaking through the 190000 mark. At one point in intraday trading, it rose to 194030 yuan / ton, another all-time high. Foreign tin ingot supply and domestic tin ore supply are difficult to grow rapidly, and the situation that supply falls short of demand will continue to support the trend of tin prices in the first quarter. The consumption of the largest downstream tin solder industry is supported by semiconductor, photovoltaic, 5G and other industries, and hot end markets are generally expected to be good. With the promotion of the vaccine, the market demand in Europe and the United States began to recover, speeding up inventory consumption.
[SMM Analysis] Shanghai tin surged 8% to break through the 190000 mark! Analyze the current situation of fundamentals
In terms of lead, Shanghai lead fluctuated at a high level above the daily moving average in early trading, reaching a high of 15955 yuan / ton at one point. Recyclers of waste batteries are more bullish and hesitant to sell, the supply of goods in the market is tight, and the price of waste batteries is rising. Recycled lead refineries have started operation one after another, with a polarized shipping attitude, partly due to high prices and partly because raw materials are difficult to pick up, mainstream quotations discount the average price of SMM1# lead to about 350yuan / ton, downstream battery factories also begin to resume work, but fear of high goods enthusiasm is low, more careful adoption as needed.
[SMM afternoon Review] recycled lead: the raw material of recycled lead is difficult to be mined by high-level concussion of lead.
In terms of black, thread rose 1.88%, hot coil rose 3.13%, coking coal fell 4.9%, coke fell 3.27%, iron ore rose 2.19%, stainless steel rose 3.48%, iron ore, the current macro, Senate majority leader Schumer said that he expects the White House to sign the economic stimulus bill by March 14. At the same time, the United States and other countries have been vaccinated one after another, and the economic recovery is expected to strengthen. Fundamentals, the arrival of foreign mines during the Spring Festival is on the low side, and some steel mills will open restocking after the festival to boost iron ore demand. The market is generally optimistic about the post-holiday market.
"[market changes] Iron ore rose nearly 5 per cent in intraday trading and hit the 1180 mark
The last period of crude oil fell 0.38%, international crude oil futures rose on Monday, US crude oil production slowly recovered, and the previous cold wave led to a reduction in US production, raising supply concerns just as demand recovered from the impact of the novel coronavirus epidemic. Analysts estimate that unusually cold weather in Texas and oil-producing basin states has forced the closure of up to 4 million barrels a day of crude oil and 21 billion cubic feet of natural gas production.
In terms of precious metals, Shanghai gold rose 0.52% and Shanghai silver rose 2.96%. At the beginning of trading on Monday, Shanghai silver rose strongly. At present, market expectations for a new round of US stimulus package continue unabated, and the market is generally expected to land in mid-March, superimposed with US manufacturing PMI data to fall somewhat, so the US dollar index is weak and precious metals are supported by a small rebound.
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