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Sep 8,2020 09:49CST
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Source:SMM
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SMM9 / PRNewswire-FirstCall-Asianet /-- Lomalco rose to a seven-month high last night as strong economic growth and demand from Europe and other regions boosted export growth prospects for China, a major producer. The LME metal market continued to rise and fall in early trading today. By about 09:40 in the morning, Lun Zinc fell nearly 0.6%, Lun lead fell nearly 0.3%, Lunxi Copper and Lunxi fell nearly 0.2%, Lunxi Aluminum and Lunxi Nickel rose slightly. Domestically, Shanghai Tin rose nearly 0.9%, Shanghai Aluminum rose nearly 0.5%, Shanghai Copper rose nearly 0.4%, Shanghai lead rose nearly 0.2%, and Shanghai Zinc and Nickel fell nearly 0.2%.

For zinc, overnight LME inventories fell by 175t to 219875 tonnes, down 0.08%. The rebound of the US dollar has weighed on non-ferrous trends, and various rescue programs in overseas countries have gradually expired, raising concerns about the sustainability of economic recovery from a deep recession. The concussion mode is expected to be maintained in the short term. In terms of zinc in Shanghai, Sino-US relations have continued to ferment, undermining market confidence, but during the peak consumption season downstream, export data have also improved, and the willingness to pick up goods downstream of the zinc price callback has led to going to the warehouse to provide support for zinc prices. In the short term, we should pay attention to the efforts of downstream consumption.

[minutes of SMM Morning meeting] overnight zinc prices rebounded, spot transactions turned to short-term attention to downstream consumption and destocking efforts.

In terms of black, the thread fell slightly, hot coil fell nearly 0.6%, stainless steel fell nearly 0.2%, coke fell nearly 0.3%, coking coal fell nearly 1.3%, iron ore rose nearly 0.4%, yesterday's early trading opened weakly and steadily, except for the shackles of poor trading conditions in southwest and other areas, the price was reduced by 10-20 yuan / ton, the spot market performance was also weak and stable. As the stock market plummeted in the afternoon, the spiral plunged, but prices in most markets remained relatively strong. In terms of transactions, on Monday, the purchasing mood of the terminal was relatively strong, and the overall shipping situation was OK.

"A brief comment on the spot Thread on September 7: during the consolidation period, the spot market operates smoothly.

Crude oil fell nearly 1.8% in the previous period, while U.S. oil fell on Monday after Saudi Arabia cut the price of crude oil to Asia by the most in five months, and uncertainty surrounding Chinese demand overshadowed the market recovery. Customs data released by China on Monday showed that crude oil imports fell and oil exports increased in August, according to the data. Another factor contributing to the pressure on oil prices is that US companies have increased drilling activity in the wake of the recent recovery in oil prices.

In terms of precious metals, Shanghai gold fell 0.1%, Shanghai silver was flat, and international spot gold prices fell on Monday as the dollar strengthened, but economic uncertainty held back gold prices, and investors are waiting for the central bank to move. Analysts point out that the rising dollar is a drag on gold, but longer-term uncertainty that continues to haunt the market supports gold prices. With fears of recession already reflected in prices, investors are now waiting for what happens next in central bank policy.

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

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