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[SMM Daily Review] Shanghai tin fell 2%, non-ferrous metals fell, black series stabilized iron ore rose 0.4%.
Oct 21,2019 17:01CST
The content below was translated by Tencent automatically for reference.

SMM10, March 21: today's non-ferrous metals market red and green, by the end of the day, Shanghai copper rose 0.66%, Shanghai aluminum down 0.72%, Shanghai zinc rose 0.58%, Shanghai lead fell 1.05%, Shanghai nickel fell 2.04%, Shanghai tin fell 2.00%. Recently, in order to improve environmental quality, guard against environmental risks, maintain the safety of the ecological environment, and protect human health, the Ministry of Ecological Environment has issued guidance on enhancing the environmental supervision capacity, utilization and disposal capacity, and environmental risk prevention capabilities of hazardous waste. Ministry of Environmental Protection: enhancing the capacity of Hazardous waste Environmental Supervision, Utilization and disposal and Environmental risk Prevention

Among them, the international trade futures said that the domestic economic data was not as expected, the downward pressure on the global economy was gradually evident, and the prices of industrial products as a whole were suppressed. Recently, although the inventory of Lunni has been continuously reduced, it has not been consumed downstream, and it has actually turned to recessive inventory. Nickel fundamentals performance in general, downstream consumption continues to be weak, stainless steel inventory remains high, with the decline in nickel prices, the market bearish sentiment gradually pervaded, but still need to guard against the risk of insufficient deliverables. Short-term nickel prices or shocks are weak.

In terms of lead and zinc, the Department of Raw Materials Industry of China recently released data that the output of lead and zinc smelting products maintained growth from January to September 2019, with lead and zinc production of 4.38 million tons and 4.58 million tons respectively, up 17.4 percent and 9.5 percent respectively from the same period last year. From January to August, the lead and zinc industry made a profit of 10.73 billion yuan, down 19.8 percent from the same period last year. From the main consumption areas in the lower reaches of lead and zinc, the output of lead-acid batteries increased by 4.5 per cent year on year when the output of lead-acid batteries was 129 million KVA, and the output of coated plates increased by 6.2 per cent over the same period last year.

Stainless steel, Guoxin Futures said that the recent rise in nickel and iron prices and the national strike freight overload and other phenomena led to freight rises, stainless steel storage cost support, in the current futures price has lost money, the future or feedback to the production end ushered in a reduction in production, when stainless steel prices are expected to rebound.

In the black series, iron ore rose 0.41%, thread fell 0.09%, hot coil fell 0.03%, coke fell 1.47%, coking coal rose 0.37%. In terms of iron ore, Green Dahua Futures said that from the perspective of inventory change trend, if there are no more accidents in mines in the fourth quarter, resulting in uncertainty on the supply side, then mine supply will increase steadily. At the same time, iron and steel enterprises in the lower reaches of the fourth quarter will be affected by environmental restrictions, and blast furnaces will stop production, affecting iron ore demand. on the whole, as soon as iron ore supply and demand increases and decreases in the fourth quarter, port inventories may continue to accumulate. The total inventory will exceed 130 million tons. From the relationship between iron ore supply and demand, if the black swan incident no longer occurs in mines, the supply side is slowly recovering, and the supply in the second half is obviously higher than that in the first half of the year.

Crude oil rose 0.27 per cent to 446.1 yuan a barrel. Saudi Arabian National Petroleum Corporation (Saudi Aramco) has reportedly delayed its initial public offering ((IPO)), a deal that is expected to become the world's largest IPO. Saudi Aramco said in a statement that it would continue to engage with shareholders on IPO preparations and that the timing would depend on market conditions and shareholder decisions. The company is now considering postponing IPO to December or January, according to a source.

As of 16:35, the new US dollar denominated small metals contracts on the HKEx are as follows:

Today's capital flow

Agricultural products are booming, with eggs rising by 251 million, while soybean meal, which is up nearly 3 per cent, is favored by more than 600m. Black in addition to glass fluctuations are limited, temporarily stabilized iron ore is not loved by funds, the loss of more than 500 million funds.

Brief Review of SMM analyst on Oct. 21

Copper: today the Shanghai copper main contract 1912 opened at 47070 yuan / ton, then slightly pulled up, until the lunch break an hour before pulling up to the day's highest level of 47180 yuan / ton, after due to lack of market confidence, high difficult to stand firm, and then weak all the way down until the end of the day, closed at 47020 yuan / ton, up 310 yuan / ton, up 0.66%. The main contract of Shanghai Copper today reduced its position by 12000 hands to 224000 hands, trading volume increased by 51000 hands to 172000 hands, Shanghai copper index position decreased by 24000 hands to 584000 hands, trading volume increased by 85000 hands to 316000 hands. Today, the trend of the market first raised and then suppressed, due to the recent weak economic data in the United States and the recent rise in the foreign exchange of the euro, the US index continued to maintain a low level of 97.3, and the center of gravity of Shanghai copper rebounded to the 47000 level to maintain stability. However, the global macroeconomic weakness is difficult to change, alert to the risk of falling back after the short-term surge in copper prices. At present, Shanghai copper MACD continues to close the green pillar, waiting for the outer plate guidance at night to test whether Shanghai copper can continue to stand at the 47000 yuan / ton level.

Tin: the Shanghai tin main force 2001 contract was affected by the sharp drop in Lunxi on Friday night by 139500 yuan / ton short jump low open, then the bulls left Shanghai tin fell to a night low of 138100 yuan / ton after a small recovery, and maintained at 138500 yuan / ton near the low consolidation. After the opening of 138570 yuan / ton in early trading today, the bulls left the market again. Shanghai tin fell to a daily low of 137030 yuan / ton, and finally rose to 137980 yuan / ton, down 2550 yuan / ton, or 1.81%. The trading volume was 45534 hands, the position was 40212 hands, and the number was reduced by 2754 hands. Today, Shanghai tin is generally under pressure below the daily moving average, affected by the long departure of the position has been greatly reduced, it is expected that the support below the Shanghai tin moving average is located at 137000 yuan / ton on the 20th.

Nickel: Shanghai Nickel 1912 opened at 127850 yuan / ton today, fell in a straight line after the opening, fell below the 128000 yuan / ton mark, fell to 126800 yuan / ton after a brief concussion, and fell again to 125330 yuan / ton. subsequently, the overall pressure on Shanghai nickel was 126000 yuan / ton, a narrow shock, and closed slightly higher at 126390 yuan / ton in late trading, down 2630 yuan / ton, or 2.0%, from the settlement price of the previous trading day. Trading volume decreased by 188000 hands to 1.061 million hands, position increased by 13000 hands to 375000 hands. The Shanghai Nickel 1912 contract closed at the Zhongyin column today and has fallen below the 60-day moving average support, focusing on whether Shanghai Nickel can hold on to the first line of 125000 yuan / ton in the evening.

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