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[SMM Daily Review] Nonferrous Metals generally upward, lead and Zinc strong continued to rise, Black Series trend differentiation crude Oil fell 4.59% in the previous period
Apr 14,2020 16:55CST
translation
Source:SMM
Today, the non-ferrous metals market mostly closed higher, Shanghai lead rose 1.48% Shanghai zinc rose 1.21%, Shanghai tin opened lower, down 0.83%. Since the end of March Shanghai lead continued to rebound after the continuation of the concussion market.
The content below was translated by Tencent automatically for reference.

SMM4 14: most of today's non-ferrous metals market closed higher, Shanghai lead rose 1.48% Shanghai zinc rose 1.21%, Shanghai tin opened lower, down 0.83%. Since the end of March Shanghai lead continued to rebound after the continuation of the concussion market. Today, the Shanghai lead 2005 contract opened high after breaking the shock range on the edge of a sharp rise, once rose to 14235 yuan / ton. SMM believes that the short-term lead price is still under pressure, the expected increment of supply is greater than the incremental consumption, to a certain extent, there is the possibility that consumption is weaker than the previous month, but due to the strong consistency of short selling in the market, there is a risk of being forced to take positions in low inventories, so we can see that short positions are not firm enough, and the price as a whole is in a volatile market, so it is recommended to wait for the inflection point to go to the warehouse. China imported 441926 tons of unwrought copper and copper in March, up 13 per cent from a year earlier, and imported about 1.28 million tons from January to March this year. Since February, although domestic consumption has been hit by the epidemic, imports have always maintained a small loss. As demand recovers, Yangshan copper premium rises slowly, which also leads to an increase in imports. SMM expects imports of unwrought copper and copper products to fall month-on-month in April.

Black iron ore rose 1.17%, thread hot coil fell slightly. China exported 6.476 million tons of steel in March and 14.286 million tons from January to March, down 16.0 percent from 17.015 million tons in the same period last year, according to customs data. China imported 85.913 million tons of iron ore in March and 176.84 million tons in January-February. In the first quarter, China imported 262.732 million tons of iron ore, up 1.3 per cent from 259.329 million tons in the same period last year. The incoming volume of SMM35 increased by 400000 tons over the previous month. The supply side of iron ore continues to accumulate, and the short-term domestic demand side increases with the increase of blast furnace operation rate, but the medium-and long-term supply increment continues, and the demand increment is restrained by the spread of overseas epidemic situation, and the point of view of iron ore price pressure remains unchanged.

Crude oil fell 4.59% in the previous period. The US Energy Information Agency (EIA) predicts that shale oil production in the United States, the world's largest crude oil producer, could fall by a record in April, while other major oil producers will also cut production. Analysts, oil industry executives and others believe that OPEC production cuts, no matter how much they pieced together, will not be enough to offset the impact of the epidemic on global oil demand by about 1/3. Oil prices are still down more than 50 per cent so far this year. Although some G20 countries have agreed to buy oil as national reserves, inventories are expected to fill up quickly.

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

Commodities fell on a large scale, and the commodity index as a whole remained dominated by capital inflows. Precious metals, which led the rise, were favored by nearly 1.1 billion of the money, while Shanghai gold enjoyed more than 900m. Shanghai crude oil, which has plummeted, has increased its daily position by more than 10,000, accidentally reaping more than 600m capital favorites. The weak and volatile rebar has significantly reduced its positions by more than 30,000 hands, which has been rejected by more than 200 million funds.

Brief comment of SMM analyst on April 14th

 

Updating.

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