SMM4 24: today's non-ferrous market narrow volatility, Shanghai tin up 1.15%, Shanghai nickel up 0.83%, Shanghai copper rose 0.17%, Shanghai lead closed flat, Shanghai aluminum and zinc fell slightly. In addition, the major exchanges announced the resumption of night trading (resuming on May 6). According to SMM research, copper stocks in the Shanghai bonded area on Friday (April 24) were down 10200 tons to 305800 tons from last week (April 17), and inventories fell for the fifth consecutive week. Import bill of lading is tight, domestic copper consumption can still replace copper scrap effect, domestic continue to go to the warehouse "to check the details of foreign mining news, Minmetals resources (MMG) said on Friday that the company's Peruvian Las Bambas copper mine will resume shipping copper concentrate to the port as soon as next week. The company said on Thursday that copper production fell 20 per cent in the first quarter from a year earlier, as production at the Las Bambas copper mine was below planned levels of lead. According to SMM research this week (April 18-April 24), the operating rate of SMM recycled lead license smelters was 49.6% per week, flat month-on-month. Due to the limited supply of smelting waste, the output of recycled lead market has not increased significantly, and there is a weak situation of supply and demand this week. "[SMM investigation] the supply and demand of recycled lead market is weak and the weekly operating rate of recycled lead enterprises is stable.
Black system of the whole line fell slightly, in the early stage due to the release of steel consumption season demand exceeded expectations to drive up steel prices, but the recent decline rate slowed down or showed that the stimulus effect of the previous favorable policies reached the top, before and after May Day downstream replenishment or support steel prices. Thread last year, the current factory, social bank is still high, spot prices floating space is limited. The pressure on supply after the festival is relatively large, and demand has not yet fully returned to normal and weak, and it is possible that there may be a rebound in late May. "View details
Crude oil rose 4.57% in the previous period. Domestic crude oil futures prices continued to rebound on Friday. Tensions between the United States and Iran have intensified, OPEC's major oil producers are likely to cut production ahead of schedule, global crude oil production will decline, and crude oil futures in Europe and the United States will continue to rise. Russia is evaluating options to cut production and may even burn its own oil. Russian crude oil production averaged 11.28 million barrels a day from April 1 to 22, the same as in March. However, Russian Energy Minister Novak said that the international oil market is likely to remain under downward pressure until the agreement reached between OPEC members and non-OPEC oil-producing countries such as Russia on April 12 takes effect.
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 flows, there was an outflow of more than $1.4 billion from the Mandarin Commodity Index today. The black chain and chemical plates have become the hardest hit areas, with a blood loss of 703 million yuan and 652 million yuan respectively, of which asphalt and iron ore have been abandoned by more than 300 million funds. The funds for agricultural products were divided, with apples taking in 468 million yuan and soybean oil flowing out of 160 million yuan. Stock index futures also suffered losses, with IF outflows leading the way.
Brief comment of SMM analyst on April 24th
Copper: today, the main contract of Shanghai copper opened as high as 41910 yuan / ton, which was suppressed to 41760 yuan / ton at the beginning of the session, followed by a short departure led to a low rise in copper prices to a daily high of 41980 yuan / ton. However, the bulls were afraid of heights, the price of copper was weak, and the price of copper fell to 41720 yuan per ton. Copper prices then rose again, closing at 41880 yuan a tonne at midday. At the start of trading in the afternoon, copper prices fluctuated to a daily low of 41620 yuan / ton. Near the closing level, copper prices rose rapidly, closing at 41780 yuan / ton, up 70 yuan per ton, or 0.17%. Today, the daily position of the main force of Shanghai Copper decreased by 1969 hands to 113000 hands, mainly for the reduction of long positions, while trading volume decreased by 42000 hands to 77000 hands. Shanghai Copper 2005 contract day reduction of 5601 hands, to 63000 hands, mainly for the long reduction. Today, the main force of copper in Shanghai is a horizontal shock, difficult to break the 42000 yuan / ton mark, mainly because the market is pessimistic about the outlook for global demand. Yesterday's April PMI figures for major European countries and the eurozone fell sharply short of expectations, with services contracting more sharply than manufacturing. Coupled with the frustrated news of the progress of the new crown pneumonia drug trial, investors expect the economic trauma of the epidemic to continue and worsen. Minmetals's Las Bambas copper mine in Peru will resume shipments of copper concentrate to ports as soon as next week, easing concerns about tight copper supplies, Minmetals (MMG) said on Friday. Shanghai copper is now up slightly from yesterday. The red column of MACD continued to contract, and the bottom was close to the 5th, 10th and 40th moving averages. The daytime shock of 42000 yuan / ton failed, and the bulls' fear of heights still exists.
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Lead: within the day, the Shanghai lead main force 2006 contract opened at 13720 yuan / ton, the whole day basically around the daily average wide fluctuation, and the amplitude does not exceed 100 yuan, the final close at 13775 yuan / ton, position reduced by 352 hands to 24894 hands. Shanghai lead closed at the Xiao Yang line, trading volume narrowed day by day, long and short both sides of the wait-and-see mood warmed up, in the fundamentals of obvious changes, Shanghai lead trend is difficult to have unilateral market, or continue the interval concussion trend.
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