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[SMM midday review] the narrow fluctuation of non-ferrous metals in Shanghai and tin is unique in the black system. Crude oil fell 0.15% in the upper period.
Apr 1,2020 11:50CST
The content below was translated by Tencent automatically for reference.

SMM4, January 1: due to the recent global epidemic has not significantly improved, the performance of peripheral financial markets is mediocre. The United States may also have stimulus measures, and President Trump said yesterday that Congress should pass a $2 trillion infrastructure bill calling for it to be included in the fourth round of stimulus. Most of the non-ferrous metals rose today, while Shanghai and tin rose 2.33%. Shanghai tin has been climbing in recent days, with foreign mining sources saying that AfriTin, an African tin mining company, has suspended some activities at the Uis tin mine in Namibia until April 16. It is reported that the Uis tin mine has an ore of 71.54 million tons, a grade of 0.134%, and contains 95539 tons of metal tin. On the lead and zinc side, the Santander lead-zinc mine, owned by Trevali of Peru, continues to operate. However, due to the extension of the state of emergency and the consumption of reagents at the site, the company will not be able to process the ore during the extension period, which is expected to affect the processing volume of 2000 tons per day. However, mining and other activities will continue until 12 April 2020, when the company is expected to return to normal production levels, including pulverizing at the mine.

The black system fell across the board, with iron ore heat down more than 2.7% and threads down 2%. The output of steel long process increases steadily, and with the gradual decline of scrap resource price, the pressure of EAF production after profit improvement will gradually increase. On the iron ore front, Vale said that after examining the global iron ore market for all producers, Vale said production in the trans-oceanic market could be disrupted by about 18 million tons due to blockade-related production cuts in Canada, Malaysia, India, Peru and Africa. Iron ore has not been a big market in the near future, the main trend with the operation of raw materials.

Crude oil fell 0.15% in the previous period. On the news, Saudi Aramco has asked major energy services companies to support its plan to increase crude oil production to a maximum capacity of 12 million barrels a day "for the foreseeable future" from April 1. Saudi Aramco also asked oil clothing companies to "make full use of the necessary resources, including labour and equipment" to help them increase production capacity to 13 million barrels a day. Oil prices have fallen about 70 per cent since they peaked earlier this year as talks on a cut deal broke down and the new crown virus spread.

Close at noon

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

Today's stock

Copper: Guangdong electrolytic copper spot to the current month contract rose 110% 130, wet copper reported 50% ~ 50% water. The average price of electrolytic copper rose 150yuan / ton to 39585 yuan / ton, and the average price of wet copper rose 145yuan / ton to 39515 yuan / ton. In the spot market, today's Guangdong spot market continues the situation of rising and falling in the Guangdong spot market yesterday. In morning trading, traders offered to ship Pingshui copper for 130 yuan / ton one after another, but the consignee was very limited. The price was lowered to 100110 yuan / ton before the transaction was improved; good copper was also reduced from 150 yuan / ton in the morning to 120 yuan / ton. In addition, it is worth noting that, stimulated by the upsurge, many businesses holding warehouse receipts took the initiative to ship goods today, resulting in a significant increase in market supply compared with yesterday. Overall, shipments increased significantly today, but the enthusiasm for receiving goods is not high, the overall transaction is general.

Today, Shanghai electrolytic copper spot contract rose 120 yuan / ton to 140 yuan / ton, Pingshui copper transaction price 39540 yuan / ton ~ 39610 yuan / ton, Shengshui copper transaction price 39550 yuan / ton ~ 39620 yuan / ton. The center of gravity of copper in Shanghai period moved up to 39500 yuan / ton. Enter the first day of April, morning market holders continue to lift water delivery, good copper water 150 yuan / ton almost difficult to stay, that is, falling in the water 130 ~ 140 yuan / ton, the market favors flat water copper supply, can still hold firm in the vicinity of 120 yuan / ton, downstream volume reduction, wet copper to maintain yesterday's quotation in the rising water 70 ~ 90 yuan / ton. In the early stage, the absolute value of copper prices was still positive, and at present, copper prices rose and rose underwater to show hesitation; in the continuous high rise underwater, the pace of buying by traders also dropped, and there was some initiative and space to press prices. Traders and downstream performance cautious wait and see, the market initially showed risk aversion waiting mood.

Lead: South China lead 14150 yuan / ton in Guangdong market, the average price of SMM1# lead is 50 yuan / ton. Henan Yuguang, Wanyang and other smelters to long single, Jinli 14180 yuan / ton, the average price of SMM1# lead rose 80 yuan / ton; other areas, such as: Hunan Shuikoushan 14150 yuan 14200 yuan / ton, the average price of SMM1# lead rose 50% 100 yuan / ton (traders); Jiang copper 14200 yuan / ton, the average price of SMM net rose 100 yuan / ton; today's lead price rushed higher and fell back, the market today as a whole trading light, downstream more wait and see, smelter bulk single cargo pressure raised

Zinc: Shanghai Zinc mainstream transaction at 15315385 yuan / ton, Shuangyan transaction at 1532515405 yuan / ton; Shuangyan ordinary price of 70 yuan / ton for April; Shuangyan for 90yuan / ton for April; and 1524515315 yuan / ton for Shuangyan. Shanghai Zinc 2004 rush down, the first trading session in the morning closed at 15245 yuan / ton, the first time in the morning, the market is mainly long single trading, but the expectation of gambling and tax reduction still exists, traders have a strong willingness to accept goods at low prices, and the mainstream transactions in the market are concentrated in the average price of SMM net or discount of 5 yuan / ton. Some of the monthly ticket holders reported a rise of 80 yuan / ton to the 2004 contract, but the transaction pressure of high rising water is greater. In the second period, spot prices rose slightly, market trading gradually weakened, and some holders reported a rise of 70 yuan / ton to the 2004 contract. After the zinc price rose to a low level, downstream procurement obviously weakened, low price reserve or hoarding behavior decreased, market trading was mainly concentrated among traders, East China today downstream consumption is general.

The mainstream transaction of zinc ingots in Tianjin market was 15250-16860 yuan / ton, and that of ordinary brands was 15250-15360 yuan / ton. The contract for 2004 rose from 10 yuan / ton to 80 yuan / ton. Compared with Shanghai stock market, Tianjin market maintained a discount of 50 yuan / ton to 30 yuan / ton. Today, Shanghai zinc fell after the shock, the spot market to raise the discount quotation, the quotation is more unified, the ordinary brand red Ye lark and so on in the 04 contract quotation 50 yuan / ton near, Chi Hong reports in the 04 contract quotation 10 yuan / ton near, the high price brand Zijin to the April contract bid 80 yuan / ton near. Traders continued to raise their discount quotations today as some traders hoarded large quantities of goods in anticipation of tax and fee cuts in the future, while downstream zinc prices and discounts remained high and just needed to be procured. Overall, today's transactions are still mostly between traders, and downstream trading situation is slightly better than yesterday. The transaction of zinc ingot is near 15200-15310 yuan / ton.


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