[SMM afternoon Review] Nonferrous metals rose across the board. Shanghai Nickel high shock stocks greatly increased black iron ore led the decline.

SMM7 March 24: the non-ferrous market rose across the board in the morning, with Shanghai Nickel up 2.93% and Shanghai lead and Tin up more than 1%, but some metals opened lower due to the continued fermentation of the Chinese and US embassies and the sharp fall in the stock market. Shanghai nickel high shock, Tesla CEO recently called on miners to produce more nickel, new energy nickel is expected to rise again, overnight nickel prices rose sharply. Recently, tensions between China and the United States have continued to escalate, market risk aversion is high, and the overall change in nickel fundamentals is limited, which is still dominated by macro-economy. In terms of lead, Xia Wenming, a senior analyst for the lead industry at SMM, said at the "2020 (15th) lead and Zinc Summit" that the production characteristics of recycled lead enterprises are profit-oriented, profits of recycled lead are gradually repaired in mid-March, new capacity expansion is gradually put into operation, and production of recycled lead is ramping up in the second quarter, but there is a lack of production and marketing in the first quarter. In the first half of 2020, recycled lead production was 960000 tons, a negative increase of 5.4% compared with the same period last year. Whether the peak consumption season in the third quarter comes as promised has become a key factor in the subsequent rise in lead prices. At the same time, the addition of recycled lead will continue to interfere with the pace of lead price increases in stages, and the environmental protection factor in previous years has become a marginal factor.

Black iron ore led the decline, while steel fell slightly. In terms of iron ore, a few days ago, some ports in Shandong were affected by torrential rain, the temporary closure of the port may affect the speed of dredging ports, and the pace of acquisition of radiation steel mills in the port has slowed down. The Tangshan area since the closure of the port at the beginning of the week or tomorrow will be liberalized, and the enthusiasm of steel mills for inquiry and procurement will be enhanced. The total national inventory of building materials is 10.9298 million tons, with a month-on-month ratio of + 1.8%, compared with the same period last year. The main impact is still in the rainy season and floods, almost all the areas along the Yangtze River have been occupied, and the release of demand has been greatly limited, resulting in the current thread inventory is still accumulating. In the later stage, after the water level falls and the flood recedes, the market will return to normal.

Crude oil fell 0.9% in the previous period. International oil prices rose slightly on Friday as the dollar fell to a nearly two-year low, but the increase was limited by concerns about increased demand for new crown cases. The dollar fell to a 22-month low against a basket of currencies. Brent crude is up 0.18% to $43.39 a barrel, while West Texas Intermediate (WTI) is up 0.19% to $41.15 a barrel.

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Today's spot

Zinc: the mainstream transaction of Ningbo Bao was 18210 Mel 18310 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands increased from 20 yuan / ton to 40 yuan / ton. The price difference between Ningbo and Shanghai ordinary brands increased from 20 yuan / ton to 40 yuan / ton. Today, zinc prices have risen sharply, the supply of goods in Ningbo market is tight, and traders are willing to raise prices and are unwilling to ship goods at low prices. In the first trading session, Tiefeng reported a rise of 100 yuan per ton for the August contract, a positive price for the West Mine around 100 yuan per ton for the August contract, and Nanhua around 100 yuan per ton for the August contract. Huize reported around 150 yuan / ton for the August contract. Overall, zinc prices have risen sharply today, the willingness of downstream enterprises to buy has obviously weakened, and there are few transactions in the market.

Tin: spot market. Today's quotation is 141000 murmur143500 yuan / ton. Compared with yesterday morning, the tin market in Shanghai has risen sharply by about 2000 yuan / ton, and the average net price has risen by 1250 yuan / ton. Spot prices are higher than yesterday, and a small amount downstream just needs to be purchased. The rising water has not reached the satisfactory price of the arbitrage merchants, the willingness of traders to receive goods is not high, and the overall trading atmosphere in the Shanghai-tin spot market is weak. Liter discount, the Shanghai tin 2009 contract Yunxi rise about 500yuan / ton, near Yunzi Pingshui, small brand discount about 2000 yuan / ton.

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