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[SMM midday review] non-ferrous metals rose and fell interchangeably terminal operating rate rebounded Shanghai copper rose slightly higher crude oil fell more than 3%
May 14,2020 11:55CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM5 14: at noon, the non-ferrous plate rose and fell mutually, Shanghai copper Shanghai nickel rebounded upward. Outside the mine, in early May, the Peruvian government announced a decree to gradually restore the economy, allowing mining units with a daily output of more than 5000 tons to resume after adapting to the health agreement issued by the new government. Some of the local mines will gradually recover and are expected to continue until the end of June. However, in the case of Peruvian miners followed by SMM, not many miners meet this condition, and the short-term supply impact is limited. The operating rate of copper pipe enterprises in the lower reaches of copper was 84.42% in April, down 7.37 percentage points from a year earlier and up 8.7 percentage points from the previous month. In April, copper tube enterprises basically resumed normal production, and the operating rate of large and medium-sized factories was nearly 90%, thus driving up the overall level of the industry. "on May 14, Shanghai, tin, Guangdong, Henan and other major consumption places continued to strongly go to the warehouse, SMM statistics domestic electrolytic aluminum social inventory weekly decline of 114000 tons to 1.058 million tons. In addition, the profit of aluminum ingot has an increasing trend, and the smelter has begun to put new production into production, and the supply side has put pressure on the upward price of aluminum in the short term. However, the impact of downstream hoarding has led to the substantial removal of inventories, and the consumption of aluminum terminals also remains to be seen. "look at the details."

Black iron ore rose 0.86%, hot rolls rose 0.51%, and threads fell 0.06%. The stage of iron ore overseas shipments is lower, Australia and Brazil short-term shipments decline, the current furnace charge supply is tight, and demand remains strong, so black is still rebounding, but we need to pay attention to whether we can break through the medium-term pressure level. Short-term strong domestic demand stimulus policy and the rapid recovery of real estate infrastructure, so that the apparent consumption of building materials reached and exceeded the level of the same period last year, is now the peak season of steel consumption, is expected to continue to perform at a high level in the near future. In addition, in order to ensure air quality during the two sessions, more intensive and stringent production restrictions may be introduced in Beijing, Tianjin, Hebei and the surrounding areas.

Crude oil fell 3.17% in the previous period. International oil prices rose on Thursday, boosted by an unexpected drop in US crude oil stocks, but oil price gains were limited on fears that a potential second wave of outbreaks could trigger a new blockade and another blow to fuel demand. Us crude oil stocks have risen sharply since mid-January as the outbreak has led to a decline in global fuel demand. Us crude oil stocks fell unexpectedly last week, including in Cushing, Oklahoma, for the first time since the new crown outbreak led to a drop in US fuel demand. In addition, the Organization of Petroleum Exporting countries (OPEC) and its oil allies, including Russia, agreed in April to cut production by 9.7 million barrels a day in May and June. Saudi Arabia also said it would cut production by an additional 1 million barrels a day from June.

Close at noon

Today's stock

Lead: Shanghai market Jinsha lead 1407514125 yuan / ton, Shanghai lead 2006 contract up 240-300 yuan / ton, Wuxi market southern lead 14025 yuan / ton, Shanghai lead 2006 contract up 200 yuan / ton. Lead continued weak decline, coupled with some of the imported lead began to pre-sale, holders of high prices are not strong, downstream to maintain the need for procurement, bulk order market transactions have not improved significantly for the time being.

Zinc: the mainstream transaction in Ningbo was 16570-16670 yuan / ton, the ordinary brand rose 140-160 yuan / ton to the 2006 contract, and the price difference between Ningbo and Shanghai ordinary brand remained narrowed from 30 yuan / ton yesterday to 20 yuan / ton. Zinc prices remained weak shock, downstream enterprises wait-and-see willingness to weaken, holders slightly increased water shipments. In the first period of the morning, the holder reported the goods more actively, Tiefeng, Huize and other sources of goods continued to quote yesterday, reporting a rise of 150 yuan / ton for the June contract, 160 yuan / ton for the Kirin contract, 140 yuan / ton for the June contract, and 140-150 yuan / ton for the June contract. The transaction was concentrated around 140-150 yuan / ton; entering the second period, the plate returned to the market, the downstream mining and buying mood weakened, and the rising water did not fall. Overall, today's market transactions have warmed up compared with yesterday, mainly due to downstream enterprises wait-and-see mood weakened, superimposed just need to buy, the overall transaction situation has improved.

The mainstream transaction of zinc ingots in Tianjin market was 16630-17840 yuan / ton, and that of ordinary brands was 16630-16760 yuan / ton. The contract for 2006 rose from 150 yuan / ton to 250 yuan / ton. Compared with Shanghai market, Tianjin market rose from 40 yuan / ton to 50 yuan / ton. Today, Shanghai zinc continued to fall, the spot market maintained the discount quotation, the quotation is more uniform, the ordinary brand lark newspaper in the 06 contract rose 160 yuan / ton, the red star newspaper in the 06 contract rose 210 yuan / ton, Chi Hong reported in the 06 contract rose 150 yuan / ton, the import KZ reported rose 150 yuan / ton to the 06 contract, the high price brand Zijin reported the June contract to rise near 250 yuan / ton. Zinc prices continued to fall today, traders quoted basically the same as yesterday, some brands have high prices, Tianjin market rumors will be 5000-6000 tons of goods will be delivered on Friday, will suppress the rising water; downstream, Tianjin spot prices continue to fall today, downstream delivery has been significantly better than yesterday. On the whole, the deal is better today. The transaction of zinc ingot is near 16580-16710 yuan / ton.

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