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[SMM afternoon Review] sudden changes in international relations non-ferrous metals are generally frustrated steel futures pick up at the end of the rainy season
Jul 23,2020 11:57CST
The content below was translated by Tencent automatically for reference.

SMM7 March 23: the non-ferrous market fell across the board in the morning, and the market venture capital sentiment was restrained. Yesterday's request by the US side for the Chinese Consulate General in Houston to close has attracted much attention. Foreign Ministry spokesman Wang Wenbin said that China strongly condemns it and urges the United States to immediately reverse the relevant erroneous decision. Otherwise, China will certainly make a proper and necessary response. Shanghai Aluminum fell slightly today, aluminum warehouse fell again, July 23, SMM statistics of domestic electrolytic aluminum social inventory weekly to 6000 tons to 702000 tons "to see details, although off-season consumption is gradually reflected, downstream orders decline, but due to the different pace of recovery in various plates, consumption is in a replacement recovery, resulting in off-season consumption higher than expected. In the current low inventory situation, aluminum prices remain high in the short term. On nickel, Musk called on miners to increase nickel mining. "if you mine nickel efficiently in an environmentally friendly way, Tesla will offer you a huge contract for a long time," Musk, chief executive of electric car makers, said on the second-quarter earnings call. At the same time, he said that Tesla's next automatic assembly plant will be set up in Austin, Texas.

In terms of black, iron ore fell by 0.41%, while threaded hot rolls rose slightly. In terms of data, according to a survey by SMM, the operating rate of blast furnace in the fourth week of July was 90.07%, down 0.23% from last week. The reduction mainly comes from the overhaul of blast furnaces affected by floods in some steel mills. It is estimated that the operating rate of blast furnace is expected to be high and stable next week. In the past week, there has been a lot of rain, which has led to the high water level of the Yangtze River. as a result, some docks along the line have been sealed, the transportation of raw materials and finished materials have been affected to a certain extent, and some steel mills have carried out maintenance of blast furnaces.

Crude oil fell 1.16% in the previous period. Oil prices rose slightly on the outer disk on Thursday, but the new crown epidemic hit fuel consumption and unexpectedly increased crude oil inventories in the United States, keeping market pressure unabated and limiting the increase. U.S. crude oil and distillate stocks unexpectedly increased last week and fuel demand fell as a sharp increase in cases of new crown virus infection hit fuel consumption in the United States, the US Energy Information Administration (EIA) said on Wednesday. Brent crude futures are currently up 0.09% to $44.33 a barrel. Us crude oil futures rose 0.07 per cent to $41.93 a barrel.

Close by noon

Today's spot

Copper: today, the spot price of electrolytic copper in Guangdong province rose by 70 cents to that month's contract, with an average price drop of 15 yuan per ton; wet copper quoted a discount of 40 yuan to 30 percent, with an average price drop of 10 yuan per ton. The average price of electrolytic copper is 51945 yuan / ton, and the average price of wet process copper is 51875 yuan / ton. Spot market: under the influence of geopolitics and other factors, copper prices fell sharply today, which stimulated the consignors to still want to sell at a straight price in early trading (flat copper was at 30 yuan / ton), but was constrained by weak consumption downstream and inventory continued to increase. The market trading atmosphere was cold, and the cardholders could only reduce the water for shipment. After 10:00, the flat copper in the market had dropped to 0 yuan / ton, but the willingness to continue to reduce the price was not strong. Some buyers have also begun to replenish goods at bargain prices, and the trading atmosphere in the market has improved slightly. The price of good copper is kept at a high level of 70 yuan / ton due to lack of goods. Overall, the fall in copper prices failed to boost the trading atmosphere in the market, with only a small number of traders restocking bargains.

Zinc: the mainstream transaction of Ningbo Bao was 17890 Mel 17990 yuan / ton, and the contract water of ordinary brand was 2008 yuan / ton. the price difference between Ningbo and Shanghai ordinary brand changed from yesterday's Pingshui to 20 yuan / ton. Today's zinc price correction, due to the long order delivery in the near month, rising water in Shanghai fell, Ningbo market high-priced brand quotations fell. In the first trading session, Tiefeng News was near 100 yuan / ton for August contract, West Mining News was around 80 yuan / ton for August contract, Kirin was near 100 yuan / ton for August contract, Huize was around 150 yuan / ton for August contract, and Nanhua News was around 150 yuan / ton for August contract. Overall, today's market transactions are concentrated in low-cost brands, and the market turnover is significantly better than yesterday.

Tin: spot market. Today's quotation is 139500 RMB142500 per ton. The tin market in Shanghai fell about 2000 yuan / ton compared with yesterday morning, and the average net price fell 1000 yuan / ton. Spot prices fell more sharply than yesterday, and buying interest in the lower reaches picked up somewhat. Futures fell, the price competitiveness of value-protected goods increased, and traders shipped better. The overall trading atmosphere in the Shanghai-tin spot market has warmed up compared with a few days ago. Liter discount, the Shanghai tin 2009 contract Yunxi rise about 1000 yuan / ton, near Yunzi Pingshui, small brand discount about 1500 yuan / ton.


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