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[SMM afternoon Review] most non-ferrous metals rose more than 2% in Shanghai, nickel and tin, and port inventories continued to increase iron ore to lead ferrous metals down.
Jul 27,2020 11:51CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 27: most of the non-ferrous market rose in the morning, Shanghai nickel rose 2.22%, Shanghai tin rose 2.58%, Shanghai lead rose 1.74%, Shanghai aluminum and Shanghai zinc rose slightly. In terms of nickel, recently, the Philippine Department of Environment and Natural Resources (DENR) will allow mining companies closed by Genna Lopez (Gina Lopez) to resume operations. Lopez's successor, former Army General Roy Simatu (Roy Cimatu), confirmed in a briefing on Wednesday July 22nd. During her tenure as environment minister, (Lopez) briefly ordered the closure of about 26 mining companies, citing various violations. According to SMM research, the list of recoverable mines has not yet been determined, and most of the mines are in a state where there is no ore to go out, so the impact is small and can not reverse the shortage of domestic nickel mines. Aluminum, July 27th, inventory continued to decline slightly, SMM statistics domestic electrolytic aluminum social inventory fell 3000 tons to 699000 tons compared with the previous week. Xi Hangzhou and Henan contributed the main decline, inventory in Shanghai continued to be tired. "check the details."

Black iron ore led the decline, with inventories at 35 ports tracked by SMM totaling 105.21 million tons as of July 24, up 2.31 million tons from last week and down 1.09 million tons from a year earlier. Port inventory has accumulated for the sixth week in a row, and the growth rate continues to expand. The average daily dredging volume of the port decreased by 278000 tons to 2.533 million tons compared with the previous period. Superimposed recently, the arrival of goods from the two ports of Tangshan is concentrated, and there has been a significant increase in port inventory. In addition, due to the recent floods in the areas along the Yangtze River, some steel mills have stepped up maintenance and other measures, resulting in a decline in the number of ports compared with the previous month.

Crude oil fell 1.67% in the previous period. Oil prices fell slightly on Monday as the market was affected by rising novel coronavirus cases and rising frictions between China and the United States. Brent crude fell 1 cent, or 0.02 per cent, to $43.77 a barrel, while US WTI crude was flat at $41.29 a barrel. At one point, it fell 0.9% at the beginning of the session. The early drop in oil prices reflects the trend of Asian financial markets as a whole. After the embassy incident, there were concerns about escalating tensions between the world's two largest economies. At the same time, there are more than 16 million novel coronavirus cases worldwide.

Close by noon

Today's spot

Zinc: the mainstream transaction of Ningbo Bao is 18240-18300 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brand is narrowed from 40 yuan / ton to 30 yuan / ton compared with Shanghai ordinary brand. Today, zinc prices fluctuated higher. In the first trading session, Tiefeng, Xikuang and Nanhua were near 100-110 yuan / ton for the August contract, Kirin about 120-140 yuan / ton for the August contract, and Huize reported that around 150 yuan / ton for the August contract. Ningbo market activity declined, coupled with the sharp fall in zinc prices last Friday has stimulated downstream buying and buying for the better, the market wait-and-see mood is stronger, trading is light. The overall market turnover was mediocre.

Tin: spot market, quoted price of 141000-145000 yuan / ton today. The tin market in Shanghai rose, and the average net price rose 750 yuan / ton. Futures rose faster, the early part of the small-brand discount enlarged, the hedger willingness to receive goods has improved compared with last week, some traders meet bargain replenishment. The absolute price is high, there is still a small amount of rigid demand downstream, and the overall turnover in the Shanghai tin market is mediocre. Liter discount, near Yunxi Pingshui for Shanghai tin 2009 contract, Yunzi paste 500yuan / ton to Pingshui, small card paste 3000 yuan / ton.

Updating.

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