SMM9 March 9: dragged down by the external environment, overnight U. S. stocks encountered double sha, Shanghai crude oil fell the limit, the financial market panic once again high. Coupled with the fact that Britain says it is preparing for Brexit without an agreement, the pound has tumbled against the dollar and a number of factors have dampened sentiment in the metal market. At one point, non-ferrous metals fell across the board, but then the decline narrowed slightly. The metal market continued its downward trend in the morning. The LME metal market was green across the board. By around 09:40, Lun Zinc fell nearly 0.6%, Lun Copper and Lun Aluminum fell nearly 0.5%, Lunxi Nickel fell nearly 0.4%, Lunxi and Lun lead fell nearly 0.2%, and the domestic side also fell across the board. Shanghai zinc fell nearly 2.8%, Shanghai tin and Shanghai lead fell nearly 2.1%, Shanghai nickel fell nearly 2%, Shanghai Copper fell nearly 1.1%, and Shanghai Aluminum fell nearly 0.8%.
Among them, zinc, overnight LME inventory decreased by 100 tons to 219775 tons, a decline of 0.05% Magi LME inventory slightly reduced. Non-ferrous fell overnight, the market recently lowered expectations of looser monetary policy in the United States, the dollar continued to strengthen, combined with a collapse in crude oil, adding to the pessimistic atmosphere in the market and putting pressure on zinc prices. Pay attention to macro guidance in the short term. In terms of Shanghai zinc, under the macro negative background, the domestic zinc price goes up on the fundamentals, the smelter takes the initiative to increase production under the profit repair of the smelter, and the smelting end is slightly loose, but the expectation of infrastructure consumption is strong, the supply of superimposed zinc ore is tight, and the overall zinc fundamentals are good. After the market panic, zinc prices are expected to stabilize.
[minutes of SMM Morning meeting] overnight Colored Colored Collective floating Green Shanghai Zinc Jump low Open record six Lianyin
In terms of black series, thread fell by nearly 0.6%, hot coil by nearly 1%, stainless steel by nearly 2.5%, coke and coking coal by nearly 0.2%, and iron ore by nearly 0.8%. According to SMM research, on September 8, 2020, the first furnace of molten steel smelting in Legang (Tangshan Iron and Steel New area) was completed, and the converter hot test was successful. It is reported that the capacity of the converter is 200 tons, and the annual production capacity of Pu Steel is about 2.1 million tons. The 12922m ³blast furnace of Le Steel was ignited successfully on Sept. 7, with an annual production capacity of about 2.5 million tons of pig iron. In the later stage, the other two 2922m ³blast furnaces will be put into production one after another. after all the blast furnaces have been put into production, the total annual production capacity of pig iron will be about 7.5 million tons. The trial rolling of the 2050mm hot coil production line of Le Gang was completed on August 6th, and the billet in the old area of Tangshan Iron and Steel Co., Ltd. has been officially mass produced. After the hot coil of Le Steel is put into production as a whole, the annual output is expected to reach about 5.5 million tons. The production line of its bar line is scheduled to be put into production in mid-October. At this point, the ironmaking, steelmaking and rolling line of Le Gang has basically been put into production.
The last period of crude oil fell 8.02%, US crude oil fell sharply on Tuesday, US crude oil futures fell nearly 8%, and Brent crude oil futures fell below $40 a barrel for the first time since June, after Saudi Arabia cut the official price of light crude oil in October. And the number of new cases in many countries has risen again, lingering worries about falling demand. Analysts point out that the long Labor Day weekend marks the end of the summer driving season at the peak of US gasoline demand, which exacerbates the supply and demand problems in the market.
In terms of precious metals, Shanghai gold rose nearly 0.1%, while Shanghai silver fell nearly 0.8%. Gold futures reversed the decline on Tuesday to close at a nearly one-week high, as global stock markets fell and the dollar fell slightly from earlier highs. Gold found support. Analysts point out that there is not much economic news this week, so people will be watching the trend of the dollar, or whether there are signs of a resumption of stimulus talks to push gold prices higher in the short term.
As of 09:40, the status of contracts in the metals and crude oil markets:
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