Home / Metal News / Precious Metals / [SMM afternoon Review] Nonferrous metals continued their downward trend. Shanghai lead, Shanghai Zinc fell more than 1%. The market worried that the supply shortage of iron ore rose 1.42%.
[SMM afternoon Review] Nonferrous metals continued their downward trend. Shanghai lead, Shanghai Zinc fell more than 1%. The market worried that the supply shortage of iron ore rose 1.42%.
May 13,2020 11:50CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM5 month 13: the morning non-ferrous metals market continued the night market decline, in yesterday's PPI and other macro data is not as expected and the outbreak of the second outbreak of concern under the market rally is difficult to maintain. Shanghai copper opened low in the morning, Zambia temporarily closed its border with Tanzania, and copper exports through (Dar es Salaam), the capital of Tanzania, were delayed. According to SMM, the news could affect China's imports of anode copper from Zambia. Due to the scarcity of ports in Zambia most of the goods will be shipped from Tanzania to other countries. According to SMM research data, the overall operating rate of copper strip and foil enterprises in April was 68.30%, down 4.86 percentage points from the same period last year and 4.77 percentage points from the previous month. In April, the operating rate of copper strip and foil decreased to a certain extent, mainly due to the over-expected recovery of the copper strip operating rate in March this year, due to the influence of the previous epidemic on the accumulation of backlog orders to March and other factors "to view the details of lead," due to the low dominant inventory base of lead ingots and the existence of maintenance of primary lead, the expectation of immediate accumulation is gradually realized, which is reflected in the volume in May or limited. It is expected that in the middle and late May, lead will continue the trend of horizontal concussion, while spot lead may fall below the Wansi barrier due to the gradual easing of supply, and is expected to run at 13600-14250 yuan / ton.

The black series mine rises and falls, the long process steel plant increases the production enthusiasm, the demand for raw materials increases, the scrap price rises again recently, the electric furnace steel mill is squeezed by the increase in raw material prices. On the demand side, downstream terminal demand is temporarily stable, and apparent consumption is expected to increase this week. The arrival of hot rolls this week is slightly lower than last week. Among them, the arrival volume of Shanghai and Lecong remains low, while that of Tianjin is higher than the normal level. It is still mainly affected by the price difference between the north and the south, and the southward movement of northern resources is blocked. Follow-up pay attention to the impact of rain in the south on the construction progress. Iron ore shipments in Brazil fell slightly from the previous month, and supplies in Australia were tight again as a result of a marked reduction in shipments at ports last week. The iron ore maintains a strong concussion in the short term.

Crude oil fell 1.68% in the previous period. International oil prices fell in early trading in Asia on Wednesday after industry data showed a rise in US crude inventories and growing fears of a second outbreak in countries where blockades were relaxed. Saudi Arabia further called for more production cuts to promote market balance. Saudi Arabia said earlier this week that it planned to increase production cuts again to slow down the accumulation of stocks. July Brent crude futures fell 54 cents, or 1.80 percent, to $29.44 a barrel. Us July crude oil futures fell 45 cents, or 1.7 percent, to $25.88 a barrel, up nearly 7 percent the previous day.

The trading was suspended at noon.

Today's stock

Copper: today, Guangdong electrolytic copper spot contract rose 30% to 40%, the average price fell 90%; wet copper sticker 10 ~ 0, the average price fell 90%. The average price of electrolytic copper fell 640 yuan / ton to 43090 yuan / ton, and the average price of wet copper fell 640 yuan / ton to 43050 yuan / ton. In the spot market, Guangdong spot discount once again staged a high platform dive today (good copper fell from 80 yuan / ton in morning trading to 40 yuan / ton at 10.50 yuan / ton, and flat water copper fell from 70 yuan / ton to 20 yuan / ton). However, what is different from yesterday is that when the discount dropped to 20 yuan / ton, the number of recipients increased significantly. Some downstream users take advantage of falling copper prices and rising water to carry out appropriate replenishment when the price of copper is low; some are traders who pick up copper for delivery. Overall, after a sharp decline in rising water, the market trading activity increased significantly. It is expected that the rise and fall of water will remain stable tomorrow and will not fall sharply again.

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

Lead: South China lead 14050 yuan / ton in Guangdong market, quotation for SMM1# lead price 50 yuan / ton; Henan Yuguang, Wanyang and other smelters give priority to traffic order, Jinli, Wanyang, Minshan 13850 yuan 13920 yuan / ton, average price discount to SMM1# lead 150 yuan / ton (some traders source); Hunan Shuikoushan 14000 yuan / ton, average lead price level to SMM1# (trader); Hunan Jingui 13850 yuan / ton, average lead price discount to SMM1# 150 yuan / ton Jiang copper 13980 yuan / ton, the average price of SMM1# lead discount 20 yuan / ton quotation. Yunnan small factory 13700 yuan / ton, the average price of SMM1# lead discount 300yuan / ton quotation. Lead prices fell back, smelters still maintain discount shipments, but today some shippers slightly slowed the pace of shipments, trading improved today, mainly due to lower prices.

