Home / Metal News / Precious Metals / [SMM comment] non-ferrous metals fell by half and varieties fell by more than 2%. Last period crude oil fell by more than 1% and precious metals fell again.
[SMM comment] non-ferrous metals fell by half and varieties fell by more than 2%. Last period crude oil fell by more than 1% and precious metals fell again.
Sep 4,2020 09:50CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM9 March 4 News: yesterday, suppressed by the external atmosphere, the domestic metal night market fell across the board, the three major US stock indexes fell across the board, technology stocks, which had been leading the rise in the previous period, fell sharply, the panic in the financial market heightened in a straight line, the superimposed dollar index stabilized and rebounded, and commodity trends were dragged down. The LME metal market was red, fat, green and thin this morning. As of 09:35, Lunni was up 0.4%, Lunxi up 0.3%, Lun Aluminum up 0.2%, Lun Copper rose slightly, Lun lead fell slightly, and Lunzn Zinc fell nearly 0.2%. Last night, non-ferrous metals collectively fell, of which Lunni fell 4%, Lunxi Copper, Lunzn Zinc and Lunxi fell more than 1%. Domestically, non-ferrous metals basically continued their decline in yesterday's night trading. Shanghai nickel, Shanghai zinc and Shanghai lead fell more than 2%, while Shanghai copper, Shanghai aluminum and Shanghai tin fell more than 1%.

In terms of tin supply, Myanmar is in the rainy season recently, and the cumulative rainfall in Bangkang, the capital of WA, increased by 18% in the first seven months of this year compared with the same period last year. Coupled with the fact that the bottom mine in Manxiang mining area is about 100 meters deeper than last year, the problem of stagnant water is serious, and the amount of original mine mining is expected to be greatly reduced. In addition, there has been an explosive increase in the number of novel coronavirus infections in Myanmar since the middle and late last month, which has adversely affected the entry of workers and domestic production. Combined with the two points, it is expected that there is some pressure on the number of imported mines in the third quarter. In terms of demand, the downstream enterprise demand is gradually improving, and the overall tin downstream demand is improving. Tight supply and need to increase, basically in the face of tin prices have a strong support.

[SMM analysis] fundamentals support tin prices to break the pressure level in case of rail suppression technical pullback

In terms of black series, the thread fell by nearly 1.1%, the hot coil by nearly 1%, stainless steel by nearly 2.8%, coke by nearly 0.8%, coking coal by nearly 0.5%, and iron ore by nearly 2.1%. The screw closed up 0.5% to 3790, while the mainstream spot markets rose 10-30 yuan / ton. In terms of transactions, the market response to high prices and weak transactions, low prices are OK, the terminal has always maintained the pace of on-demand procurement, and there is no obvious volume. As of September 3, the total national inventory of building materials was 11.5712 million tons, with a month-on-month ratio of-0.1%, a year-on-year increase of 39.6%. This week is the first week of the "Golden Nine Silver Ten", but failed to "insult" the reputation of the peak season-this week the thread opened the warehouse again, mainly driven by the rapid elimination of the factory library.

"Thread inventory report of the first week of September:" Jinjiu "lives up to its reputation, and the thread is on its way back to the depot.

Last-month crude oil fell nearly 1.3 per cent NYMEX crude oil futures closed lower on Thursday, hitting the lowest level since early August as US unemployment benefits data heightened concerns about a slow economic recovery and slowing fuel demand, a day after data showed weak gasoline demand in the US.

In terms of precious metals, Shanghai gold fell nearly 0.3%, while Shanghai silver fell nearly 2.2%. Comex futures fell on Thursday to close at the lowest level in a week, as positive US economic data strengthened hopes of a rapid economic recovery and undermined the attractiveness of safe-haven gold. At the same time, the U. S. stock market has fallen sharply, which may prompt some investors to sell gold to make up for losses on other assets. The Dow fell 807.77 points, or 2.78%, to 28292.73; the Nasdaq fell 598.34 points, or 4.96%, to 11458.10; and the S & P 500 fell 125.78 points, or 3.51%, to 3455.06.

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

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