[SMM afternoon Review] RMB earns Foreign Exchange to a New High Nonferrous differentiated crude Oil has no alternative but to decline

SMM3 21: non-ferrous metals afternoon differentiation, Shanghai nickel, tin, zinc, aluminum fell slightly, Shanghai tin fell nearly 1%. Shanghai lead led the rise in nonferrous metals, Shanghai copper continued to rise slightly. On the black side, coke continued to tumble, leading the decline of more than 3 per cent, while iron ore and coking coal fell more than 1 per cent. Thread, hot roll rose slightly. Crude oil continued its volatile decline today and fell more than 4 per cent.

Demand recovery is not obvious, bifocal pressure downward. In early trading, the two-coke rapid dive further expanded the night market decline, although prices have since recovered slightly and then showed a narrow shock trend, but coke and coking coal still recorded a 3.5% and nearly 2% decline, leading the decline in black commodities. In the near future, the downstream demand for steel and inventory removal situation is not ideal, in this case, environmental factors led to Beijing-Tianjin-Hebei and surrounding six provinces and cities to limit production, which will limit the steel plant raw material replenishment process, leading to pressure on the raw material end. In addition, recent global trade war fears have eased, US stocks and commodities have rebounded, but the European Commission has announced a safeguard investigation into imported steel products, and the prospects for a trade war remain uncertain. The black raw material end is under double pressure and has continued to fall recently, with the main coke contract falling to a four-and-a-half-month low in early trading.

Spot aspect

Copper: the spot price of electrolytic copper in Shanghai today is RMB 200yuan / ton-140yuan / ton, the transaction price of Pingshui copper is 49070 yuan / ton-49150 yuan / ton, and the transaction price of rising water copper is 49100 yuan / ton-49200 yuan / ton.

Aluminum: aluminum in the month before noon concussion operation. The transaction concentration in Shanghai was 13,650 ≤ 13,670 yuan / ton, for that month's discount 70 × 60 yuan / ton, in Wuxi 13650 ≤ 13,670 yuan / ton, and in Hangzhou 13,650 ≤ 13,670 yuan / ton. The holder sells at a high price, the middleman is willing to receive the goods actively, looking for a low-cost source of goods, downstream enterprises stable procurement, the overall transaction is better. Aluminum concussion operation in the early afternoon of the same month. Today, transactions in the Guangdong market are concentrated at 13700 ≤ 13,730 yuan / ton, and the price difference between Guangdong and Shanghai has widened to around 90 yuan / tonne. the price difference has widened, and the cargo holders have a positive attitude toward going out of spot in South China. when aluminum futures are high, transactions are relatively positive, and the price of 13720 yuan / ton is good for transactions. But today's overall deal is mediocre.

Lead: Shanghai market Jinsha lead 18940 yuan / ton, for 1804 contract water 80 yuan / ton, copper crown 18910 yuan / ton, 1804 contract water 50 yuan / ton, Hengbang 18860 yuan / ton, 1804 contract flat water quotation; Wuxi market copper crown 18960 yuan / ton, for 1804 contract water 18960 yuan / ton; import ha lead 18880 yuan / ton, 1804 contract water 20 yuan / ton. Futures market fell back, holders quoted firm, and downstream generally afraid of high wait-and-see, the bulk of the market transactions are light. Guangdong market South lead 18860 yuan / ton, for 1804 contract flat water quotation; South China lead 18775 yuan / ton, SMM1# lead average price flat water quotation. Cargo holders maintain a high price to ship, and because of the end of recent months, downstream procurement demand is not good, more wait-and-see after the market, the market is bleak. Henan area lead 18775 yuan / ton, to SMM1# lead average price flat water quotation; Jinli, Wanyang main supply long single, bulk single temporarily do not quote; another 10,000 ocean bulk single 18855 yuan / ton (trader source), to SMM1# lead average price rise water 80 yuan / ton quotation. Henan area refinery bulk single price shipment, while downstream to maintain long single procurement, bulk single replenishment caution, market transactions are low, another new Ling plans to resume production in early April. Anhui copper crown lead 18900 ≤ 18950 yuan / ton, the average price of SMM1# lead 125 ≤ 175 yuan / ton; Jiangxi Jinde main supply long single, bulk order is not quoted for the time being; Hunan Yuteng lead bulk single 18775 yuan / ton, the average price of SMM1# lead flat water quotation. Refinery scattered single quotation, and the quotation is strong, and downstream fear of high cautious mining, the overall market transaction is weaker than yesterday, some battery enterprises because of high inventory of finished products, intend to extend the Qingming holiday time.

