SMM Oct. 21: U.S. bond yields rose and fell on Wednesday, with divergence at both ends of the yield curve, steepening for the second day in a row. Meanwhile, investors are still worried about the outlook for inflation, with September PPI data released by Germany's Federal Bureau of Statistics on Wednesday the biggest year-on-year increase in 47 years, while indicators of inflation expectations in the US market also rose further. Today morning, the US dollar index fluctuated, the metal market rose generally, only Shanghai aluminum fluctuated green, and after the inner plate metal rose one after another in the night market, Shanghai nickel rose 6%, Shanghai nickel and Shanghai lead rose more than 2%. In terms of black, coking coal and coke rose in early trading, but coking coal still fell by more than 6%, coke fell by more than 2%, and iron ore fluctuated upward, up nearly 3%. In the outer disk, with the exception of Lun Copper, all recorded an increase, of which Lun Zinc was far ahead with an increase of 1.6%, and the rest of the varieties were slightly red.
As of 09:37, the metal futures market:
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On the copper side, on the macro side, the Federal Reserve's beige book yesterday showed that the outlook for recent economic activity remained optimistic, but uncertainty increased in some regions. The optimism revealed in the report was more cautious than in previous months, with the dollar index falling for a second day yesterday, giving some support to the metals market. On the fundamental side, while LME has introduced delivery regulations to ease the risk of current overruns, overseas warehouse receipts have been written off.
Low global copper inventories raise supply concerns that copper recovers its daytime decline in night trading and returns to its upward trend [minutes of SMM Copper Morning meeting]
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In terms of aluminum, the price of aluminum was on the verge of falling by the limit and rebounded in the night trading due to the impact of lower cost expectations driven by the collapse of coal prices yesterday. On the supply side, regions such as Xinjiang may face a new round of production cuts, and domestic electrolytic aluminum production capacity is likely to continue to decline, while overseas energy shortages have raised market concerns about global supply shortages. In terms of demand, power cuts continue to limit the overall consumption downstream, and the stock of aluminum ingots in domestic society has accumulated for 6 consecutive weeks, and then we need to pay attention to the reverse restraining effect of consumption on prices. Generally speaking.
Overnight, Shanghai Aluminum recovered some of its daytime losses, focusing on the changes in social inventory today [minutes of SMM Aluminium Morning meeting]
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In terms of lead, the impact of power constraints on continuous fermentation, the overhaul of large overseas smelters led to the expected tightening of zinc supply, driving lead prices to follow the upward trend, the smelting end part of the wait-and-see, the relative reduction of market supply; in September, refined lead and lead products exports increased sharply compared with the same period last year, driving part of the domestic depots, in line with market expectations; in the atmosphere of general rise in non-ferrous metals, lead prices are expected to remain high and volatile.
Power limitation superimposed overhaul of overseas refineries boosts high shock of lead price [minutes of SMM lead Morning meeting]
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In terms of zinc, overnight Shanghai zinc recorded a positive column, the upper Bollinger Road on the track to form a suppression. On the supply side, South Korea's Yongfeng Shipu smelter (referred to as YP) will stop production for 10 days next month for violating the Water Environmental Protection Law, which will be overhauled from November 8 to November 17, according to SMM.
The market heat has cooled down the zinc price or fluctuated operation [minutes of the SMM Zinc Morning meeting]
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In terms of nickel, led by long positions in Shanghai Nickel at night, Shanghai Nickel rose sharply to a new high, reaching a maximum of 161600 yuan / tonne. Shanghai Nickel 2111 closed at 159850 yuan / ton, up 10270 yuan / ton, or 6.87 percent, from yesterday's closing price. The position ranged from 13722 to 96665 lots, with a turnover of 553000 lots. Shanghai nickel closed at Dayangzhu, setting a record high and breaking through the 160000 mark. From the fundamental point of view, on the supply side, the recent impact of power and production restrictions on pure nickel smelting has little impact, but the production of high nickel pig iron has been seriously reduced, resulting in a tight supply of nickel pig iron and a rise in prices.
Shanghai Nickel record Breakthrough 160000 High Nickel Pig Iron supply is tight to form strong support [minutes of SMM Nickel Morning meeting]
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Tin, yesterday, Hu-Xi night market opened high and went high, and strengthened again after adjustment. Fundamentals, the spot market supply tension has eased, but inventories are still low, domestic tin ingots still maintain net exports in September. On the other hand, downstream buyers are active after the fall in prices, so it is not difficult to see that the impact of power cuts on short-term demand is actually limited.
Price trend strengthens again Capital layout December contract [SMM Tin Morning News]
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Iron and steel, yesterday even iron narrow shock, the main contract closing price of 710; the port spot market early quotation remained stable. Steel mills increased wait-and-see mood, cautious procurement, but some traders quoted prices are still strong, yesterday's overall market turnover atmosphere is general. The turnover of PB powder in Shandong area was 865 yuan / ton, which was the same as yesterday's price, while that of PB powder in Tangshan area was 890 yuan / ton, which was the same as yesterday's price.
Steel prices continue to fluctuate and Coke Market develops well [minutes of SMM Steel Morning meeting]
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