SMM4 March 21: most of the non-ferrous metals market is green this morning. By midday, international copper fell 1.15%, Shanghai copper fell 0.84%, Shanghai aluminum fell 0.58%, Shanghai lead was flat, Shanghai zinc fell 1.74%, Shanghai nickel fell 0.6%, and Shanghai tin rose 0.03%. As for copper, entering the second quarter, with the improvement of the epidemic situation abroad and the rest of the strike tide, on the whole, the factors of interference at the copper mine end have decreased compared with the first quarter, the shipments of newly expanded copper mines have gradually increased, and the tense pattern of copper concentrate will continue to improve, while the high crude copper processing fees and sulfuric acid profits have enabled the smelter to maintain a relatively high operating rate. Supply has gradually changed from tight to slightly loose, but consumption has been slow to flourish. Under the relationship between supply and demand, the support for copper prices is relatively limited.
"[minutes of the meeting] if consumption picks up macroscopically and basically towards a good copper price in the second quarter, it is expected to break the 70,000 mark.
In terms of black series, the thread increased by 0.84%, hot coil by 0.54%, coking coal by 0.92%, coke by 0.25%, iron ore by 0.64% and stainless steel by 0.04%. In terms of iron ore, SMM tracking data show that a total of 94 ships arrived at China's main ports from April 11 to April 17, and the incoming cargo volume is expected to be 12.31 million tons, which is 890000 tons less than the previous period, which is basically the same as the same period last year. During the period, Australia's port departure increased by 2.42 million tons to 16.13 million tons, a decrease of 1.46 million tons compared with the same period last year, while Brazil's port departure increased by 1.39 million tons to 7 million tons, an increase of 760000 tons over the same period last year. In this period, although the month-on-month increase in the departure of Oba Iron Mine, but the domestic demand side also maintained an increasing trend, superimposed to Hong Kong month-on-month decline, continue to benefit more iron ore market.
[minutes of SMM Steel Morning meeting] Futures boost confidence trading in the market
Crude oil fell 3.26% in the previous period, and international oil prices fell for the second day in a row on Wednesday, amid fears that a surge in novel coronavirus cases in India would depress the country's fuel demand. India is the world's third-largest oil importer. Two market sources quoted (API) data from the American Petroleum Institute as saying that U.S. crude oil and distillate stocks increased last week, while gasoline stocks fell. The (EIA) of the US Energy Information Administration will release its weekly crude oil inventory report on Wednesday.
In terms of precious metals, Shanghai gold rose 0.54% and Shanghai silver rose 0.28%. International gold prices rose on Wednesday, hovering near the seven-week high hit earlier this week, as a weaker dollar and falling yields on U.S. Treasuries boosted demand for safe-haven gold. Analysts pointed out that the dollar fell slightly this morning, supporting gold prices, while gold's rally continued during the Asian session. Assuming US 10-year Treasury yields continue to weaken, gold seems to be gathering momentum to test its 100-day moving average of $1802 an ounce in the coming days.
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