Home / Metal News / Precious Metals / [SMM afternoon Review] Shanghai Copper stops falling, non-ferrous metals rise and fall each other, ferrous metals float green across the board, crude oil fell 1.41%.
[SMM afternoon Review] Shanghai Copper stops falling, non-ferrous metals rise and fall each other, ferrous metals float green across the board, crude oil fell 1.41%.
Jul 17,2020 11:47CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 17: the non-ferrous market is mixed in the morning. Shanghai Copper is up 0.29%, Shanghai Aluminum is down 0.49%, Shanghai Zinc is up 0.28%, Shanghai lead is down 1.03%, Shanghai Nickel is down 0.7%, and Shanghai Tin is up 0.39%. For copper, copper prices for COMEX futures have risen nearly 4% so far this year, and Rio Tinto's latest second-quarter production figures should cheer copper bulls, helped by recent supply disruptions in Chile. Rio Tinto expects supply disruptions caused by the new crown virus to account for about 3 per cent of annual copper supply, in addition to normal industry supply disruptions, which could worsen further. Copper demand is mixed and the Chinese copper concentrate market remains favorable, while the US market is weak. In terms of nickel, Anglo American released its production report for the second quarter of this year, reporting a 10 per cent year-on-year increase in nickel production in the second quarter, thanks to improved operational stability and Barro Alto shutdowns scheduled to be completed in the early second quarter of 2019. Current Covid-19 measures to protect workers and communities are not expected to seriously affect production in 2020. In terms of full-year guidance, the production guidance remained unchanged at 42,000 million tons, depending on the extent of further disruptions related to Covid-19.

In terms of black, thread fell 0.11%, hot coil fell 0.21%, and iron ore fell 0.42%. In terms of supply and demand of building materials, the overall performance of production, marketing and storage this week is similar to that of last week, the output of the five major materials decreased slightly, the total inventory continued to accumulate slightly, and the table needs to increase slightly. Due to the large disturbance of rain in the south, the downstream demand is affected, if the demand follows quickly after plum, the resonance rise of materials and minerals may continue, and pay close attention to the changes of timber consumption. Although the hot volume inventory has accumulated, the actual market pressure has not increased significantly, and even some southern markets are still in a state of tight resources, superimposing the actual demand of the current terminal, so the fundamentals are safe in the short term and form a certain support for spot prices.

Crude oil fell 1.41% in the previous period. Outer crude oil futures were little changed on Friday, as major oil-producing countries prepared to relax production cuts as new crown cases surged in several countries, dominating oil market trading amid growing uncertainty about a global recovery in fuel demand. Us crude oil futures rose 0.03 US dollars, or 0.07 percent, to settle at 40.78 US dollars a barrel. Brent crude futures fell $0.02, or 0.05%, to $43.35 a barrel. The weekly lines of these two contracts are still expected to rise slightly.

Close by noon

Today's spot

Copper: today, the spot price of electrolytic copper in Guangdong Province has risen 40% to 90% of the contract for that month, with an average price up 25%; Wet copper has been offered a discount of 10%, with an average price up 10%. The average price of electrolytic copper is 51605 yuan / ton / ton, and the average price of wet process copper is 51545 yuan / ton / ton. Spot market: the inventory decreased slightly, and the consignor shipped at a positive price. In early trading, the consignor reported that Pingshui copper rose 60 yuan / ton, but the receiver was limited. Some consignors took the initiative to reduce the price, and Pingshui copper was quoted at 40 yuan / ton. With the completion of low-price copper sales, the rising water rose slightly to 50 yuan / ton. Finally, the main transaction price of good copper is 90 yuan / ton, the mainstream transaction price of flat copper is 40 yuan 50 yuan / ton, and the wet copper is-100.0 yuan / ton. Overall, trading in the market weakened over the weekend, and the trend of rising water in the day was repeated.

Updating.

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