[SMM Daily Review] Shanghai lead fell more than 1 per cent, coking coal rose more than 3 per cent, gold and silver recovered lost land oil rose more than 3 per cent

SMM5 March 25: there are ups and downs in non-ferrous metals today. By the end of the day, international copper rose 0.75%, Shanghai copper rose 0.68%, Shanghai aluminum fell 0.24%, Shanghai lead fell 1.55%, Shanghai zinc fell 0.56%, Shanghai nickel rose 0.81%, and Shanghai tin rose 0.95%. In terms of lead, at present, the primary side continues to maintain a deep discount, although the profit of recycled lead is low, but the current output remains high, so SMM believes that unless consumption increases counter-seasonally in the short term, the overall lead price will remain weak, and the risk of falling back from the high level is greater. In addition, the superimposed macro aspect of the decline in the dollar index outside the non-ferrous metals plate boost is insufficient, the market is still cautious about the overheated commodity market, the macro atmosphere continues to be empty. And recently, the state has strengthened its supervision of commodities, and the overall upward pressure on non-ferrous metals. Against this background, Shanghai lead is expected to be supportive in the policy disturbance this week, and the decline in Shanghai lead is expected to be limited, and it may still fluctuate above the five-thousand-five line this week.

[SMM Analysis] delivery warehouses are full of lead ingots. There is a high risk of falling back from the new high of lead prices in 2015.

In terms of black, thread fell 0.69%, hot coil fell 0.56%, coking coal rose 3.59%, coke rose 0.96%, iron ore fell 0.05%, stainless steel fell 0.57%, and the National Development and Reform Commission issued an action plan to deepen the reform of the price mechanism during the 14th five-year Plan period. The Action Plan is clear, improve the monitoring, forecasting and early warning system for key commodities, strengthen the price regulation and control of important commodities such as grain, oil, meat, eggs, vegetables, fruit and milk, adhere to and improve the policy on the minimum purchase price of rice and wheat, and improve the policy on the target price of cotton. we will do a good job in dealing with price changes in commodities such as iron ore, copper and corn, put forward suggestions on comprehensive regulation and control measures in a timely manner, and strengthen market expectation management.

Last period crude oil rose 3.61%, according to news, indirect talks between the United States and Iran are scheduled to resume in Vienna this week. The Director General of the International Atomic Energy Agency (IAEA) Grossi said he had reached an agreement with Iran to extend the monitoring agreement by one month. There are fears that if United Nations and other sanctions on Iran's crude oil exports are lifted after a deal is reached, Iran will soon start selling oil, which pulled down oil prices earlier, but negotiations have not yet reached a conclusion.

In terms of precious metals, Shanghai gold fell 0.46%, Shanghai silver rose 0.14%, and international gold prices fell slightly on Tuesday as hopes of a rapid economic recovery boosted demand for risky assets, although a weaker dollar and falling yields on U.S. Treasuries limited gold's decline.

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[stock market close] A-share three major indexes rose sharply and financial stocks strengthened.

The three major A-share indexes rose unilaterally throughout the day, and the Shanghai Stock Exchange, Shenzhen Stock Exchange and gem Index all reached new highs of this round of rebound. The trading volume of the two cities stood on the trillion yuan again after an interval of three months, and the brokerage plate once again broke out. Citic Construction Investment, China International Capital Corporation and many other stocks rose by the daily limit, and financial sectors such as banking and insurance also performed well, becoming the core force driving the rise of the stock index. In addition, Guizhou Moutai, Luzhou laojiao, China exemption, Wanhua Chemical and other industry heavyweights are eye-catching. On the market, spirits, military industry, insurance, securities, domestic software and other sectors led the increase, while agriculture, carbon neutralization, natural gas and other plates fell in the forefront. Northbound funds as of the A-share closing net purchase of more than 21.7 billion yuan, a net inflow of nearly 24.8 billion yuan, a record high. As of the close, the Prev index rose 2.4% to close at 3581 points, the Shenzhen Composite Index rose 2.34% to close at 14846 points, and the gem index rose 2.79% to close at 3227 points. "View details