SMM4, March 3: today, the non-ferrous metal plate rose again, in the case of obvious suppression of the domestic epidemic and better resumption of work, Shanghai zinc rose 2.4%. As of Friday (April 3), the total inventory of zinc ingots in SMM Seven places was 292600 tons, and the social inventory of zinc ingots in SMM Seven places was 14400 tons lower than that on Friday. "looking at the details, the Shanghai Free Trade Zone zinc ingot inventory of 75400 tons, compared with last week remained the same. "to view the details of galvanized structural parts orders significantly increased, driving the social inventory to the warehouse, follow-up attention to smelting and mining situation. In terms of lead, the weekly operating rate of SMM recycled lead licensed smelters was 40.4% this week (March 28-April 3), up 6.9% from the previous month, according to SMM research. "looking at the details of the Shanghai nickel shock operation, the source said that Indonesia should approve the resumption of nickel ore exports to help offset the impact of the decline in nickel processing exports caused by the new crown virus outbreak, but the Philippine ship ban policy is also likely to be prolonged as a result of the epidemic. In the future, we need to continue to pay attention to the changes in the policies of the two countries.
The black system as a whole opened higher and lower, with iron ore up 1.43% and threads up 0.76% and hot rolls up 1.03%. It was reported this morning that 25 mines in Vale may be closed and that the black system is open as a whole. However, the subsequent news was not officially confirmed, the supply of little impact, iron ore has turned downward. However, the sudden rise in international crude oil due to news in the afternoon also led to the rise of the futures market. As of April 3, iron ore stocks in 35 ports were 106.86 million tons, down 910000 tons from the previous month. As iron ore arrivals are expected to increase slightly, port inventories slow down or slow down at a later stage. Recently, more stimulus policies have been introduced for the car market, such as issuing consumer coupons to increase subsidies. However, due to the greater impact on foreign trade, the upside of the hot roll is still under pressure.
Crude oil rose 2.53% in the previous period. Oil prices seem to have been on a roller coaster in recent days, and US President Donald Trump said yesterday that he had brokered an agreement between Saudi Arabia and Russia to cut production, causing oil prices to soar and Brent crude oil futures to rise violently, expanding to 45 per cent within the day. But since then, both Saudi Arabia and Russia have denied Trump's comments, and the gains have fallen quickly. Earlier this morning, WTI crude oil futures fell more than 6 per cent to $23.75 a barrel, while Brent crude oil futures fell nearly 5 per cent. However, after the domestic closing news that the OPEC will hold an emergency meeting, oil prices quickly pulled up. Us crude oil fell to about 1 per cent, while oil distribution rose more than 2 per cent. "[concern] various outbreaks in oil-producing countries lead to ups and downs in oil prices
As of today's daytime close:
As of 16:10, the new US dollar denominated small metals contracts on the HKEx are as follows:
Today's capital flow
In terms of capital flow, the domestic futures exchange increased the margin for some varieties of trading before the Qingming Festival rest, and a large amount of capital flowed into the market. The non-ferrous plate attracted 5.282 billion of the money, of which Shanghai copper only got 2.583 billion. Black chain and grease chain have about 4 billion funds to enter the market, but the recent popularity of the chemical sector only 2.762 billion funds, asphalt, rubber and PTA more favored by funds.
Brief comment of SMM analyst on April 3
Copper: today, the main contract of Shanghai Copper opened at 39650 yuan / ton in the morning and fell slightly to the lowest level of 39440 yuan / ton in the day after the opening of the session. Subsequently, short positions were reduced one after another, pushing up the copper price slowly until it returned to the opening price, and fell back slightly before the end of the afternoon. In the afternoon, long positions led copper prices to continue to rise, all the way up to 39980 yuan / ton, near the close, copper prices climbed to a daily high of 40120 yuan / ton, before the close slightly fell back, closed at 39930 yuan / ton, up 810 yuan / ton, up 2.07%. Today, the main position decreased by 4127 to 105000, mainly by the reduction of short positions, while the trading volume decreased by 25000 to 77000. Shanghai copper index positions fell 3637 hands to 330000, mainly for short positions to reduce positions; trading volume decreased by 56000 hands to 204000 hands. Within days, Shanghai copper continued to rise. In the morning, the domestic announced that the PMI of Caixin service industry in March was better than expected, and the domestic Ministry of Finance issued a new special bond quota for transportation infrastructure construction in advance. The market confidence was boosted. The spot market of superimposed copper has great expectations for the tax reduction and fee reduction of domestic fiscal policy, and the spot market of electrolytic copper is active, which helps to push the copper price higher. At the same time, due to recent disturbances in copper mines due to the impact of the overseas epidemic, the Peruvian government has extended the state of emergency, the Mexican government has also declared a state of emergency, and Rio Tinto has also declared that cathode copper shipments at its refineries have encountered force majeure, triggering expectations of tighter supply at the mine end as a whole, which is also one of the main factors driving up copper prices. At present, Shanghai copper collection of small columns, MACD red columns are elongated, although the technical side is slightly good, but because there is still 40 days of moving average pressure above, a large surge is still relatively high resistance, wait and see the progress of the global epidemic and the upcoming meeting of OPEC+, will further affect the trend of copper prices, test whether Shanghai copper can stabilize the 40000 mark.
Nickel: Shanghai Nickel 2006 contract opened at 92900 yuan / ton today. Shanghai Nickel has a strong long-short game today, mainly to reduce positions. At the beginning of the session, the Shanghai nickel shock broke through the 10-day moving average to 92200 yuan / ton, and was supported by the Shanghai nickel center of gravity upward to 92500 yuan / tonnage, and around this position slightly fluctuated, the operating range is 9.2-93000 yuan / ton, and finally closed at 92640 yuan / ton, 1230 yuan / ton higher than the settlement price of the previous trading day, up 1.35%, the trading volume decreased by 277000 hands to 383000 hands, and the position decreased by 5013 hands to 79216 hands. Shanghai nickel closed in the small negative column today, the K column as a whole stood above the 10-day moving average, 5 / 10 moving average is still supported, the top is faced with 93000 yuan / ton level, nearly two weeks, Shanghai nickel as a whole around 93000 yuan / ton center of gravity wide shock, follow-up attention to the continuation of Shanghai nickel trend, weak and stable operation.
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