Home / Metal News / Precious Metals / [SMM midday review] more than half of non-ferrous metals are green, nickel, Shanghai and tin are down more than 1 per cent, inventories soared and crude oil fell 3.64 per cent in the previous period.
[SMM midday review] more than half of non-ferrous metals are green, nickel, Shanghai and tin are down more than 1 per cent, inventories soared and crude oil fell 3.64 per cent in the previous period.
Apr 16,2020 11:51CST
The content below was translated by Tencent automatically for reference.

SMM4, March 16: non-ferrous metals are mostly green in the morning, last night's report showed that U. S. crude oil stocks skyrocketed to depress oil prices, but also a drag on commodity trends. Zambia plans to revoke the mining license of Glencore subsidiary MCM because the company did not notify it before suspending operations because of the outbreak and other problems, according to the mine. Mopani said in a previous statement that mining operations would be suspended on April 8, but smelters and processing plants would continue to process the existing material at the site until further notice. The company attributed the mining moratorium to a rapid fall in copper prices as a result of the outbreak, as well as disruptions in international flows, transport and supply chains. Shanghai aluminum rose 0.92%, since late March the domestic electrolytic aluminum social inventory began to go to the warehouse, short-term aluminum fundamentals repair, the later domestic aluminum downstream start is expected to return to the normal level, the downside space is limited.

The black series fluctuated narrowly, with iron ore down 0.66% and thread heat up 0.3%. According to SMM, as of April 15, the operating rate of EAF steel plants reached 63.46%, up 10.87% from 52.59% at the beginning of April (this data includes a new sample of independent EAF steel plants). With the gradual resumption of the maintenance of the blast furnace plant and the recovery of the operating rate of the electric arc furnace steel plant, the demand for scrap is expected to rebound to a certain extent, thus restricting the further substantial increase in the operating rate of the electric arc furnace steel plant. in the later stage, or maintain the operating rate of about 65-75%. Due to the fermentation of the overseas epidemic, the production of overseas steel mills and the demand of automobiles and other industries downstream of steel have been greatly impacted, the reduction of production by overseas steel mills has greatly increased, a number of large steel mills have been reduced one after another, and the demand for iron ore from overseas steel mills has weakened, and the pressure of supply has been transmitted to China.

Crude oil fell 3.64% in the previous period. International oil prices rose on Thursday as US crude rebounded from a nearly 20-year low hit on Wednesday as the surge in US commercial crude stocks last week could mean that oil producers may have no choice but to cut production as the epidemic hits demand, giving hope to the market. Brent crude oil futures rose 69 cents, or 2.5 percent, to $28.38 a barrel. Us crude oil futures rose 56 cents, or 2.8 percent, to $20.43 a barrel. Us crude oil stocks rose 19 million barrels last week, the biggest weekly increase in history, according to EIA data released on Wednesday

Close at noon

As of 11:40, HKEx had added US dollar-denominated small metal contracts:

Today's stock

Copper: today, Guangdong electrolytic copper spot contract rose 140 ~ 150, the average price rose 30%; wet copper rose 90 ~ 100, the average price rose 30%. The average price of electrolytic copper fell 45 yuan / ton to 41675 yuan / ton, and the average price of wet copper fell 45 yuan / ton to 41625 yuan / ton. Spot market, after the exchange month, the market trading significantly improved, subject to tight supply, today's rising water showed a sustained high situation, Pingshui copper reported 130 yuan / ton in early trading, good copper reported 140 yuan / ton. Soon was emptied, the price rose 10 yuan / ton, to the second quarter of the trading session is even more difficult to obtain, some traders said that 150 yuan / ton flat water copper is difficult to receive goods, to 160 yuan / ton to have a deal. Overall, the supply of goods continues to be tight, businesses are bullish atmosphere, rising water rising boats, active market trading.

Zinc: Shanghai Zinc mainstream transaction in 15960-16080 yuan / ton, Shuangyan transaction in 15970-16090 yuan / ton; Shuangyan ordinary price of 110 yuan / ton in May; Shuangyan in May 120 yuan / ton; zinc mainstream transaction in 15890-16010 yuan / ton. Shanghai zinc 2005 contract continued to pull up the uplink, the first trading session in the morning closed at 15945 yuan / ton, the first time in the morning, the trade market was dominated by long orders, spot water remained strong, the market mainstream transaction focused on the average price of SMM, the mainstream quoted price of 2005 contract rose by 110 yuan / ton; Enter the second period, traders high water shipment, but the spot water is still relatively stable, the mainstream of the holder reported to the 2005 contract rose by 110 yuan / ton; zinc price trend formed a unilateral market, the holder of high prices actively shipped, downstream today on-demand procurement, but the procurement is more cautious.

The mainstream transaction of Guangdong zinc was 1578015950 yuan / ton, and the quotation focused on the Shanghai zinc 2006 contract discount of 10-30 yuan / ton, and the discount of 130 yuan / ton in Guangdong stock market was 10 yuan less than that of the previous trading day. The first trading period, the price shock upward, once broke 16000 yuan / ton barrier, downstream fear high wait and see, the market price floating has the transaction, Kirin, Mengzi, Huize, Tiefeng quotation to the Shanghai zinc June contract discount 10-30 yuan / ton. The second trading period, the price is high shock, downstream procurement is still general, traders look for large discount source of goods, some traders futures unit price is higher, appropriate discount price delivery, but the source of big discount goods is less. Kirin, Mengzi, Huize, Tiefeng offer the June contract discount of 20-30 yuan / ton or so. Qilin, Mengzi, Huize, Tiefeng mainstream transaction in 15780-15950 yuan / ton.

The mainstream transaction in Ningbo was 15960-16100 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brand was narrowed from 30 yuan / ton to 20 yuan / ton, the price difference between Ningbo and Shanghai ordinary brand was narrowed from 30 yuan / ton to 20 yuan / ton. Today, the market quotation rose slightly higher. In the first period of the morning, the market quotation was concentrated around 150 yuan / ton for the May contract. Tiefeng, Huize and Hualian reported that the rising water was 150 yuan / ton. Kirin reported 130-140 yuan / ton for the May contract, and the West Mining News raised 140 yuan / ton for the May contract. On the whole, the willingness to buy downstream decreased gradually, mainly due to the obvious difference in terminal orders. Light external demand dragged down market demand, alloy enterprise orders weakened significantly, on the whole, the downstream market transaction situation was basically flat yesterday.

The mainstream transaction of zinc ingots in Tianjin market was 16160-17590 yuan / ton, that of ordinary brands was 16110-16240 yuan / ton, and that of the 2005 contract was 210 yuan / ton to 330 yuan / ton. Compared with Shanghai stock market, Tianjin market rose from 130 yuan / ton to 160 yuan / ton. Today, the Shanghai zinc high shock, the spot market up the discount quotation, the quotation is more divided, the ordinary brand lark newspaper in the 05 contract bid up 250 yuan / ton, the red newspaper reported in the 05 contract rose 270 yuan / ton, Chi Hong reported in the 05 contract rose 210 yuan / ton, the high price brand Zijin reported 330 yuan / ton to the May contract. Today, zinc prices fluctuate, traders quote some differentiation, among them Chihong and lark due to the small market volume, supply is not sustainable, resulting in traders quote lower, and red Ye and Zijin again raised the price; downstream, prices continue to rise, downstream to maintain just need to purchase, according to orders to purchase, did not hoard in advance. On the whole, transactions today are slightly weaker than yesterday. The transaction of zinc ingot is near 16110-16240 yuan / ton.


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