[SMM Daily Review] Nonferrous iron ore shows a sharp rise in crude oil.

Published: Jun 13, 2019 16:08

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SMM6 13: by the end of the day, nonferrous metal rose 2.13%, Shanghai tin rose 0.19%, Shanghai copper fell 0.92%, Shanghai lead fell 0.46%, Shanghai zinc fell 0.29%, Shanghai aluminum fell 0.14%. Black iron ore continued to rise 1.56%, the rest closed down, coking coal fell more than 1%, coke fell 0.46%, thread fell 0.34%, hot roll fell 0.22%.

Chilean copper Chuquicamata copper workers rejected the company's latest agreement, failed pay negotiations and will go on strike at 5: 00 local time on Friday. The mine produced 321000 tons of copper in 2018. The strike will deepen the current trend of global mine shortage, TC downlink is difficult to improve, according to SMM, some domestic smelters due to the continuous decline in TC and sulfuric acid prices, production profits shrank seriously. June 13, SMM statistics of domestic electrolytic aluminum social inventory (including SHFE warehouse receipt): 217000 tons in Shanghai, 392000 tons in Wuxi, 75000 tons in Hangzhou, 99000 tons in Gongyi, 251000 tons in the South China Sea, 53000 tons in Tianjin, 8000 tons in Linyi, 23000 tons in Chongqing, the total inventory of aluminum ingots in consumer places totaled 1.118 million tons, a decrease of 30000 tons compared with last Thursday.

Foreign media sources said that on June 13, local time in Iran, two large oil tankers were attacked in the Sea of Oman. Iran's Al-Alam News Channel quoted local sources in Oman as saying there were two explosions in the Sea of Oman on Thursday morning. Sources said the two explosions were caused by attacks on oil tankers. The report added that a number of Pakistani sources also said that the oil tankers that had been attacked had sent distress calls to coastal countries. Although Iranian media claimed that oil tankers had been attacked and exploded in the region, no evidence had been provided. Driven by this news, crude oil quickly pulled up, for sea freight prices are expected to rise, iron ore near the end of the day.

Crude oil rose sharply in the afternoon, from falling to rising, and finally closed with a slight rise, and the outbreak of the tanker incident supported the rapid rise in oil prices.

SMM analyst's brief comment on June 13:

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