Home / Metal News / Precious Metals / [SMM midday review] Shanghai zinc and copper rose by more than 1%. Non-ferrous metals rose and fell by more than 1%. Fundamentals continued to improve and the black system continued to rise.
[SMM midday review] Shanghai zinc and copper rose by more than 1%. Non-ferrous metals rose and fell by more than 1%. Fundamentals continued to improve and the black system continued to rise.
May 8,2020 11:54CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM5 March 8 News: this morning, non-ferrous metals are mixed, and Shanghai zinc and copper have been higher in recent days. Some copper production this year has not been affected by much of the epidemic, and data released by Chile's Copper Commission Cochilco on Thursday showed that Chile's large copper mines expanded production in March at the time of the outbreak of Xinguan pneumonia, and the production of (Codelco), the Chilean state copper company, increased sharply. Monthly Codelco3 production rose 14.8 per cent to 147600 tonnes from a year earlier. Chile's Codelco production jumped 4.2 per cent to 386600 tonnes in the first quarter of this year, according to the Chilean Copper Commission. Ero Copper, based in Vancouver, Canada, released first-quarter financial and production data. In the first quarter, the company produced a total of 10657 tons of copper, compared with 10645 tons in the same period last year, and maintained its 2020 copper production target of 41, 000-43, 000 tons. In terms of zinc, according to SMM, as of Friday (May 8), the total inventory of zinc ingots in SMM Seven places was 237000 tons, an increase of 800 tons from Wednesday (May 6) and 10100 tons from last Thursday (April 30). This week, social inventory is mainly contributed by Tianjin and Zhejiang, and slightly reduced in Shanghai. "check the details."

Black iron ore rose 2.27%, thread rose 0.76%, hot coil rose 1.16%. This week, the country's total inventory of building materials was 13.031 million tons, a month-on-month rate of-6.3%, a slowdown of 1.3%, an increase of 53.0% over the same period of the Gregorian calendar last year. The terminal is centrally stocked, the main force of the superposition snail is higher, and the trading atmosphere after the festival is better, and it is expected that the reduction of the warehouse will be accelerated next week. The new output of long-process blast furnace steel plant can not be ignored, but the good demand leads to the stable removal of inventory and supports the price. The iron ore glut is hard to change and is more determined by downstream steel.

Crude oil in the previous period fell by 0.57%. Foreign crude oil futures rebounded slightly as more countries began to relax anti-epidemic blockade measures, making the market hope that fuel demand will rise after the epidemic has caused damage to the economy. After the April crash, crude oil futures are expected to rise for the second week in a row, with U. S. crude oil futures falling below zero in April. But crude oil inventories are still rising, reinforcing expectations that the rally triggered by increased demand will be limited. Brent crude oil futures rose 1.05% to $29.77 a barrel. Us crude oil futures rose 1.53 per cent to $23.91 a barrel.

Close at noon

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

Today's stock

Copper: today, Guangdong electrolytic copper spot contract rose 230% 240, the average price fell 5%; wet copper rose 180 ~ 190, the average price fell 10%. The average price of electrolytic copper rose 550yuan / ton to 43685 yuan / ton, and the average price of wet copper rose 545yuan / ton to 43635 yuan / ton. Spot market, Guangdong inventory continues to decline, the holder is willing to offer goods, but the receiver is limited, the rising water again shows the situation of high opening and low going. In addition, the market is worried that imports of copper will increase in the future, which is also an important reason for the weakening of the rising water. Overall, trading in Guangdong today is general, rising water within the day is high and low to go, transactions are mainly concentrated in the downstream just need to replenish, traders are not active in receiving goods. The price of good copper dropped from 250 yuan / ton to 230 yuan / ton, that of Pingshui copper from 250 yuan / ton to 210 yuan / ton, and that of wet copper goods from 190 yuan / ton to 180 yuan / ton.

