[SMM Daily Review] Nonferrous Metals Green thin Red Fertilizer Black system pulled up Iron Ore by more than 2 per cent in the afternoon and crude oil rose more than 1.3 per cent in the previous period.

SMM10, March 25: today's non-ferrous metals market green thin red fertilizer, by the end of the day, Shanghai copper rose 0.17%, Shanghai aluminum fell 0.07%, Shanghai zinc fell 0.95%, Shanghai lead rose 0.54%, Shanghai nickel rose 1.13%, Shanghai tin rose 0.18%.

On the copper side, Glencore (Glencore) said on Friday that its copper production fell 3.8 per cent in the third quarter as it prepares to close its Mutada (Mutanda) business in Congo, while cobalt production rose 11 per cent. In an effort to reverse the difficulties facing volatile African countries, the global commodities trader and mining company closed its Mutada operations and strengthened its operations at the Katanga cobalt mine at the end of the year. The company said its third asset in Africa, the (Mopani) smelter in Mopani, Zambia, would go into production in December or January.

In terms of lead, the latest SMM survey shows that the operating rate of Anhui recycled lead licensed smelter is 40.0%, all the same as that of last week, while the operating rate of Jiangsu recycled lead licensed smelter is 66.7%, up 8.4% from last week, mainly due to the increase of production in the Spring Festival and the increase of weekly recycled lead contribution. The operating rate of Henan recycled lead smelter was 56.2%, up 4.4% from last week, mainly because Henan Jinli kept two waste battery dismantling lines running this week. View details "[SMM survey] regenerated refined lead discount brush in the past two years new low licensed recycled lead refinery weekly operating rate of 53.3%

Nickel, Shanghai nickel has been rising in recent days, but today's performance is relatively stable. Data released by the General Administration of Customs on Friday showed that China's nickel ore imports rose 24.6 per cent in September from the previous month, hitting the highest level since at least 2016 as China accelerated its replenishment of its stockpiles before Indonesia, the world's number one nickel producer, imposed an export ban in January 2020. Data show that China imported 7.13 million tons of nickel ore and concentrate in September. That is 24% higher than in the same period last year and the highest monthly level since January 2017.

In terms of zinc, the "2019 (Seventh) China ZnO Industry chain Trading Summit" hosted by SMM came to a successful conclusion in Shijiazhuang, Hebei Province. The meeting reviewed the market situation of the zinc oxide market this year, analyzed the current market problems, and discussed the future development opportunities and challenges of the zinc oxide industry. "[General draft of the Summit] supply and demand of the Summit on the Zinc oxide Industry chain, Technical Analysis of Trade War, interpretation of the impact of Environmental Protection

In the black series, iron ore rose 2.09%, thread 1.21%, hot coil 0.84%, stainless steel 0.60%, coke 1.24% and coking coal 0.28%. Us imports of finished steel fell 14.8 per cent in September from August, according to the latest news, as domestic manufacturers' demand for steel was weak and US tariffs on imported steel depressed foreign steel. The Bureau of Statistics and the American Iron and Steel Association reported imports of 1.5 million tons of finished steel in September, down 16 per cent since the start of the year. South Korea became the largest exporter to the United States in September, with 157000 tons, followed by Japan and Germany. Imports from China fell 44 per cent to 29000 tonnes in September from August.

Crude oil rose 1.37% in the previous period. Saudi Arabia remained China's largest supplier of crude oil in September, with imports from Iran and Venezuela sharply falling, helped by demand from new refineries and affected by US sanctions, according to the latest customs data. The attack on Saudi oil facilities on September 14th is expected to affect shipments in October. At the height of the supply disruptions, Saudi Aramco asked customers to change the grade of crude oil loaded in the second half of September and early October and to postpone the delivery of crude oil and refined oil products by a few days.

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

Today's capital flow

Precious metals and the three major fats and fats were strong on Friday. Among them, Shanghai Bank has not been favored by funds for a long time, harvesting nearly 700 million capital favorites. The falling methanol is also concerned by funds, and the amount of money absorbed is among the best. Shanghai nickel is on the strong side today, the rally has slowed, nearly 300 million funds outflow.

Brief comment of SMM analyst on Oct. 25

Copper: today, the main contract of Shanghai Copper 1912 opened at 47340 yuan / ton in the morning. After the opening, the short position increased one after another, and the center of gravity moved slightly down to 47330 yuan / ton. in the second quarter, the session continued to fall to a daily low of 46260 yuan / ton, and then the center of gravity moved up to 47300 yuan / ton until the end of noon. In the afternoon, the market was bullish, the bears reduced their positions and left one after another, and the bulls entered the market one after another. in the afternoon, the market broke through the daily average line all the way to the highest level of 47420 yuan / ton in the day, and closed at 47390 yuan / ton, up 80 yuan / ton, up 0.17%. Shanghai copper main contract 1912 position decreased by 932 hands to 224000 hands, trading volume decreased by 1312 hands to 13000 hands. The Shanghai copper index fell 2430 hands to 541000, while trading volume fell 11000 to 28000. The overall upward trend today was mainly due to the poor performance of US economic data in recent days, with most investors expecting the Federal Reserve to cut interest rates by 25 basis points next week, the dollar weakened in afternoon trading, and Shanghai Copper was boosted by a higher focus. At present, Shanghai copper in Yang, MACD continues to show a green column. Evening test Shanghai copper can continue to stabilize 47300 yuan / ton high.

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