SMM10, March 24: the non-ferrous metals market rose and fell each other today, as of the end of the day, Shanghai copper rose 0.68%, Shanghai aluminum rose 0.29%, Shanghai Zinc Ping, Shanghai lead fell 0.54%, Shanghai nickel rose 3.38%, Shanghai tin fell 0.31%.
Among them, the copper side, the recent violence in the Chilean capital Santiago showed signs of easing. Chilean President issued a televised speech on the 22nd public apology, and announced a series of rectification measures, copper mine workers union (FTC) agreed to end the strike. The violence spread from Santiago to Chile, with major cities in the north also involved, so the Chilean government extended the state of emergency to cities in the north and south. Since most of Chile's mines are located in the north, the mining industry has also spoken out in support of the protest. "violence in Chile tends to ease the impact of copper production in the mining industry has yet to be assessed
Zinc, today SMM organized the "China zinc oxide industry chain 2019" ingenuity brand "selection" activities to select and commend the enterprises on the national zinc oxide industry chain. After months of selection, the winning list of "ingenuity brand" was finally announced at the 2019 (Seventh) China Zinc oxide Industry chain Trading Summit. Ma Qiong, executive director of SMM, commended the winning enterprises on the spot. "[good News] 2019 list of winners of" ingenuity Brand "in China's Zinc oxide Industry
Nickel, Guoxin Futures said Shanghai zinc shock consolidation. At the end of October, spot demand gradually weakened, but inventory is still at a low level to support zinc prices, pay attention to the macro impact of metals in the future. PMI data from Europe and the US will be released tonight, and the ECB will announce its interest rate decision in the evening, which will be the last press conference before Mr Draghi leaves office, advising watch out for macro black swans.
Black, iron ore up 0.96%, thread down 0.15%, hot coil up 1.05%, stainless steel up 0.33%, coke up 0.99%, coking coal up 0.44%. Futures Daily said that for the medium and heavy plate market, since entering the fourth quarter, the market has been in a state of tepid and tepid, downstream demand is limited, the pattern of supply exceeding demand continues to be highlighted, social inventory of medium and heavy plate continues to increase slowly, and market prices continue to weaken and decline. In addition, with the increase of the expected downward probability of iron ore prices, it is expected that the market price of medium and thick plates in the fourth quarter will also maintain a weak trend of oscillation. In addition, Macquarie said that (Macquarie), over the past month, Chinese steelmakers have increased inventories of raw materials, including iron ore, supporting prices, but the cycle appears to be weakening. "at the moment, steelmakers are expected to reduce short-term purchases, in part because of growing negative sentiment about the outlook for steel and iron ore," Macquarie said. "
Crude oil rose 0.83% in the previous period. EIA said U. S. crude oil inventories fell unexpectedly last week as refineries increased production. The news spurred a jump in crude oil on two major indicators on Wednesday. "official US crude oil and gasoline stocks fell unexpectedly, supporting oil prices overnight," said JeffreyHalley, a market analyst at OANDA. But he also pointed out that the rise in oil prices is expected to be limited and short-lived at a time when global oil supplies are still rising. Some market participants said the EIA data showed a decline in US oil stocks indicating that they were supported by demand. Us gasoline inventories fell 3.1 million barrels in the week of October 18, below the 2.3 million barrels expected by survey analysts, according to EIA data.
As of 16:30, the new US dollar denominated small metals contracts on the HKEx are as follows:
Brief comment of SMM analyst on October 24th
Copper: today, the Shanghai copper main contract 1912 opened in the morning at 47400 yuan / ton, after the opening shock downward, the center of gravity remained stable around 47380 yuan / ton, the center of gravity continued to decline slightly 20 yuan to 47360 yuan / ton in the second quarter of trading, the afternoon surface continued the downward trend of the center of gravity to 47320 yuan / ton, the end of the day closed at 47360 yuan / ton, up 320 yuan / ton, up 0.68%. Shanghai copper main contract 1912 position increased by 2382 hands to 227000 hands, trading volume increased by 96000 hands to 205000 hands. Shanghai Copper 2001 and 2002 contract positions increased by 6460 hands to 171000 hands. Shanghai copper index positions increased by 2410 hands to 543000 hands, trading volume increased by 139000 hands to 355000 hands. The main reason for today's slight decline is still the news of the strike at the end of the overnight crude oil inventory reduction and superposition has been temporarily digested by the market, coupled with the current macro still no signs of improvement, copper prices stand high and weak, the center of gravity has moved down slightly. At present, Shanghai copper closing Yangzhu, has stood firmly above the EMA. There is a flood of European economic data released today that will guide copper prices. In the evening, test whether Shanghai copper can continue to stand at the level of 47300 yuan / ton.
Aluminum: the Shanghai aluminum main company 1912 contract opened at 13815 yuan / ton in the morning, the first trading stage remained at 13835 yuan / ton first line hovering, the second trading stage part of the long reduced positions left the market, aluminum prices fell back, fell all the moving average hit 13800 yuan / ton intraday low point, because the gate still has a certain support level, tail low rebounded, closed at 13825 yuan / ton, up 40 yuan / ton, up 0.29%, trading volume increased 41996 hands to 102000 hands, the end of the day low level, closed at 13825 yuan / ton, up 40 yuan / ton, up 0.29%, trading volume increased 41996 hands to 102000 hands. Position reduced by 858 hands to 237000 hands, closed in the small yang line, recorded three Lianyang, daily MACD green line shortened. Shanghai aluminum within the day to maintain range volatility, in the inventory continued to decline, strong spot background, low short confidence is insufficient, but due to the above pressure on 20-40-60 daily average, it is expected to maintain a weak range shock in the short term, continue to pay attention to long short market changes and market trading atmosphere changes in the evening.
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