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[SMM afternoon Review] Metal floats red across the board. Shanghai copper collar rose by more than 1%. Iron ore rose by more than 2%. Last period crude oil was slightly red.
Jul 7,2020 11:35CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 7: the non-ferrous metals market is all red this morning. By midday trading, Shanghai copper rose 1.29%, Shanghai nickel rose 1.09%, Shanghai tin rose 0.43%, Shanghai zinc rose 0.15%, Shanghai aluminum rose 0.04%, and Shanghai lead rose 0.03%.

In terms of nickel, last week, nickel prices basically fluctuated in the early position range, and the fundamentals were weak but mostly known news, such as the increase in the supply of nickel pig iron and the pressure on stainless steel market shipments in the off-season, etc., as a whole, the short-term contradiction is not obvious; in the macro aspect, some overseas data are bright, and in the major links, we can see that overseas countries are still following the logic of consumer recovery, coupled with the fact that national policies support enterprises to have a certain effect, and the macro side is relative preference. Under the comprehensive action, the nickel price fluctuates in the range. At the beginning of the week, nickel prices broke through the previous platform, the momentum of long funds is strong, prices will be strong in the short term, and there is still room for pullback and consolidation within the week.

The China solid waste Chemicals Management Network issued the ninth batch of restricted list in 2020, in which the total approved import volume of copper scrap is 176746 tons, that of aluminum scrap is 209660 tons, and that of scrap iron and steel is 4990 tons. It is the largest batch of scrap metal import quotas issued by China since April.

"[important] the ninth batch of import quotas for restricted scrap metals announced

In terms of black series, thread rose 0.47%, hot coil rose 0.69%, stainless steel rose 0.86%, coke rose 0.86%, coking coal was flat, iron ore rose 2.74%, the north and south entered the flood season, the inflection point of steel inventory was confirmed, but Tangshan issued strict control documents, steel is strong and vibrating.

Crude oil rose 0.24% in the previous period, and the expected increase in demand offset the rise in new cases. Positive economic data supported oil prices, but a surge in the number of new cases in the United States could dampen fuel demand and put pressure on prices.

Close by noon

Today's spot

Copper:

Aluminum:

Lead:

Zinc: the mainstream transaction of Zinc ingots in Tianjin market was 169mur16960 yuan / ton, Zijin was traded at 17000Lue 17030 yuan / ton, Huludao was quoted at 18200 yuan / ton, Zinc was generally quoted around RMB130 / ton to 160yuan / ton for 2007 contract, Zijin was quoted around 230yuan / ton for July contract, and the Tianjin stock market was maintained at about 60,000,000 yuan / ton compared with Shanghai stock market. Today, the concussion of zinc in Shanghai is weakening, and the spot market maintains a rising discount price, which is relatively uniform. The ordinary brand Bering News quoted a rise of 140 yuan per ton for the 07 contract, and Hongyi quoted a rise of 160 yuan per ton for the 07 contract. Chi Hong quoted a rise of 130 yuan per ton for the 07 contract, while the high-priced brand Zijin quoted a rise of 230 yuan per ton for the July contract, and Baiyin quoted a rise of 130 yuan per ton for the 07 contract. Yunxi Daily quoted 100 yuan / ton of water for 07 contract, Xikuang (delivered) quoted 120 yuan / ton of water for 07 contract, fourth Ring Road (delivered) quoted 120 yuan / ton of water for 07 contract, KZ quoted 70 yuan / ton of water for 07 contract, and Harbin Zinc (including depot) quoted 60 million yuan / ton for 07 contract. Today, zinc prices remain volatile, low-cost brand zinc ingots maintain rising water quotation, under poor delivery, some brands downgrade and raise discount, while high-price Zijin brands raise sticker water shipments due to less spot market volume; downstream, still maintain the need for weak procurement, the overall willingness to receive goods is general, mainly to low-cost brands to receive goods. On the whole, today's turnover is slightly weaker than yesterday. Zinc ingots were sold at around 16,800Muth16840 yuan / ton.

Nickel:

Tin: spot market. Today's quotation is 1400000 RMB142500 per ton. The price of goods in today's quotation period has increased compared with that of yesterday morning, and the average net price has risen by 1000 yuan / ton. Shanghai tin spot prices are high, downstream will to receive goods is not strong, just need to purchase, traders maintain a wait-and-see attitude, the overall spot market trading atmosphere is deserted. In terms of liter discount, Yunxi Suite 500 RMB1000 / ton for Shanghai tin 2008 contract, Yunzi level to 500 yuan / ton, and small brand discount of 1000 yuan / ton.

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