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[SMM midday review] non-ferrous metals fell slightly in Shanghai, copper rose slightly, black series floating green crude oil fell nearly 1%.
Oct 22,2019 12:00CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, Oct. 22, this morning, the non-ferrous metals market generally fell, as of noon, Shanghai copper rose 0.06%, Shanghai nickel fell 1.29%, the rest fell slightly. This morning, at a news conference, the Ministry of Industry and Information Technology said that it would unswervingly expand opening up, treat the issue of Sino-US trade frictions with an open mind and inclusive mind, do not carry out construction behind closed doors, and do not blindly emphasize "independent control." it will not decouple from the development of international industries, unswervingly raise the level of opening up to the outside world, further open up telecommunications, the Internet, automobiles, and other fields to foreign capital, and continue to improve the level of intellectual property protection. Create a good business environment.

Among them, aluminum, the International Aluminum Association (IAI) released data on Monday, the global production of primary aluminum fell to 5.163 million tons in September, from a revised 5.329 million tons in August. Global production of primary aluminium, excluding China, was 2.135 million tonnes in September, down 70,000 tonnes from August and 6000 tonnes from the same period last year. China's primary aluminium production fell to 2.878 million tonnes in September from a revised 2.974 million tonnes in August, according to the IAI report.

On the copper side, union workers at BHP Billiton's Escondia (Escondida) copper mine will hold a one-day strike from Tuesday in support of Chilean demonstrations, the head of the intellectual union said on Monday. Violence, arson and robbery in major Chilean cities killed at least seven days over the weekend. Escondida copper ore the world's largest copper project.

Separately, LME copper futures rose to a one-month high on Monday as protests in Chile, a major producer, raised supply concerns and the prospect of easing trade tensions between China and the US boosted sentiment.

Black system, before noon, the black system as a whole in repeated shocks, by midday closing, iron ore fell before the close, down 0.16%, thread hot coil, bifocal is also a small drop. On the iron ore front, Brazilian miner Vale (Vale) said it had temporarily suspended the operation of the Itabirucu tailings dam to assess its geotechnical properties. Vale said the Itabirucu tailing dam stability certification is still valid, the shutdown is likely to last 30 days, the impact on production will be limited to about 1.2 million tons.

Crude oil fell 0.96% in the previous period. The latest international report US President Donald Trump said on the 21st that the US military will retain a small number of troops in Syria to ensure the "security" of oil fields in Syria. Trump made the remarks at a cabinet meeting on the same day. He also said that Israel and Jordan asked the United States to retain a small number of troops in another area of Syria, and did not specify the size and deployment cycle of the two troops. Apart from these two points, Trump said there is no reason for the U. S. military to remain in Syria. He repeatedly mentioned the eventual withdrawal of all U. S. troops to the country, and stressed that this is his election commitment.

As of 11:46, the new LME Metal Mini Futures quotation launched by the Hong Kong Stock Exchange shows:

Today's stock

Aluminum: aluminum in the middle of the month to maintain the interval shock. The monthly quotation in Shanghai Wuxi market is between 13920-13940 yuan / ton, the spot price is 40 yuan / ton lower than yesterday, the price difference between next month and that month is less than 20 yuan / ton, and the spot price in Hangzhou is 13930-13950 yuan / ton. As a result of the upgrading of the VAT system in Wuxi, Shanghai, which began on the 25th of the month, most traders need to settle in advance, the invoice issued that month is slightly deficient, the holder's willingness to ship is not strong, and the shipment is further converged after 11: 00. although middlemen have a strong willingness to receive goods, it is more difficult to conclude transactions, and spot prices maintain a high level of rising water. Downstream manufacturers today a small number of goods, some downstream although there is a willingness to receive goods, but in view of the above invoice problems, the holder does not ship much, the actual transaction is not much. On the whole, the overall transaction in East China today is OK, although there is a slight stalemate, but it is mainly affected by short-term financial settlement factors.

