Home / Metal News / Precious Metals / [SMM midday review] narrow fluctuations in non-ferrous metals pre-festival risk aversion mainly pre-festival replenishment support iron ore growth of more than 2%
[SMM midday review] narrow fluctuations in non-ferrous metals pre-festival risk aversion mainly pre-festival replenishment support iron ore growth of more than 2%
Apr 30,2020 11:58CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM4, March 30: the non-ferrous market fluctuated within a narrow range today. Statistics Bureau data showed that manufacturing PMI was 50.8% in April, down 1.2 percentage points from the previous month. Large, small and medium-sized enterprises have maintained a recovery trend, but demand recovery is weaker than production. However, the disk reaction is mediocre. On April 30, the arrival of less goods and superimposed demand was strong. SMM statistics showed that the weekly inventory of electrolytic aluminum in China fell by 155000 tons to 1.204 million tons, among which Wuxi and the South China Sea area reduced more. "in terms of viewing detailed lead, the probability of lead price trend in May is a weakening trend. Mainly taking into account the changes in two factors, on the one hand, the release of new expanded capacity of recycled lead, according to recent research, it is expected that recycled lead will increase by 500-1000 tons per day after May Day (compared with April). The increase in the supply of recycled lead will further impact the primary lead market, and it is more likely that the spot will rise and the water will fall.

Black rose, iron ore rose 2.18%, thread hot coil rose more than 1%. The spot market holiday is approaching, the iron ore demand is good, the steel mill prepares the goods actively, the inquiry is more, the market activity is higher, the trader shipment is also active, the disk boost is obvious. However, the replenishment of steel storage is more general, follow the mine upward. Under the pressure of inventory in the spot steel market, traders are more willing to go to the warehouse, but the expected hot situation does not appear.

Crude oil rose 6.09% in the previous period. International crude oil futures prices rose on Thursday, extending the previous session's rally after data showed that U. S. crude oil growth was not as large as expected and gasoline demand hit by epidemic restrictions began to pick up. Us crude oil futures climbed as high as $16.41, the latest gain of 8.7 per cent, or $1.31, to $16.37 a barrel. Us crude oil jumped 22 per cent the day before. Brent crude oil futures rose 6.88%, or $1.55, to $24.09 a barrel, with light trading. Brent's contract expired in June on Thursday and closed up 10% in the last session.

Close at noon

As of 11:30, HKEx had added US dollar-denominated small metal contracts:

Today's stock

Aluminum: in the early afternoon, aluminum is suppressed first and then raised. Shanghai Wuxi area holders quoted between 12780-12800 yuan / ton, spot prices rose 20 yuan / ton compared with yesterday, the surface rising water concentrated in 60-80 yuan / ton, 11: 00 after the market transaction heat dropped significantly, the rising water narrowed slightly. Today is the last spot trading day before May Day, as most traders close accounts or prepare for a holiday, and a major household has not announced their procurement plans today, the market transaction atmosphere is not as good as the previous two days, buyers and sellers generally trade. Downstream today part of the stock, the enthusiasm of receiving goods is not as obvious as yesterday. The overall transaction in East China is OK today.

"2020 (15th) China International Aluminum processing Summit

Zinc: the mainstream transaction of zinc ingots in Tianjin market was 16570-17790 yuan / ton, the mainstream transaction of ordinary brands was 16570-16740 yuan / ton, and the contract for 2005 rose from 210 yuan / ton to 330 yuan / ton. Compared with Shanghai stock market, Tianjin market decreased from 190 yuan / ton to 160 yuan / ton. Today, the Shanghai zinc high shock, the spot market downgraded the discount quotation, the quotation is more unified, the ordinary brand lark newspaper in the 05 contract quotation is 210 yuan / ton, the red gold newspaper is in the 05 contract quotation 260 yuan / ton, Chihong has no quotation today, the import KZ quotes 220 yuan / ton to the 05 contract, the high price brand Zijin quotes the water 330 yuan / ton to the May contract. Today, zinc prices fluctuate, traders cut discount prices, of which Zijin prices are relatively strong, and imported kz has been basically out, the next May Day period will also have Guangdong zinc ingots to arrive; downstream, this week has been basically completed before the festival stock, today's willingness to receive the goods is poor. On the whole, the transaction today is flat compared with yesterday. The transaction of zinc ingot is near 16520-16690 yuan / ton.

The mainstream transaction of Guangdong zinc was 16350-16430 yuan / ton, and the quotation focused on the Shanghai zinc 2006 contract rose by 10-40 yuan / ton, and the discount of 90 yuan / ton in Guangdong stock market was 20 yuan less than that of the previous trading day. The first trading period, the initial part of the traders for the shipment price is relatively low, waiting for the low price source transaction, the market quotation is relatively stable, but the holder is still active shipment, Kirin, Mengzi, Huize, Tiefeng quotation to Shanghai zinc June contract up 10-30 yuan / ton. The second trading period, downstream early replenishment, today zinc prices continue to go higher to suppress replenishment demand, the later market circulation supply has declined, a small number of transactions in the market, the overall supply and demand are weak. Kirin, Mengzi, Huize and Tiefeng quoted 20-30 yuan per ton for the June contract. Qilin, Mengzi, Huize, Tiefeng mainstream transaction in 16350-16430 yuan / ton.

"2020 (15th) lead and Zinc Summit

Tin: spot market, this morning the mainstream transaction price 132500-134500 yuan / ton, today is the last trading day before the May Day holiday, downstream enterprises and some traders only a small number of purchases, the overall performance of Shanghai tin spot market is generally weak. Shanghai tin 2006 contract set Yunxi rising water 5000-5500 yuan / ton, ordinary cloud word rising water 4000-4500 yuan / ton, small brand rising water 4000 yuan / ton.

Updating.

SMM "current combination" training class

Registration contact: Lu Qingping, SMM Iron and Steel Division

Tel: 021-51595781 / 187-1777-4590

SMM comments
aluminum price
copper price
zinc price
lead price

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

MOST POPULAR
data analysis
data analysis
data analysis
data analysis
data analysis