[SMM midday review] Shanghai lead rose 1.13% nonferrous metals rose and fell interchangeably, ferrous metals fell by 0.17% in the previous period of crude oil.

SMM2, March 14: non-ferrous metals rose and fell in the morning, Shanghai copper rose 0.39%, according to SMM research data, in January 2020 enamelled wire operating rate of 49.97%, compared with December 2019 month-on-month decline of 24.87%. The overall performance in January 2020 is larger than that in December 2019, and the start-up of enterprises has dropped by a large margin compared with December 2019. "[SMM Survey] due to the continuous impact of the epidemic on the enamelled line industry in February, the operating rate of the enamelled line industry is expected to drop to 22.92 percent of the downstream automobile industry in February. According to the Spring Festival superimposed epidemic situation, according to the statistics of the key enterprise groups of the China Automobile Association, it is estimated that the automobile production and sales will be completed by 1.783 million and 1.941 million vehicles respectively in January. It was 33.5% and 27.0% lower than the previous month, 24.6% and 18.0% lower than the same period last year. Canada first Quantum Mining Co., Ltd.'s latest quarterly results show that the increase in production capacity at the CobrePanama copper mine has led to an increase in production and sales. Copper production rose 29 per cent to 204270 tonnes in the fourth quarter, and copper sales rose 31.8 per cent. The company has been actively developing the Panama copper project, which began commercial mining last September. Cobre is one of the large copper mines in Panama.

The black system as a whole fell slightly. According to SMM research, as of February 13, the daily average amount of iron affected by the reduction and maintenance of steel mills had increased from less than 100000 tons before the festival to nearly 300000 tons. It is expected that crude steel production will decline significantly in February. Among the many factors affecting the output release, the lack of scrap resources has also become one of the reasons restricting the output release of some steel enterprises. The restriction of scrap steel superimposed on the high inventory pressure of steel plant, the trend of passive production reduction and maintenance of steel plant may still be expanded, and the sharp reduction of crude steel output in February is inevitable.

Crude oil fell 0.17% in the previous period. International oil prices are also volatile within a narrow range, but are expected to rise weekly for the first time in six weeks on expectations that major oil-producing countries will cut production more sharply to offset slowing demand in China. Brent crude oil futures fell $0.06 to $56.28 a barrel, up 1% on the day. Brent crude is up 3.3% this week. U. S. crude oil futures rose $0.01 to $51.43 a barrel. Us crude oil rose 0.5 per cent on Thursday. Affected by the outbreak, global oil demand will fall in the first quarter from a year earlier for the first time since the 2009 financial crisis, the International Energy Agency (IEA) (IEA) said on Thursday.

Close at noon

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

Today's stock

Lead: Guangdong market South China lead 14230 yuan / ton, the average price of SMM1# lead up to 30 yuan / ton quotation; Henan Yuguang, Wanyang, Jinli and other smelters due to the epidemic situation, the delivery rhythm is still limited, today the whole day trading is still light, downstream has not fully resumed, but the refinery finished product inventory pressure has increased sharply, some refineries have begun to reduce production.

Other areas such as: Hunan Jingui 1412014150 yuan / ton, the average price of SMM net discount 50-80 yuan / ton; Jiang copper 14250 yuan / ton, the average price of SMM net up 50 yuan / ton; Yunnan Mengzi 13955 yuan / ton, the 2003 contract discount 350 yuan / ton; lead price low operation, part of the downstream production has not been restored, smelter finished product inventory pressure, strong willingness to ship.

Zinc: zinc ingots in Tianjin market were traded at 17120-17980 yuan / ton (high price including Huludao), of which the mainstream brand traded at 1712017200 yuan / ton, and the 2003 contract was reported around 50 yuan / ton in Pingshui to 50 yuan / ton in Shanghai. The water in Tianjin is 50 yuan / ton higher than that in Shanghai. Today, Tianjin market quotation is slightly more active than yesterday, part of the morning tentative quotation, Chi Hongbao in the March contract near the flat water, Red News in the March contract rose 50 yuan / ton, but the market almost did not close, the subsequent part of the cardholder downgraded to the March contract rose 40 yuan / ton near, but did not boost the market transaction; In addition, some high-priced brands Zijin newspaper in the March contract rose 100 yuan / ton, almost no deal. Overall, the market is still waiting for downstream companies to resume work to boost the spot market. Today's deal is worse than yesterday's. The transaction of zinc ingot is near 1707017150 yuan / ton.

The mainstream transaction of Guangdong zinc was 17040-17060 yuan / ton, and the quotation was concentrated around 70-100 yuan / ton of Shanghai zinc 2003 contract. The discount of 40 yuan / ton in Guangdong stock market was 20 yuan / ton larger than that of the previous trading day. During the first trading period, the inventory in Guangdong warehouse increased by more than 8000 tons within the week, the market can circulate the supply of goods is sufficient, the early quotation shippers are more, the traders press the price to harvest mainly, the market small amount of transactions, Huize, Mengzi, Kirin offer to Shanghai zinc March contract discount 7080 yuan, Tiefeng, Feilong discount 90 yuan; The second trading period, the downstream bargain slightly procurement, traders trading slightly increased, but the market supply exceeds demand obviously, the holder continues to adjust the price for the shipment, Kirin, Mengzi, Huize quotation to the March contract discount 70-90 yuan, Tiefeng, Jinding discount about 100 yuan. Yi Qilin, Mengzi, Feilong mainstream transaction in 1704017060 yuan / ton near.

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