Today's news: the Brexit agreement may be reached by October 31 * Chinese importers are looking for more overseas iron ore supplies

Published: Oct 11, 2019 09:14

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Macro information

Britain proposes to sign a "scaled-down" free trade agreement to end the Brexit impasse

Irish Prime Minister: Brexit Agreement may be reached by October 31

Minutes of the ECB meeting: policymakers are widely divided on stimulus measures

Li Keqiang: using Government legislation to provide Institutional guarantee for Investment and Development of all kinds of Market subjects

Metal news

[SMM analysis] Skorpion will shut down zinc smelter for six months to affect production or more than 40, 000 tons

Explore the secrets of [SMM analysis]! Analysis on the possibility of sudden decline of Nickel inventory

Collapse of viaduct near Dongfang stainless Steel Market in Wuxi is expected to be affected tomorrow

Zambian copper mine is reported to have attracted interest from Chinese buyers for up to $1 billion

Chief Executive Officer of FMG: Chinese importers are looking for more overseas sources of iron ore supply

India is expected to become a net importer of iron ore in the next fiscal year

China Iron and Steel [China Iron and Steel] Daye Special Steel's net profit increased in the first three quarters and changed its name to "CITIC Special Steel" from today.

World Gold Council: central Bank Gold demand is unstoppable in August

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[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain in the doldrums. Demand side, as it is currently month-end, most downstream enterprises have basically completed their monthly procurement plans, with limited new purchasing demand remaining, and the rest mainly focused on picking up goods under long-term contracts. Therefore, there were fewer inquiries during the day and transactions were sluggish. However, on Wednesday this week, as a new monthly procurement cycle begins, coupled with stockpiling demand ahead of the Qingming Festival, downstream buyers with cargo are expected to see some increase in purchasing demand, which may provide temporary support to spot premiums at that time. Supply side, imported cargoes have continued to arrive recently, and the destocking speed of social inventory in Shanghai has slowed down, with overall circulating supply remaining relatively ample, putting some pressure on the room for discount recovery. Overall, spot prices against the SHFE copper 2604 contract are expected to remain at current levels tomorrow, and after mid-week, attention should be paid to whether increased downstream purchasing can drive a slight narrowing of discounts.

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