SMM7 March 29: non-ferrous metals generally rose this morning, Shanghai aluminum and zinc rose more than 1%, only Shanghai nickel fell 0.35%. As the precious metal boom recedes, the enthusiasm of venture capital returns, and many varieties increase their positions and go up. Recently, a number of miners issued performance reports. For copper, first Quantum yesterday released second-quarter results and production reports. During the reporting period, the company produced 169059 tons of copper, basically the same as the same period last year, and 168399 tons in the same period last year. Copper sales were 159944 tons, a slight increase over the same period last year, 149333 tons in the same period last year; in the first half of 2020, first Quantum produced a total of 364344 tons of copper, an increase of 19 percent over the same period last year. Gold production totaled 123439 ounces, up 13% from a year earlier. Zinc mine end news, recently, Teck announced the second quarter results. According to the report, zinc concentrate production in the second quarter was 94000 tons, down 48.91% from the same period last year. Zinc concentrate production in the first half of 2020 was 248000 tons, down 22.26% from the same period last year. The decline in zinc concentrate production was mainly due to the impact on Red Dog production and the temporary shutdown of Antamina mines in the second quarter. Teck expects zinc concentrate production to reach 31.5-345000 tons in 2020. In terms of nickel, after the nickel price was pushed to a high level, the fundamentals had no clear guidance and the macro situation was complicated. While the macro side recovered, Sino-US relations deteriorated, and there was a high uncertainty in the short-term trend. In the early stage, many operators expected to have an empty mentality according to the fundamentals, but the current short funds are cautious to wait and see. It is expected that the nickel price will continue to be strong and fluctuate with a wide range, and the lead in Shanghai will rise by 0.62%. From the perspective of lead fundamentals, the supply of waste batteries is still tight. And the price is strong, the cost of recycled lead remains high, pay attention to the profit repair of recycled lead after the high price of lead.
The whole line of black is red, iron ore is up 1.34%, and threaded hot rolls are up. Due to the gradual acceptance of the rainy season, the demand for threads has gradually begun to improve, and the shipping situation of steel mills has also improved compared with the previous period. From the perspective of hot volume fundamentals, the small increase in supply is still replenishing out-of-stock specifications, the release on the demand side is also relatively stable, and there is little contradiction in the short term.
Crude oil fell 0.69% in the previous period. Oil prices rose on Wednesday after an industry report showed an unexpectedly sharp drop in US crude oil inventories, giving a boost to the market at a time of a surge in novel coronavirus cases in the US and elsewhere. Brent crude futures rose 8 cents, or 0.2%, to $43.69 a barrel, down 0.4% on Tuesday. Us crude oil futures rose 3 cents, or 0.1%, to $41.07 a barrel, down 1.4% in the previous session. Us crude oil inventories unexpectedly fell sharply last week, while gasoline and distillate stocks rose moderately, according to data released by the American Petroleum Association ((API)) on Tuesday.
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Lead: Guangdong market Nanhua lead 15500 yuan / ton, 50 yuan / ton for SMM1# lead price; 1550 yuan / ton for Hunan Shuikoushan, 50 yuan / ton for SMM1# lead price (trader); Jiang Copper 15480 yuan / ton, 30 yuan / ton for SMM1# lead price In the south of Hechi, Guangxi, 15450 yuan / ton, the average network price is quoted at level water; the small factory in Yunnan is quoted at 14200,250 yuan / ton, and the average lead price of SMM1# is discounted at 200,250 yuan / ton. The price of lead is in the upstream channel, the price of bulk orders in refineries is less, and the supply of goods in the market is relatively tight.
Zinc: Shanghai zinc mainstream traded at 18390 yuan / ton, Shuangyan at 18400 yuan / ton, imported zinc at 18390 yuan / ton, zinc in August quoted price of 90,095 yuan / ton, Shuangyan quoted water price of 100yuan / ton in August, imported zinc quoted water price of 80,000yuan / ton in August, and zinc mainstream traded at 18320-18470 yuan / ton in the mainstream of Shuangyan, Shuangyan and Shuangyan respectively. Shanghai Zinc 2008 contract shock higher, the first trading session of the morning market closed at 18390 yuan / ton, the market shock higher, the market supply is more tight, morning holders steady rising water quotation, the market ordinary zinc brand transactions concentrated in the SMM net average price level to rise water 5 yuan / ton, the market followed quotation morning to 2008 contract water 80 yuan / ton, after the rapid transaction, the holder raised the water quotation to 90 yuan / ton; Entering the second period of time, the market trading relatively weakened, the holder maintained a rise of 90,000,000 yuan / ton; zinc shock uplink, downstream purchase willingness to reduce today, but due to tight supply, Shanghai spot water remained stable.
Tin: spot market, quoted price of 146500-149500 yuan / ton today. The tin market in Shanghai has not changed much compared with yesterday morning, and the average net price is flat. Spot prices are still high, downstream willingness to receive goods is not strong, rigid demand for procurement. In part of the time, the rising water is in line with the psychological price of the hedges, traders receive a small amount of goods, and the overall trading atmosphere of the Shanghai tin spot market is general. Liter discount, to Shanghai tin 2010 contract near Yunxi Pingshui, Yunzi sticker to Pingshui, small card sticker 2500-3000 yuan / ton.
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