[SMM midday review] Shanghai nickel soared 2.7%, non-ferrous metals mostly rose, iron ore closed in the dive, crude oil fell sharply in the previous period.

SMM1, June 9: most of the non-ferrous metals rose this morning. Macroscopically, data released by the Bureau of Statistics show that China's PPI fell 0.5% in December compared with the same period last year, and CPI rose 4.5% compared with the same period last year. In food, with the positive changes in pig production, the shortage of pork supply from the central and local reserves has been further alleviated, and prices have fallen by 5.6%, affecting the decline of CPI by about 0.27 percentage points. Interpretation by the National Bureau of Statistics: steady CPI growth in December 2019 PPI decline narrowed the conflict between the United States and Iraq has eased, and market risk appetite has returned. Shanghai nickel rose 2.72% in the morning, the fundamentals of the nickel market has not changed much, but the spot market in Shanghai Jinchuan nickel supply continues to be tight. Downstream stainless steel is still weak, wait and see the future trend. Shanghai aluminum fell slightly in the morning, fundamentals today's inventory continued to increase, Xi and Guangdong contributed the main increase, Shanghai and Henan recorded a decline, electrolytic aluminum stocks were flat compared with last Thursday. "[SMM data] the main incremental contribution of Xi-Yue region to the decline in electrolytic aluminum stocks in Shanghai and Henan was the same as last Thursday.

The black system is generally green, iron ore fell 2.14% in the last plate, thread hot coil fell slightly. Message surface, today Hengshui City, Tianjin City, Taiyuan City to start or upgrade the heavy pollution weather warning level. Nowadays, the demand for limited steel production is falling, and the stock of steel is accumulating. At present, the price is located in the cost price of the short-process steel mill, which forms a support for the steel price, and the space for decline is limited. The trading atmosphere in the market near the Spring Festival is obviously slowing down, and the supply and demand of steel is still continuing the previous trend for the time being. The fundamentals may stabilize, and there is little room for further weakness.

Crude oil plunged 4.7% in the last period. Crude oil rose and fell, while US President Donald Trump said everything was "all right" after the attack, and oil prices gradually fell after signals of the end of Iran's air strikes. Crude oil fell as much as 10 per cent in intraday trading yesterday. Crude oil has all given up as a result of geographical events, and with recent sales by shale oil producers, shale oil production is expected to grow steadily in the future, affecting future supply, demand and prices.

Closing at noon:

As of 11:30, HKEx had added US dollar-denominated small metal contracts:

Today's stock

Aluminum: aluminum is dominated by interval shocks before noon that month. The transaction price in Shanghai and Wuxi market is between 14450 yuan / ton and 14460 yuan / ton, the transaction price in Hangzhou is between 14470 yuan / ton and 14480 yuan / ton, and the mainstream transaction price in East China is about 15 yuan / ton compared with the previous transaction day. The transaction price in Shanghai and Wuxi market is between 14450 yuan / ton and 14460 yuan / ton, and the transaction price in Hangzhou is between 14470 yuan / ton and 14480 yuan / ton. Today, the shipper is active, the middleman can receive the goods, although the two sides are active, but the transaction is slightly deadlocked, less than yesterday, today's major market has not announced the procurement plan. Downstream on-demand goods mainly, because most of the downstream manufacturers have entered the holiday state, the procurement enthusiasm is obviously less than the early stage. Business in East China is normal today.

Zinc: Guangdong zinc mainstream transaction in 18310-18440 yuan / ton, the quotation is concentrated in Shanghai zinc 2002 contract discount 50 to 40 yuan / ton, Guangdong market than Shanghai stock market discount narrowed from 300 yuan / ton yesterday to 160 yuan / ton discount. In the first trading session, the focus of futures prices continued to move up from yesterday, refinery shipments quoted actively, traders also increased shipments, downstream fear of heights, wait-and-see mood is strong, Kirin, Mengzi quotation on the February contract rose 10-40 yuan, Tiefeng, the original Cishan posted 20 to Pingshui; In the second trading period, the inquiry of entering the market at a lower price increased slightly, but the supply of goods in the market was still sufficient. In the case of obvious oversupply in the market, the holder adjusted the price continuously for the realization of shipment, and the spot rose further. Kirin and Mengzi dropped to 10-20 yuan for the February contract, and Tiefeng and Yuan Cishan dropped to 4050 yuan for the discount. Yi Qilin, Cishan, Tiefeng, Mengzi mainstream transactions in 18310-18440 yuan / ton near.

The mainstream transaction of zinc in Shanghai was 18470-18590 yuan / ton, and that of Shuangyan was 18510-18630 yuan / ton, that of zinc was 140-150 yuan / ton in January, that of Shuangyan was 180-190 yuan / ton in January, and that of zinc was 18400-18520 yuan / ton. Shanghai Zinc 2001 continued to strengthen, closing at 18400 yuan / ton in the first trading session in the morning market. The first trading period, the morning holder a large number of goods, ordinary zinc brand reported to the SMM net average price discount of 20-30 yuan / ton, but the market transaction is still light, after the holder took the initiative to lower the quotation water, with the market offer to the 2001 contract rose 200-210 yuan / ton; enter the second period, spot zinc rose quickly, ordinary brand zinc basically followed the offer to the 2001 contract rose 140-150 yuan / ton; Zinc prices fluctuated and fell back, holders rose underwater shipments before the festival, spot water cliff-like decline, and today some downstream enterprises began to prepare for the last wave of replenishment before the festival, the overall procurement has improved compared with the previous two days.

Lead: Guangdong market South China lead 15030 yuan / ton, the average price of SMM1# lead up to 30 yuan / ton quotation; Henan Yuguang, Wanyang, Jinli and other smelters to long single transaction, production has been pre-sold before the year; spot lead prices continue to strengthen, the market circulation supply is relatively tight, but downstream in the past two days single purchase mood slowed, began to appear wait-and-see mood. Other areas such as: Hunan Shuikoushan 15000 yuan / ton, to SMM1# lead average price flat water quotation (trader); Hunan Jingui 14950 yuan / ton, to SMM1# lead average price discount 50 yuan / ton quotation; Jiang copper 15050 yuan / ton, to SMM net average price rises 50 yuan / ton; Yunnan Yunsha quotation 1475015000 yuan / ton, to SMM1# lead average price discount 250-300RMB / ton. Lead prices continue to strengthen, refinery supply is relatively tight, downstream wait-and-see today, pre-festival warehouse has been nearing the end, the overall procurement has weakened.

Nickel: today's SMM1 electrolytic nickel offer 111200-116800 yuan / ton. Today, Russian nickel to Shanghai nickel 2002 rising water 200 to 300 yuan / ton, Russian nickel rising water is stable today, Russian nickel transaction is not as active as yesterday, although there are some downstream inquiry, but the final trading volume is limited. After a large number of replenishment in the first half of the week, demand temporarily slowed down, superimposed nickel prices rose, downstream replenishment mentality slowed down. Jinchuan nickel to Shanghai nickel 2002 rose 5300-5600 yuan / ton, Jinchuan rising and falling back obviously, some Jinchuan supply began to Shanghai on Thursday, the supply increased, while the strong nickel price restrained the release of demand, although the inquiry is more, but the actual transaction is light. Jinchuan quoted 116000 yuan / ton, up 2000 yuan / ton from yesterday.

Updating.

More 2019-2020 metal market fundamentals, price factors and analysis, please pay attention to the "SMM Metal Industry chain Annual report"!

Try to read the catalogue of SMM Annual report for QR Code Application in scanned Image

Scan QR code, apply to join SMM metal communication group, please indicate company + name + main business