SMM9 March 8: noon non-ferrous market is generally red, Shanghai copper and aluminum rose more than 0.3%, Shanghai tin rose 0.59%, only Shanghai zinc fell 0.25%. The macro atmosphere is mild, and low interest rates and ultra-loose monetary policy around the world are expected to be strong, which is beneficial to the non-ferrous metals market.
Shanghai Aluminum rose 0.31%. According to the General Administration of Customs, exports of unwrought aluminum and aluminum products rose from 395400 tons in August to 373000 tons in July, an increase of 5.89 percent from the previous month. The export volume of unwrought aluminum and aluminum products rose slightly month-on-month in August, mainly because foreign demand rebounded under the dual support of stimulating the economy and strictly controlling the epidemic, leading to an increase in China's domestic aluminum export demand. Considering that the epidemic is still spreading rapidly abroad in the medium term, the resumption of work in foreign factories and manufacturing industries is still relatively slow, and the Shanghai-to-London ratio has narrowed limited in the context of the current internal and external trend, it is expected that the export volume of unwrought aluminum and aluminum products will not rise significantly in September compared with the same period last year.
For zinc, Australian mining company Ironbark Zinc recently announced that it had provided an additional 90, 000 tons of zinc in the first six years of production following a review of the mining plan for the Citronen zinc mine in Greenland. The review brings the optimal size of the project to 3.3 million tons of zinc per year, and the life of the mine has been determined to be 14 years. The company said the increase in production could be achieved because new double grooves were installed to approach the main orebody, which would greatly improve metal recovery. The Citronen project is supported by Glencore and Trafigura, and off-take agreements with Glencore and Trafigura will deliver about 70 per cent of the concentrates produced by Citronen.
In terms of black series, the thread fell by 0.37%, the hot coil fell by 1.1%, and the iron ore fell by 0.64%. Over the weekend, the Tangshan area issued another notice on the week-long "Zero Point" operation from 00: 00 on September 7 to September 14, strictly checking that production equipment such as sintering machines and blast furnaces in the iron and steel industry were stopped in place according to the prescribed proportion, and the specific implementation remains to be seen. In addition, according to feedback from a steel factory in North China, the recent implementation of environmental protection production restrictions is relatively strict, blast furnaces and other equipment are required to limit production by 20%. This week, the demand for iron ore basically consumes stocks, and there is little willingness to purchase. However, considering that there is still a lot of replenishment demand for steel mills in non-restricted areas before the National Day, it still provides some support for iron ore prices.
Crude oil fell 2.26% in the previous period. In a telephone conversation on Sept. 7, King Salman of Saudi Arabia and Russian President Vladimir Putin both expressed "satisfaction" with the implementation of the OPEC+ oil production agreement and discussed ways to deal with the global recession, according to a statement posted on the Kremlin's website. "the two sides are satisfied with the progress in the implementation of the OPEC+ agreement, which makes it possible for the overall stability of the global energy market," the statement said. Saudi Arabia and Russia agreed to further coordinate their efforts on production reduction, trade and investment. Earlier in the day, Russian Energy Minister AlexanderNovak said Russia's August production cut was "close to 100 per cent".
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