[SMM Daily Review] in the non-ferrous market, red, fat, green, thin, Shanghai nickel rose more than 2%, black common fell, last period crude oil fell more than 1%.

SMM7 March 24: today's non-ferrous metals market is red, fat, green and thin. By the end of the day, Shanghai nickel rose 2.2%, Shanghai lead rose 0.74%, Shanghai zinc rose 0.34%, Shanghai aluminum rose 0.28%, Shanghai tin rose 0.24%, and Shanghai copper fell 1.01%. On nickel, Musk, chief executive of electric car manufacturers, said on a recent earnings call in the second quarter: "if you mine nickel efficiently in an environmentally friendly way, Tesla will offer you a huge contract for a long time." At the same time, he said that Tesla's next automatic assembly plant will be set up in Austin, Texas. Musk called on nickel miners to increase nickel mining, raising expectations of demand for nickel for new energy, while the recent fall in the dollar index has also supported metal prices.

Recent nickel futures prices affected by capital sentiment, the trend of ups and downs. Tesla's call for an increase in nickel production on Thursday spurred bulls to pull up the outer disk after the close of trading in Shanghai, but in fact, the position of Shanghai nickel only increased by more than 5000 hands last night. Today, although the Shanghai nickel morning market continued to rise, rising to 109180 yuan / ton, but there are still no signs of a large number of capital inflows. At noon today, the news that China had suspended the activities of the US consulate in Chengdu immediately stimulated the risk aversion of nickel funds. Therefore, in the afternoon, Shanghai Nickel immediately jumped into the air and opened low, and the positions were closed one after another. After giving up some of its gains, Shanghai Nickel still closed at 107620 yuan / ton. At present, the fundamentals of the nickel market are still short, but under the loose monetary policy, inflation expectations make Shanghai nickel easy to rise and difficult to fall. Investors are advised to judge the middle track of the Boll line of 105000 yuan / ton and the highest point of the year at 110000, while paying attention to the change of the main position and appropriate short-term operation.

[SMM Analysis] Shanghai Nickel skyrocketed in the morning and suddenly narrowed down in the afternoon diving increase. The market is complicated and confusing.

On the black side, thread fell 1.06%, hot coil fell 1.13%, stainless steel rose 2.09%, coke fell 0.58%, coking coal rose 0.69%, iron ore fell 2.13%, according to data released by the World Iron and Steel Association, world crude steel production in 64 countries reported by the World Iron and Steel Association was 148.3 million tons, down 7% from the same period last year. Among them, China's steel output rose 4.5 per cent in June from a year earlier to 91.6 million tons. In the first half of this year, global crude steel production was 873.1 million tons, down 6 per cent from a year earlier. Of this total, crude steel production in Asia was 642 million tons, down 3 per cent from the same period in 2019; EU crude steel production was 68.3 million tons, down 18.7 per cent from the same period last year; and North American crude steel production was 50.2 million tons, down 17.6 per cent from the same period last year.

The previous period of crude oil fell 1.3%, according to data show that US commercial crude oil inventories continue to rise, and US crude oil production shows signs of a slight recovery, while demand is still showing signs of weakness, may lead to further increase in inventories. In addition, due to the lack of demand for refined oil products, the refinery operation rate has declined recently, which has also caused damage to the demand for crude oil. At the same time, attention needs to be paid to international tensions, which also have an impact on crude oil demand.

As of today's day close:

Today's capital flow

A brief comment on SMM analysts on July 24th

Copper:

Aluminum:

Lead:

Zinc:

Nickel:

Tin:

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