[SMM afternoon Review] Shanghai, Tin, Shanghai Nickel low opening upside non-ferrous metals rise and fall each other black series hit high and fell back iron ore rose 1.44%

SMM5 March 28: at noon on Thursday, non-ferrous metals rose and fell, among which Shanghai Aluminum rose for many days and created a more than two-month high. Shanghai Aluminum continued to rise 1.54%, spot resources are tight, Shanghai Aluminum continues to operate strongly. Domestic electrolytic aluminum spot inventory continues to decline rapidly, supporting aluminum prices. May 28th, continued to go to the warehouse, SMM statistics domestic electrolytic aluminum society inventory fell 86000 tons to 893000 tons. "check the details of copper, Tektronix Resources announced that Peru's Antamina copper mine has resumed operation, the current operating capacity of 80%, is expected to achieve full capacity operation in the third quarter. In 2019, Antamina Copper Mine produced a total of 448590 tons of copper and 303000 tons of zinc, of which 22.5% belonged to Tektronix Resources. (IWCC) of the International Copper forging Commission said in its report that due to the impact of the epidemic, the global copper market has a supply surplus of 285000 tons this year, and the global copper market supply surplus is expected to further increase to 675000 tons in 2021. The agency's estimates are made against the backdrop of disruption to coronavirus-related demand, which is expected to dwarf the impact of industrial metal supply disruptions. Economic disturbance and its impact on the copper industry lead to greater uncertainty in the factors affecting copper supply and demand.

Black iron ore rose 1.44%, while steel rose slightly. Recently, the trend of apparent steel consumption has declined, resulting in a narrowing of inventory decline. However, according to the previous SMM survey data, the terminal demand for infrastructure next month is still considerable, in the case of peak production, construction materials will be maintained to go to the warehouse. A few days ago, the Ministry of Industry and Information Technology said that the building materials industry has achieved positive results in promoting epidemic prevention and control and resuming work and production, and achieved positive growth in April as a whole compared with the same month last year. According to the data of the National Bureau of Statistics, in April, the added value of the building materials industry increased by 4.4% compared with the same period last year. The income from the main business completed by enterprises was 452 billion yuan, an increase of 5.8% over the same period last year, and the total profit was 42.8 billion yuan, an increase of 11.1%.

The last period of crude oil was flat. Crude oil futures fell in early trading on Thursday as US crude oil, gasoline and heating oil inventories rose more than expected and the inventory reduction process was interrupted. Oil prices fell yesterday because of uncertainty about Russia's commitment to slash production ahead of a meeting of the (OPEC) and its allies on June 9. Us crude oil futures fell 5 per cent at one point. In addition, US crude oil, gasoline and distillate stocks all increased last week, according to data released by the American Petroleum Association (API) on Wednesday. Crude oil stocks at the Cushing warehouse in Oklahoma fell by 3.4 million barrels that week.

Close by noon

Today's spot

Copper: today, the spot price of electrolytic copper in Guangdong province rose 230,240 to that month's contract, with an average price increase of 10 percent, while wet-process copper rose by 180 percent to 190 percent, with an average price increase of 20 percent. The average price of electrolytic copper is 44045 yuan / ton, while that of wet process copper is 43995 yuan / ton. In the spot market, copper prices fell in the night market, coupled with falling inventories, today the bearer continued to offer a good price of 250yuan / ton, and Pingshui copper to 240yuan / ton; however, near the end of the month, no matter downstream users or traders do not have a strong desire to receive goods; the holder can only reduce the price for shipment. by around 11:00, good copper has dropped to 240yuan / ton, and Pingshui copper has heard the lowest quotation of 220yuan / ton. In addition, due to the insufficient supply of flat-water copper, there is an inflow of wet-process copper, resulting in a narrowing of the price difference between wet-process copper and flat-water copper today. Overall, trading weakened today as it approached the end of the month, coupled with higher rising water.

Zinc: the mainstream transaction of Ningbo Brand was 16440 Mel 16540 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands was maintained around 10 yuan / ton yesterday. The price of ordinary brands in Ningbo was raised around 120,000,000 yuan / ton in the contract of 2006. The price difference between Ningbo and Shanghai ordinary brands was maintained around 10 yuan / ton yesterday. Today, zinc prices are steadily adjusted, and traders in Ningbo market are actively shipping. In the morning, it basically continued yesterday's market quotation. In the first period of time, Tiefeng, Huize and Kirin reported a water increase of 150 yuan / ton for the June contract, Yunxi News rose 130 yuan / ton for the June contract, and the West Mining News rose 240 yuan / ton for the July contract, which translates to 100rel 110 yuan / ton for the June contract. However, zinc prices are rising again today, downstream enterprises are mainly wait-and-see, the willingness to receive goods is obviously weakened, compared with yesterday's willingness to inquire is also weakened, the overall trading situation in the market is poor. It is worse than yesterday.

