Home / Metal News / Precious Metals / [SMM afternoon Review] non-ferrous metals narrow range fluctuation black series iron ore high drop last period crude oil rose 2.31%
[SMM afternoon Review] non-ferrous metals narrow range fluctuation black series iron ore high drop last period crude oil rose 2.31%
May 26,2020 11:55CST
The content below was translated by Tencent automatically for reference.

SMM5 June 26: the metal market fluctuated less at noon today, rising in the morning under the rising trend of chemicals such as crude oil, but then some metals fell slightly. Shanghai copper rose nearly 0.7%, Shanghai aluminum rose nearly 1%, Shanghai zinc, Shanghai nickel, Shanghai tin fell. The main driving force of copper price upward is the support of fundamentals, copper factory maintenance scale or expansion, while inventory continues to decline, spot performance is still strong. And the overseas economy restarts, foreign copper consumption is expected to pick up steadily. According to foreign mine news, the South Australian government has put on the agenda BHP Billiton (BHP) 's plan to increase copper production at the Olympic Dam Mine from 200000 tons to 350000 tons per year, and has released guidelines for the evaluation of the Olympic Dam expansion plan. Shanghai nickel funds have been evacuated substantially, nickel prices have gone up and down, and the recent macro atmosphere has turned empty. However, due to the low inventory of Ferro nickel, the supply of nickel is still tight, the price of ferronickel remains strong, and there is still a certain supporting force on the supply and demand side of nickel. the weakening of the short-term macro atmosphere makes the price of nickel weak. However, the production capacity of Ferro nickel in Indonesia has been put into production one after another, and the supply of ferronickel may gradually be in excess in the future.

Black iron ore fell 2.78%, thread fell 0.28%, hot coil rose 0.06%. Iron ore fell sharply today as data showed an increase in shipments from mainstream miners, up 4.08 million tons from the previous week, easing supply concerns. The spot price of 62 per cent grade iron ore shipped to China yesterday fell to $98.50 a tonne. The China Iron and Steel Association and major steelmakers have called for an increase in domestic iron ore production and increased exploration of untapped overseas resources to ensure supply, with short-term ore prices retreating. Thread production continues to increase and has reached a new high this year. The speed of going to the library is faster. And the two sessions are not over yet, and follow-up attention will be paid to whether there are any new favorable policies to be released.

Crude oil rose 2.31% in the previous period. The agency says U. S. shale drillers have helped the United States become the world's largest oil producer, producing as much as 13 million barrels a day at the beginning of this year. But now it may take years to reach this level again. However, as of mid-May, US crude oil production had fallen to 11.5 million barrels a day, according to the US Department of Energy. Some people expect the actual output to be lower. The recent rebound in oil prices has relieved some of the pressure on drillers, but not enough to make most new wells profitable. However, with the passage of time, oil prices tend to rise in the later stage.

Close by noon

Today's spot

Copper: today, the spot price of electrolytic copper in Guangdong province rose 200 cents 210 to that month's contract, the average price fell 10 percent, while the wet process copper rose 150 percent 160, the average price fell 10 percent. The average price of electrolytic copper is 44085 yuan / ton, while that of wet copper is 44035 yuan / ton. In the spot market, inventory continued to decline slightly, and the holder supported a strong demand for goods. Pingshui Copper reported 220 yuan / ton (next month ticket) in early trading, but downstream delivery was not active, so the holder could only reduce the price to 200 yuan / ton (next month ticket). However, the holder is only willing to reduce the price to 200 yuan / ton (next month ticket). In addition, more wet-process copper has entered the market today, which is also another key factor in suppressing the rising water of flat-water copper. Today's mainstream trading price of wet-process copper is about 160 yuan / ton (next month's ticket). It is also understood that the supply of goods stored in the south is tight recently, and even there is a situation that it is difficult to obtain goods, and the transaction price of goods stored in the south is generally high. Generally speaking, today's market favors low-price wet-process copper, high-price flat copper and good copper in general.

Lead: Shanghai Changchi Hongzhong lead 14605mur14625 yuan / ton, price for Shanghai lead 2006 contract 200mur230 yuan / ton; Wuxi market southern lead 14505won 14525 yuan / ton, price for Shanghai lead 2006 contract 100Lue 120 yuan / ton, price for Shanghai lead 2006 contract, price for lead, lead. Another import KZ lead 14405 yuan / ton, Shanghai lead 2006 contract flat water quotation. Lead futures to maintain a high level of consolidation, the holder actively shipped, quotations increased than yesterday, while imports of lead arrived, the lower reaches are not optimistic about the future, only just need to purchase, and mostly for long-term transactions, the bulk market transaction is still not improved.

Zinc: Guangdong Zinc mainstream traded at 16330mur16470 yuan / ton, the quotation concentrated on the Shanghai zinc 2007 contract price rise of 90mur110yuan / ton, the Guangdong market discount of 170yuan / ton than the previous trading day increased by 10 yuan. In the first trading session, futures rose and fell back, and the market standing price was strong. The holder reported a difference of about 10 yuan between the current month and next month's ticket, and the downstream just needed a small amount of purchase, and the market transaction was limited. Kirin quoted a price for the July contract of zinc in Shanghai to rise 100 won per ton, while Tiefeng rose 90100 per ton. The second trading session, after the network price pricing, the holder is still relatively strong shipments, but traders in the face of rising water procurement demand in general, downstream procurement is also weak, the market transaction is poor. Kirin quotes the July contract for zinc in Shanghai to rise 110 yuan / ton, while Tiefeng liter water 100ml 110 yuan / ton. The mainstream transactions of Kirin, Mengzi, Huize, Tiefeng and Feilong were 16330 RMB16470 per ton.

The mainstream transaction of Ningbo Gao was 16440 Mel 16540 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands was maintained at a discount of 20 yuan / ton yesterday. The price of ordinary brands for ordinary brands in Ningbo was raised around 120,540 yuan / ton for 2006 contracts. In the first session of the morning, the holder continued to quote yesterday. Tiefeng News was near 150 yuan / ton for the June contract, Huize and Kirin were reported around 150 yuan / ton for the June contract, and Yunxi News was near 130 yuan / ton for the June contract. West Mining reported around 230 yuan / ton for the July contract, converted to 120 yuan / ton for that month. In the second period of time, some holders lowered the brand quotation around 10 yuan / ton. However, due to more purchases in the lower reaches of last Friday, the overdraft part of this week's demand. On the whole, there is no significant improvement in today's transaction compared with yesterday.

"2020 (15th) lead and Zinc Summit


SMM "combination of period and present" training course

Registration contact: Lu Qingping, Iron and Steel Division of SMM

Tel: 021mur51595781 / 187MUE 1777MUE 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