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[SMM comment] Nonferrous metals rise and fall with each other. Shanghai Copper and Shanghai Aluminum are down more than 1%. Precious metals are back on the average. Crude oil fell in the previous period.
Sep 2,2020 09:54CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM9 March 2: the LME metal market has its ups and downs in the morning trading. By about 09:40, Lunxi rose nearly 0.2%, Lunnickel rose nearly 0.1%, Lun Copper rose slightly, Lun lead fell nearly 0.3%, Lun Aluminum fell nearly 0.5%, Lunzn Zinc fell nearly 0.6%. Domestically, Shanghai tin and Shanghai zinc rose nearly 0.4%, Shanghai lead and Shanghai nickel rose nearly 0.2%, Shanghai Copper fell nearly 1.1%, and Shanghai Aluminum fell nearly 1.3%. The domestic side, Shanghai Tin and Shanghai Zinc rose nearly 0.4%, Shanghai lead and Shanghai Nickel rose nearly 0.2%, Shanghai Copper fell nearly 1.1%, and Shanghai Aluminum fell nearly 1.3%.

In terms of zinc, from a fundamental point of view, from the point of view of supply, the overhaul of domestic smelters is basically completed and normal production resumes. At the same time, according to SMM research, as of August 28, the processing fee of domestic zinc concentrate is 5550 yuan / metal ton, which is 550yuan / metal ton higher than the previous lowest level. Smelter profits are further improved, and domestic supply is expected to increase month-on-month in the short term. Consumer side, in the context of gold, silver and silver, pay attention to inventory changes, but the short-term downstream of Tianjin environmental protection has an impact on consumption, the follow-up need to pay attention to the impact of environmental protection.

"[SMM Analysis] Zinc in Shanghai rose by more than 2% in the short term and looked towards the front line of 21000 in the short term.

In terms of nickel, at present, the short-term fundamentals of nickel are good, and in the long run, it is also better than expected; in the third quarter, 300 series stainless steel high discharge capacity high nickel pig iron changed from leftover to deficiency, or tight balance in the fourth quarter, and the surplus was less than originally expected. therefore, some nickel market fundamentals of nickel pig iron are good. In terms of pure nickel, although consumption is not good, the decrease in domestic spot nickel imports adjusts the market to a certain extent, so that the domestic social inventory is basically balanced and the market performance is relatively stable. SMM believes that prices are too volatile in the short term. However, the role of the news in the face of fundamentals is limited, and there is a short-term technical pullback in the later stage, but after consolidating the support below, it still maintains a multi-momentum.

[SMM monthly Outlook] Nickel market fundamentals perform well and prices are expected to fluctuate strongly in the short term.

In terms of black series, threads fell nearly 0.2%, hot rolls rose nearly 0.1%, stainless steel rose nearly 0.7%, coke rose nearly 0.7%, coking coal rose nearly 0.8%, iron ore rose nearly 0.4%. In terms of threads, the snail fluctuated at a high level yesterday. After yesterday's "carnival", the spot market ushered in a moment of silence. Not only the mainstream market prices in Colombia remained stable, the trading atmosphere also tended to be calm, and the overall shipment situation was relatively general. It is weaker than the previous month. Hot volume, yesterday morning spot quotation pulled up 10-30 yuan / ton, the day before yesterday market demand was overdrawn, so yesterday traders delivery is not smooth, demand-side acceptance is poor after high prices, terminal procurement mood is more wait-and-see. Overall all-day turnover is generally weak.

[SMM internal morning meeting view] it still needs to be digested after a strong pull.

Previous crude oil fell nearly 0.7% NYMEX crude oil futures edged higher on Tuesday as better-than-expected data on U.S. manufacturing activity fuelled hopes of an economic recovery after the pandemic, and analysts expect U.S. crude oil inventories to decline for the sixth consecutive week. Us crude oil inventories are expected to fall for the sixth consecutive week last week, and refined oil inventories will also fall, according to an in-depth survey released on Tuesday.

In terms of precious metals, Shanghai gold fell nearly 0.6%, while Shanghai silver fell nearly 0.8%. Gold futures rose slightly on Tuesday, hitting a two-week high; at one point in intraday trading, it broke through the $2000 / oz mark, but closed with gains scaled back as better-than-expected US manufacturing data in August helped boost the dollar index from a two-year low. The US ISM manufacturing PMI rose to 56 in August, the highest level since January 2019, as new orders surged, according to (ISM), the Institute for supply Management. After the release of the data, global stock markets rose, also putting pressure on gold prices.

As of 09:30, the status of contracts in the metals and crude oil markets:

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