SMM7 March 22: the market continues yesterday's warmth before noon, with all non-ferrous metals floating red. It is mainly stimulated by the progress in vaccine research and the economic stimulus package reached by the European Union. Shanghai copper rose 1.45%, EU leaders reached a consensus on the economic rescue package, will set up a total of 750 billion euros recovery fund, coupled with no signs of tightening domestic economic policy, ample monetary liquidity at home and abroad. In addition, the epidemic continues to ferment in the southern hemisphere, and copper concentrates are expected to tighten, supporting copper prices. Shanghai zinc rose 1.54%, this week the domestic community continued to shock down, zinc concentrate weekly TC changes are limited. SMM believes that the rise in zinc prices is mainly due to macro sentiment, supported by optimistic expectations of domestic consumption, strong performance of zinc in Shanghai, short-term zinc prices are expected to be mainly range shocks, and pay attention to the development of Sino-US trade in the short term.
In terms of black, iron ore rose more than 2% and threaded hot rolls rose more than 1%. Although the recent arrival of goods in Tangshan area is abundant, the two ports in Tangshan have been banned for different periods since last weekend, and port inventories in Tangshan area have accumulated rapidly. but iron ore futures are almost unaffected. Downstream building materials under the influence of the flood season, the overall transaction situation may not be as good as the same period in previous years, but merchants generally feedback that the shipping situation has improved significantly in the near future. The production status of some steel mills is affected by the flood season, so there are actions to reduce production and overhaul.
Crude oil rose 1.48% in the previous period. Outer disk oil prices fell on Wednesday as inventory data showed an unexpectedly sharp rise in US crude oil inventories and the country's new crown cases continued to climb, which could further hit oil demand. U.S. crude oil stocks unexpectedly rose sharply last week, while gasoline and distillate stocks fell, according to data released by the American Petroleum Association (API) on Tuesday. Brent crude futures fell 0.43 per cent to $44.13 a barrel, while West Texas Intermediate (WTI) fell 0.52 per cent to $41.70 a barrel.
Close by noon
Copper: today, the spot price of electrolytic copper in Guangdong Province has risen by 20 cents per ton, the average price has dropped by 10 yuan per ton, and the average price of wet copper has dropped by 20 yuan per ton with a discount of 30 to 20 yuan. The average price of electrolytic copper is 52665 yuan / ton, and the average price of wet copper is 52590 yuan / ton. Spot market: copper prices soar close to the year's high, affected by this downstream purchasing desire is very low today, holders can only continue to reduce the rise of water delivery, flat copper from 50 yuan / ton in morning trading, down to about 11:00 / ton, wet copper newspaper-20,30 yuan is also down 20 yuan compared with yesterday. However, it is worth noting that the recent shortage of negotiable thick plates in the market has led to a high level of Shengshui (recently around 80 yuan / ton), and the price difference between Shengshui and flat copper continues to widen. On the whole, the high copper price suppresses market trading, and the transaction is quite quiet today.
Zinc: the mainstream transaction of Ningbo Brand was 18130mur18230 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brand was changed from 10 yuan / ton discount yesterday to near Pingshui. The price of ordinary brand in Ningbo was raised by 80,000,000 yuan / ton to 2008 yuan / ton. Today, zinc prices have risen again, refineries have actively shipped goods, and the market has ample supply. In the first trading session, Tiefeng Bao is near 100 yuan / ton for August contract, West Mining News is about 80 yuan / ton for August contract, Kirin News is near 130 yuan / ton for August contract, and Huize News is around 180 yuan / ton for August contract, basically maintaining yesterday's rising water, but due to today's market rally, downstream purchasing willingness is getting worse.?. There is little change in the rising water in the follow-up market, and the turnover is weaker than that of yesterday.
Tin: spot market. Today's quotation is 140500 RMB143500 per ton. The tin market in Shanghai is up about 1500 yuan / ton compared with yesterday morning, and the average net price is up 1000 yuan / ton. Spot prices are higher than yesterday, and the willingness to receive goods downstream is still not high. On the one hand, futures pull up the early hedging goods are tied up, on the other hand, downstream demand is still not significantly improved, hedges are not willing to receive goods. The overall Shanghai-tin spot trading atmosphere is cold. Liter discount, on the Shanghai tin 2009 contract set Yunxi 500 Mel 1000 yuan / ton, near Yun Zi Pingshui, small brand discount 2000 yuan / ton nearby.
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