Zinc: the mainstream transaction in Ningbo was 16690-16800 yuan / ton, the ordinary brand rose 130-150 yuan / ton to the 2006 contract, and the price difference between Ningbo and Shanghai ordinary brand maintained from 20 yuan / ton to 30 yuan / ton yesterday. Zinc price correction, refineries and holders slightly cherish the sale, the market supply circulation is slightly scarce. In the first part of the morning, the holder turned to an offer for the June contract. The Western Mining News raised the water by 130 yuan / ton on the June contract, Hualianbao by 140 yuan / ton on the June contract, Tiefeng by 150 yuan / ton on the June contract, Huize News by 160 yuan / ton on the June contract, and Kirin Morning News by 170 yuan / ton on the June contract. In the morning, the transaction of low-priced brands has improved, Kirin Huize and other quotations have been gradually reduced to 140-150 yuan / ton for the June contract. Overall, due to the zinc price correction, downstream enterprises are willing to buy when they fall, and the trading atmosphere in today's market has warmed up compared with yesterday.

Shanghai zinc mainstream transaction in 16690-16780 yuan / ton, Shuangyan transaction in 16700-16790 yuan / ton, imported zinc transaction in 16660 yuan / ton, zinc general price of 120 yuan / ton in June, 130 yuan / ton in June, 80 yuan / ton in May, and 16620-16710 yuan / ton in May. Shanghai Zinc 2006 contract rebounded, closing at 16565 yuan / ton in the first trading session of the morning market. The stock of imported zinc in the market was relatively large, and the supply of goods in the trade market was sufficient. In the first time of the morning, the mainstream transaction in the market focused on the average price of SMM net. In the morning, the price of the 2006 contract rose to 130 billion yuan / ton, and the high price existed in the transaction. After the closing of the first session, the spot in the market rose lower and the selling increased. Follow the mainstream offer to the 2006 contract up to 120 yuan / ton; Entering the second period, the market quotation is relatively stable, the holder mainstream reported to the 2006 contract up 120 yuan 130 yuan / ton; today's market import zinc quotation is still more, the market mainstream to SMC, Spain, Peru, Harbin zinc-based, traders trading in general, mostly shipment-based, downstream prices fell today, bargain procurement, but the purchase volume is still more cautious, mostly worried about the further decline in zinc prices.

The mainstream transaction of zinc ingots in Tianjin market was 16720-17930 yuan / ton, and that of ordinary brands was 16720-16850 yuan / ton. The contract for 2006 rose by 140 yuan / ton to 230 yuan / ton. Compared with Shanghai stock market, Tianjin market decreased from 60 yuan / ton to 40 yuan / ton. Today, zinc in Shanghai fell sharply, and the spot market maintained a discount quotation. The quotation was more uniform. The ordinary brand lark reported a rise of 150 yuan / ton on the 06 contract, and the Hongli newspaper reported a rise of 2000 yuan / ton on the 06 contract. Chihong reported 150 yuan / ton on the 06 contract, 140 yuan / ton on the fourth Ring News on 06 contract, and 160 yuan / ton on imported KZ contract. High-priced brand Zijin on the June contract rose 230 yuan / ton near. Zinc prices fell sharply today, and traders' quotations were basically the same as yesterday. It is rumored in the Tianjin market that a large number of goods were delivered on Friday, resulting in a weakening of traders' willingness to raise prices. Downstream, Tianjin spot prices fell sharply today, and downstream delivery was slightly better than yesterday, but the overall transaction is still general. On the whole, deals have been done today. The transaction of zinc ingot is near 1667016800 yuan / ton.

The mainstream transaction of Guangdong zinc was 16570-16680 yuan / ton, and the quotation focused on 10-30 yuan / ton of Shanghai zinc 2006 contract. The discount of 110 yuan / ton in Guangdong stock market was 10 yuan / ton less than that of the previous trading day. In the first trading session, futures prices opened low and went low, the holding price of the holder was strong, the overall market quotation was higher than yesterday, the downstream bargain inquiry increased, and the market transaction was OK. Kirin, Mengzi, Tiefeng quoted water for the Shanghai zinc contract in June to rise 1550 yuan / ton. The second trading session, prices rebounded, downstream demand weakened, traders to maintain the value of normal shipments, part of the realization of active price adjustment shipment, spot rising water slightly lower than the first trading session, overall, today's downstream demand is better than yesterday. Kirin, Mengzi, Huize and Tiefeng are quoted for the June contract to raise water by 10 murals of 20 yuan / ton to Pingshui. Yi Qilin, Mengzi, Tiefeng mainstream transaction in 16570-16680 yuan / ton.

"2020 (15th) lead and Zinc Summit

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