[SMM afternoon Review] there is no breakthrough in the Sino-US economic and trade consultations.

SMM, Aug. 28: the US index fluctuated slightly in Asian trading, up 0.11 per cent as of noon. Non-ferrous plate consolidation, Shanghai copper fell 0.43%, spot import copper impact is still there, coupled with the end of the month traders to strengthen the willingness to cash, rising water continues to decline; Shanghai aluminum fell 0.17%, can still wait for overseas alumina prices to rise and ferment; Shanghai zinc rose 0.35%, Shanghai lead rose 0.25%, imported zinc continued to flow in, inventory in the three places stopped falling and rising, coupled with weak downstream consumption, the spot water rose rapidly, and the subsequent upward trend of Shanghai zinc was slightly weak. Shanghai nickel fell 0.21%, and the trade war between China and the United States continued. However, low inventory or so that the external three levels, and domestic downstream 108000 points to buy goods actively; Shanghai and tin rose 0.1 per cent.

Last week, according to the website of the Ministry of Commerce, at the invitation of the US side, Wang Shouwen, vice minister of commerce of China and deputy representative of the international trade negotiations, led the Chinese delegation to Washington from 22 to 23 August to discuss the economic and trade concerns of the two sides with the US delegation led by US Deputy Secretary of the Treasury Malpas. The question was constructive, Honest communication. The two sides will maintain contact on the next step. The market interprets that no major breakthrough has been made in the Sino-US economic and trade negotiations. This has also dampened market sentiment. The US Department of Commerce said on Monday that it would impose tariffs on certain steel hub imports from China, which would receive a subsidy of 58.75 to 172.51 per cent, the US Commerce Department said on Monday.

Spot today:

Copper: today, the spot price of electrolytic copper in Shanghai is 30 yuan / ton to 90 yuan / ton, the transaction price of flat water copper is 48520 yuan / ton ~ 48640 yuan / ton, and the transaction price of copper is 48550 yuan / ton ~ 48680 yuan / ton. Shanghai copper hovered at 48500 yuan per ton, and when the copper plate was high in the early stage, the holder quoted a price of 30 to 60 yuan per ton, and the flat water copper transaction was concentrated around 30 yuan per ton. The good copper with a low price of 50 to 60 yuan per ton was favored by the market. With the decline of the disk surface, the improvement of buying interest, and the improvement of transaction activity, most of the active buyers are traders. After the low price supply is received, the holder raises the quotation to 40 yuan to 90 yuan / ton, but the transaction heat cools down, and the downstream performance stops. The wet copper is deadlocked at the level of 60 yuan / ton to 40 yuan / ton. The external strong and internal weak pattern makes the ratio decline this week, the short-term import copper into the market will decline, the proportion of good copper is low, so it attracts some traders to take the initiative to receive goods at a low price, and pay attention to the spot rise and paste water change range guided by the recent ratio change.

Aluminum: aluminum is suppressed first and then raised before noon of the month. The transaction concentration was 14640 to 14650 yuan / ton in Shanghai, 60 to 50 yuan / ton in the current month, 14640 to 14660 yuan / ton in Wuxi and 14630 to 14650 yuan / ton in Hangzhou. The holder stable shipment, some middlemen improve the strength of receiving goods, downstream enterprises only according to rigid demand procurement, the overall transaction is stable.

Today, the transaction of monthly tickets in the spot market in Guangdong is concentrated at 14780 yuan per ton, and the transaction of next monthly tickets is concentrated at 14760 yuan per ton. The price difference between Guangdong and Shanghai has narrowed to around 120 yuan per ton. Large aluminum enterprises, including Chinalco and Trafigura, receive goods in the market, and middlemen are more active. Downstream performance is average, mostly on demand, the overall transaction is OK, but not as good as the East China market, aluminum bar processing fees continue to be slightly reduced, 90mm specifications aluminum bar processing fees in 300 to 340 yuan / ton, 110/120mm specifications in 280 to 320 yuan / ton, 150/178mm specifications concentrated in 280 to 320 yuan / ton.

Shanghai 0 # zinc mainstream transaction 21710 to 21800 yuan / ton, 0 # ordinary pair 1809 contract to raise water 90 to 120 yuan / ton; Shuangyan to September reported rising water 140 to 170 yuan / ton, the volume is tight, 1 # mainstream transaction at 21640 to 21680 yuan / ton. The center of gravity of Shanghai Zinc 1809 contract moved up to 21630 yuan / ton for finishing and operation, and closed at 21675 yuan / ton in the morning market. Within days, the willingness of refineries to ship improved, and the holders actively shipped, but the demand was weak when the disk was high. In addition, the return trend of rising water restricted the operation of traders to increase discount water for profit. The market transaction was flat, while the quotation for imported zinc was on the low side. Downstream rigid demand procurement is more favored. Overall market transactions were average, with a small increase in transaction volume over yesterday.

The mainstream of 0 # zinc ingots in Tianjin market was sold at 21750 22540 yuan / ton, and the mainstream of 0 # ordinary brands was sold at 21750 21900 yuan / ton. The rising water of 1809 contract is about 170 300 yuan / ton, and the rising water in Tianjin is 120 yuan / ton less than that of yesterday. Tianjin market than Shanghai market rising water 140 yuan / ton, the price difference narrowed by about 150 yuan / ton yesterday. Refineries cherish the improvement in sales conditions, and the amount of market deflation is relatively abundant. However, the gas restriction in Tianjin has affected the operating rate of some enterprises, coupled with the rising disk, and the willingness to purchase downstream is not good. Spot quotation from the rising water 300 yuan / ton or so quickly downgraded to the rising water 200 yuan / ton, the market is mainly shipping, the transaction is very few, the whole is worse than yesterday. 0 # Zijin, Hongye, Bailing, Qin Zinc, Chihong, etc., were sold at 21750 to 21900 yuan / ton, and 1 # Zijin, Chihong, Hongye, West Mine, etc., to 21700 to 21850 yuan / ton.

Tin: this morning Shanghai tin trend remained volatile, the mainstream spot prices rose slightly to 144000 145500 yuan / ton, the trading atmosphere is general. Yunxi set of goods to 1901 contract discount of 1000 yuan / ton, ordinary cloud word discount of about 1300 yuan / ton, small brand discount 1500 to 1800 yuan / ton, the discount range is basically stable compared with yesterday.

Nickel: Russia and nickel than Wuxi main 1809 contract water 50 yuan / ton, Jinchuan nickel than Wuxi main 1809 contract water 2600 yuan / ton. The ex-factory price of Jinchuan Company today is 111000 yuan / ton. As a result of the inflow of Russian nickel into the country last week about 8000 tons, the supply of goods is sufficient, so Russian nickel water is narrower. Jinchuan nickel supply is very scarce, most traders do not have Jinchuan goods, rising water expansion. In terms of transaction, Jinchuan nickel downstream is more active, but the source of goods is less. Russian nickel is not as good as yesterday. The mainstream transaction is 108300 to 111050 yuan / ton.