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[SMM midday review] Shanghai nickel rose 0.96%, non-ferrous iron ore rose 0.48%, black series was stable as a whole.
Oct 25,2019 11:53CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, Oct. 24, this morning non-ferrous metals market mixed, including midday Shanghai closed down 0.08%, Shanghai nickel rose 0.96%, Shanghai lead, Shanghai tin rose slightly.

Among them, the copper side, or today's strike continues to ferment. Chile's copper mining company said the national unrest had little impact on production, but continued to affect operations as problems with port facilities, public transport and supply chains persisted. In addition, the Philippine mining regulator recommended that the suspension of environmental permits for the Tampakan copper and gold project be lifted for up to three years, although other problems facing the project would still hinder its development.

On aluminum, the report on the Evaluation of Aluminum used in China's Automobile Industry (2016-2030) was released recently. The report presents the results of a comprehensive assessment of the amount of aluminum used in China's automotive industry, including passenger vehicles, commercial vehicles (buses and trucks), special vehicles, two-wheeled vehicles and tricycles. The report argues that between now and 2030, China's auto industry is likely to undergo a huge shift from fuel-fueled vehicles to new energy vehicles. Aluminum, the first material for Chinese carmakers to reduce vehicle weight, has made good use of the shift. While the outlook for the number of fuel vehicles remains unchanged, weight loss measures are likely to boost consumption by increasing the unit use of aluminium in vehicle manufacturing.

In terms of zinc, McArthur River of Australia, Centuray Tailings of Australia and Lady Loretta of Australia, as well as mines owned by Glencore and HZL, contributed mainly in 2019. Overseas production capacity is expected to increase by 105 to 1.15 million metal tons in 2019. Global zinc concentrate production from January to April 2019 was 4.188 million metal tons, up 1.5 per cent from a year earlier, according to the lead and zinc group. More new expansion will still be put into production in 2020, and SMM expects overseas mines to increase production capacity by 85-1 million metal tons in 2020. "[live broadcast] Analysis of supply, demand, TC and Zinc Price trend of SMM: Zinc Mine

On the black side, (Vale), a Brazilian miner, reported quarterly revenue growth of 15 per cent on Thursday, but fell short of analysts' expectations and reiterated its focus on dismantling dangerous tailings dams. A tailings dam accident caused a large number of casualties earlier this year. Vale says two such dams will be dismantled next year and the other in 2022.

Crude oil rose 1.32% in the previous period. The latest news said Luke (Lukoil), a Russian oil company, said on Thursday that (NNPC), the Nigerian state oil company, had signed a memorandum of understanding with it to cooperate in oil production, trading and refining. The memorandum of understanding was signed in Sochi, Russia, by Mele??Kyari, director of the Nigerian National Oil Company. The first summit between Russia and African countries ended in Sochi, Russia, on the 24th.

As of 11:30, the new LME Metal Mini Futures quotation launched by the Hong Kong Stock Exchange shows:

Today's stock

Zinc: the mainstream transaction of zinc ingots in Tianjin market was 18740-20100 yuan / ton, the mainstream transaction of ordinary brands was 18740-18880 / ton, the 1911 contract rose 60-120 yuan / ton, and the rising water in Tianjin market increased slightly from 30 yuan / ton to 50 yuan / ton. Refinery shipments are normal today. In the market, the circulation of goods tends to be loose. The quotation of the source of high-priced brand is concentrated in the vicinity of 100-120 yuan / ton for 11 contract, and the quotation for the source of ordinary brand is about 6090 yuan / ton for 11-liter water. Although the northern region of environmental protection production restrictions affect some of the downstream purchasing demand, but today the center of gravity of the disk is obvious, the shippers are more willing to ship, the rising water is also loose, superimposed on the northern haze dissipated high speed to return to normal, downstream bargain mining and buying contribution must be traded. On the whole, today's deal is better than yesterday's. Zi Zijin, Hongye, Bailing, Chi Hong, Xikuang, etc., were traded near 18740-18880 yuan / ton, and Zi Zijin, Chi Hong and Hongye were traded at 18690-18830 yuan / ton.

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