SMM4, March 2: the morning non-ferrous metals market is generally weak volatility, of which Shanghai aluminum fell 1.43%, only Shanghai zinc rose 0.1%. On the copper side, GlobalData, a data analysis and consulting firm, now forecasts global copper production growth of just 1.9 per cent this year, totaling 21 million tonnes, compared with 3.4 per cent growth previously forecast, while copper demand is growing by just 2.7 per cent. On the demand side, the construction sector, which accounts for 45 per cent of global copper demand, is expected to grow by just 0.5 per cent this year. Aluminum, April 2, accumulation continued, SMM statistics of domestic electrolytic aluminum social inventory increased by 9000 tons to 1.676 million tons compared with the previous Thursday. Among them, the increment of Shanghai and Hangzhou is larger. "in terms of viewing the details of zinc, the output of zinc ingots in Guangdong increased significantly in March compared with the same period last year, and there was also an improvement in the same period last year. We believe that the month-on-month data are in line with the laws of previous years, because the Spring Festival is mostly concentrated in January-February, which has a great disturbance to production, and the overall start of construction in February is at a full-year low. "[SMM analysis] Guangdong zinc ingots can drop or become a foregone conclusion in April when they leave the warehouse in March.
The black series generally fell, but the decline narrowed from earlier trading. The growth rate of steel demand in the short term is not optimistic, the profit of long thread process is stable, and the inventory still exists. Thread production is expected to increase, the decline in iron ore raw materials to increase steel profit margins, the new infrastructure to pull the amount of steel is more limited. With the recovery of market transactions, long-process steel mills and short-process steel mills have increased supply, the black market is not optimistic in the case of double increase in supply and demand.
Crude oil rose 3.96% in the previous period. The market is optimistic that the United States and Russia are expected to reach an agreement on oil production. Russian President Vladimir Putin has called on oil producers and consumers to work together to find solutions that can improve the global oil market, saying the current oil price situation poses a serious challenge to Russia. Putin told a Russian government meeting that he was discussing the collapse in oil prices with OPEC partners and the United States. If investment in the oil sector falls, oil prices are sure to rebound, saying he said "no one needs it".
Close at noon
As of 11:30, HKEx had added US dollar-denominated small metal contracts:
Zinc: the mainstream transaction in Ningbo was 15220-15380 yuan / ton, the ordinary brand rose 110-130 yuan / ton to the 2004 contract, and the price difference between Ningbo and Shanghai ordinary brand widened from 40 yuan / ton to 50 yuan / ton yesterday. The supply of low-priced goods may have been smoother yesterday, and the circulation of the last air cargo today was tighter than that of yesterday. Morning holders continued yesterday's offer, Western Mining News rose 110 yuan / ton in April, Tiefeng newspaper rose 130 yuan / ton on the April contract, which is slightly higher than the ordinary mainstream brand, the main reason is less supply; in addition, some Kirin underreported in the April contract rose 120 yuan / ton, the transaction situation is relatively good. Overall, the first period of the market willingness to buy is OK, the second period of the rapid expansion of the market, the market enthusiasm for rapid decline. The overall transaction was worse than yesterday.
Shanghai Zinc mainstream transaction at 15140-15330 yuan / ton, Shuangyan transaction at 15150-15340 yuan / ton; Shuangyan ordinary price of 70 yuan / ton for April; Shuangyan for 80 yuan / ton for April; and 15070-15260 yuan / ton for zinc mainstream transaction in Shanghai and 15150-15340 yuan / ton for Shuangyan and 15070-15340 yuan / ton for Shuangyan and 90 yuan / ton for Shuangyan and 15070-15260 yuan / ton for Shuangyan respectively. Shanghai zinc 2004 probing low rebounded, the first trading session in the morning closed at 15205 yuan / ton, the first time in the morning, the market is dominated by long single trading, traders have a strong willingness to accept goods at low prices, but the price of high rising water in the morning is less, and the mainstream transaction in the market is concentrated in the average price of SMM net or discount 5 yuan / ton. Some holders reported 70 yuan / ton of 2004 contract with monthly ticket, but the transaction pressure of high rising water is still great. In the second period, the spot rally was relatively stable, with some holders offering a rise of 70 yuan / ton to the 2004 contract. Zinc prices rebounded, the lower reaches were mainly concerned about prices today, and some downstream were mainly concerned about prices on demand. At present, prices continue to hoard goods are not strong, traders maintain high-frequency trading, but gambling tax expectations have been reduced, and there is greater pressure on the market to rise.