Zinc: the mainstream transaction of 0 # zinc ingot in Tianjin market was 24900 ≤ 25220 yuan / ton, the mainstream transaction of 0 # ordinary brand was 24900 ≤ 24,960 yuan / ton, and the discount to Shanghai zinc 1805 contract was 10 yuan / ton to 50 yuan / ton. Compared with the Shanghai market from yesterday's discount of 20 yuan / ton narrowed to near flat water. Within-day Shanghai zinc 1805 contract stabilized, the center of gravity around 24940 yuan / ton around consolidation operation. Today, refinery shipments are normal, traders are mainly shipping, Tianjin local galvanizing plant output impact is still sustained, downstream inquiries into the market are quite few, the willingness to take goods is not good, the overall transaction in the market is still deadlocked, compared with yesterday's little change. 0 # Zijin, Hongye, Bailing, Qin Zinc, Chihong and so on traded in 24900 ≤ 24,960 yuan / ton, 1 # Zijin, Chihong, Hongye, etc., traded 24850 ≤ 24900 yuan / ton. Shanghai 0 # zinc mainstream transactions in 24880 ≤ 24,960 yuan / ton, 0 # ordinary brand to Shanghai zinc 1805 contract discount 20-Pingshui about, 0 # Shuangyan to May Pingshui-rise about 10 yuan / ton. 1 # mainstream transactions in 24830 ≤ 24,900 yuan / ton. Refinery shipment is not very active, zinc prices are relatively high to stabilize the operation, traders early market inertia to negotiate long orders within the day, the market quotation is more disordered, the trading atmosphere is better; Early and late traders to bulk trading, quotation is more unified, while downstream to maintain rigid procurement, general transactions, market quotation fine-tuning. Today, Guangdong 0 # zinc mainstream transactions in 24800 ≤ 24,870 yuan / ton, Guangdong City than the Shanghai market around 100 yuan / ton, basically flat compared with yesterday. To Shanghai zinc 1805 contract discount 100 ≤ 80 yuan / ton, the discount continues to be flat compared with yesterday. Shanghai zinc 1805 contract stabilized, the center of gravity around 24940 yuan / ton around consolidation operation. Today, refinery shipments are normal, traders are mainly shipping, downstream to maintain rigid demand, Guangdong consumption has warmed, the volume of transactions has increased, the overall transaction of the market has not changed much compared with yesterday. 0# Kirin, Cishan, Tiefeng, Danxia mainstream transactions in 24800 ≤ 24,870 yuan / ton.

Tin: today Shanghai tin mainstream transaction 140700 ≤ 142,000 yuan / ton, the transaction atmosphere is general. With the Shanghai period tin disk further weakened, the current price difference continues to narrow, today Yunxi mainstream water 600 million 700 yuan / ton, ordinary cloud word discount 100 yuan / ton, small brand water 400 yuan / ton. Smelters because of the tight price of tin ore and generally cherish the sale of high prices, the spot market circulation spot is not abundant, the supply of low-cost goods is limited.

Nickel: Russian nickel than Wuxi main 1804 contract discount about 200 yuan / ton, Jinchuan nickel water rise 400 yuan / ton, today Jinchuan company electrolytic nickel (plate) Shanghai quotation 97200 yuan / ton. Nickel prices fluctuate operation, the market supply is sufficient, traders quote actively, but the actual transaction in the market is general, most of them are on-demand procurement. In the morning, the mainstream trading range was 96200 ≤ 97200 yuan / ton.