[SMM Daily Review] the whole line of non-ferrous metal red, fat, green, thin and black rose. Crude oil plummeted more than 2% in the previous period.

SMM11 20: today's non-ferrous metal red fat green thin, by the end of the day, Shanghai copper rose 0.41%, Shanghai aluminum rose 0.22%, Shanghai zinc rose 0.44%, Shanghai lead fell 0.25%, Shanghai nickel fell 2.22%, Shanghai tin rose 0.27%.

Zinc, Guoxin Futures analysts said Shanghai zinc shock rebound today. Chinese zinc concentrate imports were 250000 tonnes in October and 295000 tonnes in September, down 15 per cent from a month earlier and up 21 per cent from a year earlier, according to Chinese customs data. Imports of zinc concentrate from January to October were 2.508 million tons, compared with 2.419 million tons in the same period last year. The latest data released by ILZSG shows that the supply gap in the global zinc market narrowed to 21400 tons in September, but it is still in a state of shortage, while domestic and foreign inventories remain low to support zinc prices, and the downstream is expected to pick up as infrastructure expectations pick up. In the future, if there is no significant negative zinc prices to maintain shock rebound ideas.

On the nickel front, Anglo American, an Anglo-American resources group, reported that nickel production fell 2 per cent in the third quarter of 2019 from a year earlier, while manganese ore production rose 3 per cent. Nickel production fell 2 per cent to 11300 tonnes in the third quarter of 2019 from a year earlier. The annual production guidance remained unchanged at 42, 000-44, 000 tons. According to Chinese customs data, China's nickel and iron imports totaled 168800 tons in October, up 85.83 percent from the same period last year, and China's nickel mine imports in October totaled 6.8537 million tons, up 23.11 percent from the same period last year, of which 3.1063 million tons were imported from Indonesia, an increase of 25.37 percent over the previous month and 132.18 percent from the same period last year. However, it should be noted that after Indonesia's exports hit a record in October, all exports have been suspended for half a month in November because of port inspection, and exports have fallen that month. Under the expectation that consumption is still pessimistic in the short term, if there is no significant positive in the future, it will maintain a weak train of thought, but pay attention to the low support of inventories.

On the copper side, Xtract Resources recently confirmed that, after field visits, it has confirmed the existence of some of the separated copper deposits retained from previous mining activities at the Eureka copper gold deposit in Zambia. These sorted copper ores will have further processing. It had been mined for a short period of time by the results of the ongoing workers' strike and the second phase of the Eureka??West project. The Kalengwa concentrator has large ore stocks, the company said.

Black, iron ore up 0.16%, thread up 2.4%, hot coil up 1.23%, stainless steel up 0.24%, coke up 1.68%, coking coal up 1.4%. Black system continued to rise today, double coke due to yesterday Pingyao Ermu ditch coal mine accident and today morning Jiaxiang County Liangbao Temple coal mine in Jining City, under the influence of another sharp rise today. The issue of production safety may return to the focus again, and the supply side may adapt to production adjustments. In addition, the real estate better than expected and steel mill profits rose, thread hot coil continues to soar, but also led to the rise of iron ore. As far as iron ore is concerned, although the supply is expected to increase in the later stage, but with the domestic steel mills replenish the storage during the Spring Festival, the later stage of iron ore is still easy to rise.

Crude oil fell 2.08% in the previous period. Three sources said Russia was unlikely to agree to further cuts in crude oil production at a meeting with other oil-producing countries next month, but was likely to work to extend the production restriction agreement currently being implemented in support of Saudi Arabia. The Organization of the Petroleum Exporting countries (OPEC) will meet at its headquarters in Vienna on 5 December, followed by talks with a number of other crude oil exporters, including Russia. Also on Dec. 5, Saudi Arabia will announce the pricing of its energy giant Saudi Aramco's initial public offering of (IPO), which Saudi Arabia hopes will be the largest in the world. At present, oil prices may be a key factor in determining the pricing of the IPO.

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

Today's capital flow

In terms of capital flows, today's commodity market funds are dominated by inflows. Oil and chemical industry have become the focus of investment, in which rubber, palm oil outstanding performance, respectively, 530 million and 315 million funds. But the non-ferrous plate was sold off, Shanghai nickel bear the brunt, outflowing 328 million yuan. On stock index futures, the three major varieties lost a total of more than 2 billion funds during the day.

Brief comment of SMM analyst on November 20

Copper: today, the Shanghai copper main contract 2001 opened in the morning at 47190 yuan / ton, after the opening of the center of gravity basically around the daily average line above the operation, and in the vicinity of 47160 yuan / ton shock finishing, until the end of the afternoon; the afternoon market trend is slightly weak, briefly stabilized at 47150 yuan / ton after the opening, and then some of the long profit-taking left one after another, the end of the day fell and closed at 190 yuan / ton, up 0.41%. Shanghai copper main contract reduction of 1936 hands to 213000 hands; trading volume increased by 48000 hands to 144000 hands; Shanghai copper index positions decreased 4094 hands to 539000 hands; trading volume increased by 70 000 hands to 253000 hands. During the day, Shanghai copper operated above the 47000 level as a whole, at a relative high in recent days, mainly due to the central bank once again cut one-year and five-year LPR interest rates, cutting 5 basis points one after another, indicating the central bank's determination to strengthen counter-cyclical regulation and control. Shanghai copper received a good signal to guide the day as a whole hovering around the 47100 pass. At present, Shanghai copper closing Yang, MACD green column has been shortened, KDJ index to form a golden fork is good, pay attention to the outer market trend at night, test whether Shanghai copper can continue to stabilize 47000 yuan / ton level.

Lead: within the day, the Shanghai lead 2001 contract opened at 15650 yuan / ton. Shanghai lead basically fluctuated around the daily average line throughout the day, and the amplitude was about 55 yuan / ton. Finally, it closed at 15655 yuan / ton, down 40 yuan / ton, down 0.25%, and the position increased by 194 hands to 72356 hands. The Shanghai lead newspaper lengthened the upper 5-day moving average line, and the pressure on the upper 5-day moving average line was relatively large, but the high price of recycled refined lead smelting raw materials was highly supported, and the space for Shanghai lead to continue to fall was limited. At the same time, the operating rate of downstream battery enterprises is difficult to have a bright performance, and during the period when the domestic economy continues to bear pressure, the intensity of environmental protection supervision is difficult to match that of last year, so the upward driving force of Shanghai lead is also insufficient. Shanghai lead or pressure shock is expected in the near future.

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