SMM7 March 8: this morning, the non-ferrous metals market is red, fat, green and thin. By midday trading, Shanghai lead rose 1.06%, Shanghai copper rose 0.77%, Shanghai aluminum rose 0.25%, Shanghai zinc rose 0.21%, Shanghai nickel fell 0.12%, and Shanghai tin fell 0.52%. On the copper side, first Quantum is resuming full production of its Cobre Panama copper business after a three-month interruption caused by covid-19. The company has received notice from the Panamanian Ministry of Health to cancel the temporary suspension of mining activities at the Cobre Panama mine, which has been in conservation and safety maintenance mode since early April. The plant is expected to reach full capacity by mid-August. In addition, Chile's mining minister said he was optimistic about copper prices and that current levels should be maintained as copper production is unlikely to rise. If the number of new crown pneumonia cases increases, production is expected to decline further.
In terms of nickel, there is less fundamental correlation among the leading factors in the recent market. The fundamentals of nickel are 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, on the major link, we can see that overseas is still following the logic of consumer recovery, coupled with the policy support of enterprises in various countries have a certain effect, the relative preference of the macro side; under the comprehensive effect, the performance range of nickel price fluctuates. After breaking upward last Friday, Shanghai Nickel continued to strengthen and explore new highs. Although high positions were under pressure yesterday, long positions did not reduce much, so Shanghai Nickel continued to fluctuate at high levels. At present, the technical indicators are still more, and it is expected to continue to explore after consolidation.
In terms of black, thread rose 1.43%, hot coil 1.65%, stainless steel 0.34%, coke 1.68%, coking coal 1.13%, iron ore 2.55%. According to reports, Brazilian President Bosonaro confirmed that the new crown virus tested positive. At the same time, the high level of iron ore supply is weak, Australia and Pakistan shipments dropped sharply this week, Australian mines have entered a maintenance period, shipments ushered in a seasonal off-season, shipments have fallen from previous highs. According to SMM tracking data, a total of 93 ships arrived at eight major ports in China from June 28 to 7.4, with an estimated arrival volume of 15.79 million tons, a decrease of 400000 tons compared with the previous period. During the period, Australia's outbound shipments dropped by 860000 tons compared with the previous period, and the proportion of Australian shipments to China decreased in the current period. Brazil's port departure dropped by 970000 tons in the current period compared with the previous period. The short-term double drop in the delivery of Australia-Pakistan Iron Mine supports the price of iron ore.
[market changes] Brazilian President confirms supply and expects to tighten iron ore again and rise nearly 3% in intraday trading
The previous period of crude oil rose 0.67%. According to reports, the US Energy Information Administration (EIA) said on Tuesday that global oil demand will recover by the end of 2021 and is expected to reach 101.1 million barrels per day by the fourth quarter of next year. Global oil demand continues to recover faster than previously estimated.
Close by noon
Lead: South China lead 14950 yuan / ton in Guangdong market, 25 yuan / ton for SMM1# lead price; Jinli 14875 yuan / ton in Henan area, flat water quotation for SMM1# lead price (trader); Minshan, Henan 14875 yuan / ton, flat water quotation for SMM1# lead price; Shuikoushan, Hunan 14875 yuan / ton, flat water quotation for SMM1# lead price (trader); Jiang Copper 14875 yuan / ton, flat water quotation for SMM1# lead average price. Jinde 14825 yuan / ton, 50 yuan discount to SMM1# lead price. Anhui Bronze Crown 14990 yuan / ton, 2007 contract discount 50 yuan / ton. Yunnan small factory 14525 yuan 14575 yuan / ton, the average discount price of SMM1# lead 300 yuan 350 yuan / ton. The main market funds continue to do high prices, market consumption remains light, downstream procurement is completely needed, smelters do not expand and paste water for delivery, and some refineries plan market delivery.
Zinc: the mainstream transaction of Ningbo Gao was 16800 Mel 16900 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brand was increased from 10 yuan / ton to 20 yuan / ton compared with Shanghai ordinary brand. The price difference between Ningbo and Shanghai ordinary brand was increased from 16800 to 16900 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brand was increased from 10 yuan / ton to 20 yuan / ton. Today, the Ningbo market turned to quote for the August contract, and the morning monthly difference was maintained around 20 yuan / ton. in the first trading session, Tiefeng reported that the water rose around 100 yuan / ton for the August contract, and around 90 yuan / ton for the August contract. Kirin reported that the water rose around 100 yuan / ton for the August contract, and then the monthly difference gradually narrowed, and some consignors lowered the water price to around 90 yuan / ton for the August contract. But the transaction still did not receive a boost, on the whole, today's downstream enterprises enter the market to inquire more, but the willingness to buy is not strong, only just need, the overall transaction situation wants to be basically the same as yesterday.
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