The three major US stock indexes fell for the third day in a row and are all down more than 2% today, dragging down financial market sentiment. Crude oil futures fell sharply, in which the previous period of crude oil fell by the limit, aggravating the pessimistic atmosphere in the market and putting pressure on the metal market. In addition, with the research and development of novel coronavirus vaccine in the United States, expectations of economic recovery have increased, the market has lowered expectations of a more tolerant monetary policy towards the United States, high inflation expectations have declined in the future, and Treasury yields and the dollar index have risen in recent days.
Under the threat of many unfavorable conditions, the metal futures market in the night market was green, with Shanghai nickel falling more than 3%, Shanghai zinc falling nearly 3%, Shanghai lead falling more than 2%, Shanghai copper falling nearly 2%, and Shanghai silver falling nearly 4% at one time.
Under the heavy macro pressure, zinc prices also fell sharply today. From a fundamental point of view, zinc short fundamental pressure comes from the refined zinc supply side, but infrastructure consumption is expected to be strong, coupled with tight zinc mine supply, zinc fundamentals are generally good, zinc prices are expected to stabilize after market panic.
According to SMM, nickel fundamentals are temporarily stable, but stainless steel prices tend to peak at a high level, and the upward pressure on nickel prices increases, but at the same time, the callback space is also limited; at present, the short-term fundamentals of nickel are good, and in the long run, they are better than expected. In the third quarter, 300 series stainless steel high output assist high nickel pig iron from leftover to deficient, fourth quarter or tight balance, the surplus is less than originally expected, so some nickel market fundamentals of nickel pig iron are good; in terms of pure nickel, although consumption is not good, however, the reduction of domestic nickel spot imports has a certain adjustment to the market, so that the domestic social inventory is basically balanced, and the market performance is relatively stable.
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