SMM3 March 31: 10-year Treasury yields hit a new high today, and the dollar index rose above the 93 mark in intraday trading, the highest level in nearly five months. Boosted by infrastructure plans, US President Joe Biden will unveil infrastructure plans on Wednesday, with the market optimistic about the outlook for the US economy. Us bond yields rose sharply and the US index continued to climb to put pressure on metal prices. By midday trading, Shanghai Copper was down 1%, Shanghai Aluminum was down 1.06%, Shanghai Zinc was down 1.49%, Shanghai lead was down 0.23%, Shanghai Nickel was down 2.5%, Shanghai Tin was down 1.09%, and International Copper was down 1.14%.
In terms of copper, on the whole, the activity of the market at the end of the month was low, and the holder reduced the price to ship the goods. In addition, it is reported that some copper processing enterprises want to take advantage of the Qingming Festival holiday to overhaul, the overall replenishment volume before the festival will not be too high, spot water or slightly lower.
SMM Guangdong copper spot market KuaiBao: low market activity at the end of the month
In early trading, the main force of Shanghai Aluminum is still long position reduction, mainly moving positions in recent months, Back structure continues, and the basis continues to maintain a negative level in recent months. In terms of the spot market, today's morning transactions were concentrated around 10 yuan per month, with a price difference of about 10 yuan / ton between that month and alternate monthly tickets, 17150-17160 yuan / ton in East China, and a small discount of 20 yuan / ton to 10 yuan / ton in the same month. Shanghai aluminum pulled up at noon, and the overall trading volume of the market was general.
In recent months, Shanghai Aluminum Co., Ltd. has moved to a weak spot to maintain the discount pattern of overall shipments in general.
In terms of lead, the horizontal market of lead in Shanghai fluctuated in early trading, the refinery was still waiting to pick carefully, and the price of waste batteries remained stable. Recycled lead refinery actively shipments, recycled refined lead to maintain a deep discount, the mainstream quotation of SMM1# lead sticker to maintain 300,400 yuan / ton out of the factory, downstream on-demand mining, trading activity is low.
For the black system, the thread fell by 0.32%, the iron ore fell by 0.41%, and the hot coil increased by 0.13%. SMM tracking data show that from March 21 to March 27, the number of arrivals from China's major ports decreased by 470000 tons compared with the previous period, which was basically the same as that of the same period last year. The current period of Australia and Pakistan port month-on-month significantly improved, but recently, with the rapid rebound in steel profits, steel production enthusiasm is high, there is still a certain support for iron ore prices.
Crude oil rose 0.76% in the previous period. Oil prices rose on Wednesday, reversing the overnight decline. The OPEC of the Organization of Petroleum Exporting countries ((OPEC)) and its oil-producing allies will meet on Thursday, and investors are betting that they will basically agree to extend the production cuts until May. Brent crude futures rose $0.12, or 0.19%, to $64.26 a barrel. It fell 1.3% on Tuesday. Us crude oil futures rose $0.12, or 0.2%, to $60.67 a barrel, down 1.6% last day.
In terms of precious metals, Shanghai gold fell 1.96% and Shanghai silver fell 3.67%. Spot gold fell slightly as the pace of vaccination in the US and the prospect of further stimulus boosted bond yields and the dollar. In addition, Biden will announce the second stimulus package during his term of office, all of which are likely to exceed 4 trillion yuan, which may further strengthen market confidence in the US economic recovery. The data released on Tuesday were also bearish on gold prices. The trend of short-term gold is weak, and there is a risk of further decline.
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