SMM7 31-month news: this morning, the non-ferrous metals market mixed, Shanghai lead fell from high, down 0.9%, to 16570, mainly affected by the LME lead inventory increased by 10, 000 tons. By midday, Shanghai nickel was up 1.13% at 113710, while Shanghai aluminum was flat and Shanghai copper was down 0.66%. In the black system, iron ore rose by 2.75% again, mainly affected by Tangshan environmental protection and production restriction policy.
Shanghai lead has been following the trend of Lun lead recently, but fell back yesterday after a sharp rise. The SMM lead analysis team believes that since July, LME lead stocks have fallen one after another and brushed the lowest level in the last decade, while the amount of lead positions in the market has continued to rise, and the characteristics of soft positions have gradually been reflected, pushing up lead stocks to $2117 a tonne at one point. On July 30, LME lead stocks rose sharply today by 11850 tons to 67325 tons, breaking the logic of de-inventory in this round of speculation, leading to a sharp fall in lead prices. For more information, please see "[SMM interpretation] the impact of one month's maintenance production in the lead smelter of Korea Zinc Industry Co., Ltd.
As for zinc in Shanghai, a zinc smelter was asked by the government to limit production yesterday (see [SMM News] affected by environmental inspection), boosting zinc prices, but the bullish mood did not continue, zinc prices returned to weakness. At present, zinc consumption is seasonally weak, but we should be alert to the risk of rebound after a sharp fall in prices.
Shanghai copper concussion in a narrow range, waiting for further news of the Sino-US trade talks, while focusing on this week's Fed interest rate decision and non-agricultural data.
In the black system, the iron ore 2001 contract rose 2.75 percent to 785 yuan per ton. Driven by the news surface of the Tangshan proposal to limit production, the mine is strong and weak. Iron ore, buoyed by demand expectations, traded well; shipments from Australia and Brazil recovered slowly, but again and again. Finished timber end, because the later production is expected to be weak, but after the price is lower, the transaction is better, because the terminal has not been replenished for a long time, the low price goods are more attractive. Thread optimistic about the recovery of demand after the off-season, rush demand and cost-driven good prices.
Crude oil rose 1.77 percent to 448.6 yuan per barrel, supported by API crude oil inventory data, which will be released at 22:30 Beijing time in the evening. Early API data showed that US crude oil stocks fell 6.024 million barrels to 443 million barrels last week, with the market expected to drop 1.818 million barrels, gasoline stocks fell 3.135 million barrels, heating oil stocks fell 890000 barrels, full-caliber stocks fell more than expected, and US crude oil imports rose 58000 barrels per day to 6.6 million barrels per day last week.
Today's spot
Copper: SMM 1 # electrolytic copper 46800 yuan / ton, the average price is 46840 yuan / ton, down 465.00 yuan / ton from yesterday; SMM 1 # electrolytic copper spot price rose 10 to 70 yuan / ton, the average price is 40 yuan / ton, up 5 yuan / ton from yesterday. Wet copper 46770 46810 yuan / ton, the average price 46790 yuan / ton, down 465.00 yuan / ton compared with yesterday; wet copper spot discount-20 yuan / ton, the average price-10 yuan / ton, up 5.00 yuan / ton from yesterday.
Aluminum: SMM A00 aluminum 13890 to 13930 yuan / ton, the average price is 13910 yuan / ton, up 10 yuan / ton from yesterday, nearly 5 days average price is 13890.00 yuan / ton, nearly January average price is 13804.35 yuan / ton. SMM A00 aluminum (Foshan) 13890 to 13930 yuan / ton, the average price is 13910 yuan / ton, up 10 yuan / ton from yesterday, nearly 5 days average price is 13893.33 yuan / ton, nearly January average price is 13817.39 yuan / ton.
Lead: SMM1# electrolytic lead 16400 to 16550 yuan / ton, the average price is 16475 yuan / ton, down 150.00 yuan / ton compared with yesterday, the average price is 16575.00 yuan / ton for nearly 5 days, and the average price is 16234.78 yuan / ton in January. Recycled refined lead 16200 to 16350 yuan / ton, the average price is 16275 yuan / ton, down 150.00 yuan / ton compared with yesterday, the average price is 16375.00 yuan / ton for nearly 5 days, and the average price is 16069.57 yuan / ton in January.
Guangdong market Nanhua lead 16525 yuan / ton, the average price of SMM1# lead water 50 yuan / ton quotation; gold price 16405 yuan / ton, 1908 contract discount 80 yuan / ton; sands 16455 yuan / ton, 1909 contract discount 100 yuan / ton; lead price shock is weak, holders actively ship, downstream on demand procurement, market transactions are general. Henan Yuguang and other smelters to long single transaction; Wanyang, Jinli 16375 to 16425 yuan / ton, SMM1# lead discount 50 yuan / ton to discount 100 yuan / ton quotation; lead price shock fell back, storage enterprises meet low demand replenishment, the market transaction is general. Other areas such as: Hunan Shuikoushan 16475 yuan / ton, the average price of SMM1# lead flat water quotation (source of goods for traders); Hunan Jingui 16375 yuan / ton, the average price of SMM1# lead discount 16375 yuan / ton; Yunnan small factories quoted 16125 yuan / ton, the average price of SMM1# lead discount 350 yuan / ton; the holder actively ships, the terminal consumption has not seen the obvious improvement, the market trading mood is general.
Zinc: SMM1# zinc 19400 to 19500 yuan / ton, average price 19450 yuan / ton; SMM0# zinc 1970 to 19570 yuan / ton, average price 19520 yuan / ton. Guangdong 1 # zinc 19290 1990 yuan / ton, the average price is 19340 yuan / ton. Guangdong 0 # zinc 1950 1950 yuan / ton, the average price is 19400 yuan / ton.
Nickel: SMM 1 # electrolytic nickel 111700 to 113700 yuan / ton, with an average price of 112700 yuan / ton, down 100.00 yuan / ton from the previous working day. Jinchuan nickel 113500 to 113700 yuan / ton, the average price is 113600 yuan / ton, down 125.00 yuan / ton compared with the previous working day.
Tin: Shanghai tin main 1909 contract this morning showed an overall trend of suppression and then rise, the latest price is 134220 yuan / ton. In the spot market, the mainstream trading price was 134100 135000 yuan / ton this morning. With the rise of tin price in Shanghai, the mainstream trading price changed to 134500135500 yuan / ton in the morning. Today is the last trading day in July, the overall trading atmosphere in the Shanghai-tin spot market is light. Set Yunxi rising water 1200 yuan / ton, ordinary cloud character rising water 600 to 700 yuan / ton, small brand rising water 300 to 400 yuan / ton.
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