Lead: Guangdong market South China lead 16875 yuan / ton, the average price of SMM1# lead flat quotation; southern storage south 16850 yuan / ton, 1911 contract discount 60 yuan / ton; lead price shock downward, regeneration primary price difference maintained at 500-600 yuan / ton, downstream is still preferred to buy recycled refined lead, primary lead market trading has been squeezed. Henan Yuguang, Wanyang and other smelters are mainly long single transactions, Jinli 16725-16775 yuan / ton, the average price of SMM1# lead discount 100-150 yuan / ton quotation. Lead prices are weak, holders actively ship, affected by the impact of recycled lead prices, the primary market transactions are bleak. Other areas such as: Hunan Shuikoushan 16825-16845 yuan / ton, the average price of SMM1# lead discount 50 to 30 yuan / ton quotation (traders); Jiangxi copper industry 16875 yuan / ton, the average price of SMM1# lead flat quotation; Yunnan Zhenxing 16575 yuan / ton, the average price of SMM1# lead discount 300 yuan / ton. Lead price shock downward, downstream consumption is light, the overall transaction is in the doldrums.

Zinc: Guangdong zinc mainstream transaction in 18850-18910 yuan / ton, the quotation is concentrated in Shanghai zinc 1912 contract discount 30-10 yuan / ton, Guangdong market than Shanghai stock market discount maintained at 120 yuan / ton yesterday. Refinery shipments are normal, the market supply circulation is more abundant. In the morning, the monthly ticket is concentrated in the discount of 10 yuan / ton to the 12 contract, and the monthly ticket is concentrated in the discount of 20-30 yuan / ton to the 12 contract, the transaction atmosphere of the market is OK, and the trader receives the goods actively. Entering the second trading period, the market transaction is concentrated in the next month ticket to the 12 contract paste 30 yuan / ton, the trader trades positively, the downstream purchase also contributes to the certain transaction volume, the overall transaction situation is better than yesterday. Yi Qilin, Cishan, Tiefeng, Mengzi mainstream transactions in 18850-18910 yuan / ton near.

The mainstream transaction of zinc ingots in Tianjin market is 18950-20370 yuan / ton, the mainstream transaction of ordinary brands is 18950-19030 / ton, the contract for 1911 is about 80-150 yuan / ton, and the rising water in Tianjin market is narrowed from 50 yuan / ton to 10 yuan / ton. Refinery shipments are normal today. In the market, the circulation of goods has changed slightly. The quotation of high-priced brand source is concentrated in the vicinity of 130-150 yuan / ton for 11 contract, and the quotation for ordinary brand source is about 80120 yuan / ton for 11-liter water. The plate is slightly lower than yesterday, rising water is also loose, high-priced brands from the beginning of the 11 contract rose 150 yuan / ton to about 130 yuan / ton, but some of the lower reaches of Hebei or due to environmental restrictions lead to more cautious, buying intention is still weak. Overall, today's deal continues yesterday's light trend. Zi Zijin, Hongye, Bailing, Chi Hong, Xikuang, etc., were traded in the vicinity of 18950-19030 yuan / ton, while Qiao Zijin, Chi Hong and Hongye were traded in 18900-18980 yuan / ton.

Nickel: today, Russian nickel is 100 yuan higher than Shanghai nickel 1911 to 200 yuan / ton, and Jinchuan nickel is 400-500 yuan / ton higher than Shanghai nickel 1911 contract. The rising water in Jinchuan, Russia is generally lower, mainly due to the recent large price difference between Shanghai nickel and Wuxi nickel. Wuxi nickel was about 10,000 lower than Shanghai nickel on Monday, stimulating steel mills to purchase nickel beans without tin plates, and the demand for nickel plates has been significantly suppressed. Today, the nickel price opened lower, Wuxi and Shanghai nickel price difference has been repaired, but it is still more than 7000 yuan / ton, nickel bean transaction is better than nickel plate, but because the mainstream traders quoted nickel in Shanghai, the Shanghai spot market trading is very light. The ex-factory price of Jinchuan Company is 129500 yuan / ton, 1000 yuan / ton higher than yesterday.

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