In Tianjin market, the mainstream turnover of zinc ingots was 16600 RMB17640 / ton, while that of ordinary brands was 16600 RMB16770 / ton. for the 2006 contract, the price of rising water was 250 yuan / ton to 380 yuan / ton. compared with Shanghai, the price of Tianjin rose from 150 yuan / ton to about 170 yuan / ton. Today, Shanghai zinc rebounded, the spot market maintained a rising discount price, and the price was relatively uniform. The ordinary brand Bering News quoted a rise of 300 yuan per ton for the 06 contract, and Hongyi quoted a rise of 330 yuan per ton for the 06 contract. Chi Hong quoted a rise of 300 yuan per ton for the 06 contract, while the high-priced brand Zijin offered a rise of 380 yuan per ton for the June contract, and Tiefeng quoted a rise of 280 yuan per ton for the 06 contract. The fourth Ring Road quoted a rise of 250 yuan per ton for the 06 contract. Today, zinc prices fell and rebounded, due to the low circulation of mainstream brands in the market, refineries and traders maintained high-price shipments; downstream, Tianjin spot fell slightly today, downstream enterprises in the recent weak trend of zinc prices, bearish sentiment increased, consider to continue to receive goods on the bargain. On the whole, today's turnover is weaker than yesterday's. Zinc ingots were sold at around 16550 Mill 16710 yuan per ton.

The mainstream transaction of zinc in Guangdong was 16260mur16400 yuan / ton, and the quotation was concentrated in the price increase of 140 million yuan / ton in the 2007 contract for Shanghai zinc, and the discount of 150 yuan / ton in the Guangdong market was the same as that in the previous trading day. In the first trading session, the price difference of the initial futures in the current month / the next month is large, the holder is still selling at a straight price, and the supply of Gaoshengshui goods is slightly closed, and the market quotes are mostly on the net price. Kirin and Mongolia are quoted at a price of 10 yuan / ton, while Tiefeng is 10 yuan / ton higher than the net price. Downstream, they just need to buy at a low price, and traders contribute to most market transactions. Kirin and Mongolia quoted a price of 150 yuan / ton for the July contract of Shanghai zinc. Tiefeng Shengshui 140Pak 150 yuan / ton. The second trading session, in the face of Gaoshengshui traders lack of willingness to receive goods, downstream procurement is also limited, while the holder will be more willing to ship at high prices, the market quotation has been loosened, but the overall transaction is not much. Kirin quoted zinc for Shanghai July contract up 150 yuan / ton, Tiefeng water 140 yuan / ton. Kirin, Tiefeng mainstream transaction at 16260MUR 16400 yuan / ton.

In Shanghai, zinc mainstream traded at 16400 Mel 16520 yuan per ton, Shuangyan at 16470 Mel 16550 yuan per ton, Shuangyan zinc at 130MZ 140 yuan / ton in June, Shuangyan water at 170,200 yuan / ton in June, and Shuangyan zinc mainstream at 16320ft 16440 yuan / ton. The Shanghai Zinc 2006 contract fluctuated higher, closing at 16245 yuan / ton in the morning market. Zinc prices have fallen, smelter shipments have been under control, the morning market from rising water 150 yuan / ton down to rising water 140 yuan / ton or so, transaction feedback is still not good, some traders take the initiative to adjust prices to 130 yuan / ton to promote trading, but the mainstream market quotations are concentrated in rising water 135murl 140 yuan / ton, another part of the average price-5 / average price transaction is OK. Into the second trading session, the domestic quotation remained stable, while the downstream brand Shuangyan due to import squeeze, the quotation was lowered, from the rising water 190lv 200 yuan / ton down to 170lue 180 yuan / ton, import SMC, YP quotation is relatively stable, quoted water 120murt 140 yuan / ton, downstream every fall into the market inquiry procurement, but bearish mood is strong, procurement control, the overall intraday turnover is slightly better than yesterday.

Tin: spot market, today's price 136000mur138500 yuan / ton, the overall center of gravity of tin noodles in Shanghai in the morning to maintain stability, traders and downstream enterprises are weak, only a small amount of cautious purchases. The overall transaction atmosphere in the Shanghai-tin spot market is weak. For the Shanghai tin 2007 contract, the Yunxi rising water is around 5000 yuan / ton, the ordinary Yunzi rising water is around 3500 won 4000 yuan / ton, and the small brand rising water is around 2500 won 3000 yuan / ton.

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