"the second China (Yingtan) Copper Industry Summit and the 15th China International Copper Industry chain Summit"

Zinc: Shanghai Zinc mainstream transaction in 16730-16840 yuan / ton, Shuangyan, Chihong in 16760-16850 yuan / ton; Shuangyan and Chihong quoted 90-100 yuan / ton in May; Shuangyan and Chihong reported 100-130 yuan / ton in May; Shuangyan and Qihong reported 100-130 yuan / ton in May; 16650-16760 yuan / ton in Shuangyan and 16760 yuan / ton. Shanghai zinc 2005 contract low rebounded, the morning market closed at 16980 yuan / ton. High zinc prices, coupled with the approach of the weekend, smelters and traders actively shipped, the market price was slightly lower than yesterday, domestic water rose from 110 yuan / ton to 90 yuan / ton in the morning market, and directly docked downstream Shuangyan Huize brand quotation was lowered synchronously, from 130 yuan / ton to 100 yuan / ton, while imports from Belgium, Spain, SMC and other circulation have increased. The rising water is about 60-90 yuan / ton, and there are not many transactions, because the disk price is high, the downstream purchase is more cautious, and the main trading contribution between traders in the first trading session is the main activity. Into the second trading session, trading between traders has come to an end, downstream continue to wait and see, market trading is flat, the overall transaction within the day is slightly less than yesterday.

The mainstream transaction of Ningbo Gao was 17020murt 17120 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brand was increased from 20 yuan / ton to 30 yuan / ton. The price difference between Ningbo and Shanghai ordinary brand was increased from 20 yuan / ton to 30 yuan / ton. Zinc prices continue to strengthen, the shippers are more willing to ship, but the actual transaction is relatively light. In the first session of the morning, the price quoted by the holder lowered slightly yesterday. The sources of goods such as Huize and Kirin reported a rise of 140 yuan per ton for the May contract, while Tiefeng and Hualian reported a rise of 130 yuan per ton for the May contract. However, due to the higher futures prices, the downstream pre-festival inventory is abundant, the buying mood is not good, only just need to give priority to. Overall, today's market transaction atmosphere is basically flat compared with yesterday, the transaction situation is still poor.

The mainstream transaction of Guangdong zinc was 16820-16960 yuan / ton, and the quotation focused on the Shanghai zinc 2006 contract rising by 25-50 yuan / ton, and the discount of 110 yuan / ton in Guangdong stock market was 10 yuan larger than that in the previous trading day. In the first trading period, futures prices fluctuate, downstream high prices have a poor willingness to purchase, holders meet high shipping enthusiasm to enhance, the net price down 10 yuan transaction is OK, but most of the transactions between traders. Individual brands offer lower prices and put pressure on rising water. Kirin, Mengzi, Huize, Tiefeng quoted prices for Shanghai zinc contract for 6 months, 30ml 50 yuan / ton, Feilong Shengshui 10mur20 yuan / ton. In the second trading period, the price is still on the strong side, downstream procurement has not improved, traders press the price to receive, but the spot price on the futures contract discount, the range of price adjustment is limited, overall, the market as a whole. Kirin, Mengzi, Huize and Tiefeng quoted 25-30 yuan per ton for the June contract. Kylin, Mengzi, Huize, Tiefeng mainstream transaction in 16820-16960 yuan / ton.

The mainstream turnover of zinc ingots in Tianjin market was 17040mur18390 yuan / ton, while that of ordinary brands was 17040MUE 17210 yuan / ton. For the 2005 contract, the price of rising water was around 100yuan / ton to 250yuan / ton. Compared with Shanghai stock market, the price of rising water in Tianjin stock market dropped from 70 yuan / ton to about 30 yuan / ton. Today, Shanghai zinc continues to rise, the spot market downgrade the discount price, the price is more uniform, the ordinary brand Bai Ling Bao is quoted for the 05 contract with a premium of 120 Mel / ton, the Red Coat is quoted for the 05 contract with a premium of 160 Mel / ton, Chi Hong is quoted for the 05 contract with a premium of 120 Mel / ton, the fourth Ring Road is quoted at 100 yuan / ton for the 05 contract, and the high-priced brand Zijin is quoted near 250,220 yuan / ton for the May contract. Zinc prices continued to rise today, traders initially maintained a discount quotation for shipment, but due to poor transactions, superimposed smelters shipped at a low price, and then lowered the discount quotation again, the downstream transaction slightly improved; downstream, zinc prices continue to rise today, the overall willingness to pick up is poor. On the whole, deals have been done today. Zinc ingots were sold at around 16990 RMB17160 per ton.

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