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[SMM afternoon Review] Macro data bullish market non-ferrous metals low opening rebound last period crude oil continued to make up for the decline in the sealing plate
Sep 9,2020 11:48CST
translation
Source:SMM
The general decline in the non-ferrous metals market in the morning was mainly affected by the overnight outer disk crude oil and financial market turmoil. However, there is a general upward trend of concussion after the opening of the low position. Data from the Bureau of Statistics in the morning showed that in August, industrial production continued to improve, market demand continued to recover, and international commodity prices such as crude oil, iron ore and non-ferrous metals continued to rise, driving domestic industrial product prices to continue to rise.
The content below was translated by Tencent automatically for reference.

SMM9 March 9: the non-ferrous metals market generally fell in the morning, mainly affected by the overnight outer disk crude oil and financial market turmoil. However, there is a general upward trend of concussion after the opening of the low position. Data from the Bureau of Statistics in the morning showed that in August, industrial production continued to improve, market demand continued to recover, and international commodity prices such as crude oil, iron ore and non-ferrous metals continued to rise, driving domestic industrial product prices to continue to rise.

In terms of zinc, from the consumer point of view, galvanizing, at present, most enterprises in Daqiuzhuang in Tianjin have basically resumed production, and terminal orders in various regions have stabilized, such as orders for iron towers in Hubei enterprises. Overall, overall orders increased, with new orders expected to arrive in mid-September and an increase in Electroweb project orders on arrival. In terms of die-casting zinc alloy, overall orders are steadily rising, such as Fujian enterprises' African auto parts orders and domestic hardware are getting warmer, and the "Golden Nine Silver Ten" consumption season is worth looking forward to. As for zinc oxide, due to the gradual warming of automobile production and sales data, the tire plate performed better.

In terms of lead, Shanghai lead bottomed out at 15215 yuan / ton in early trading and rebounded below the daily moving average, bearing pressure on the 60-day moving average. Lead prices fell sharply, refineries sharply reduced the procurement price of waste batteries, in order to reduce costs, at the same time, reduced lead refineries more wait-and-see, downstream is also afraid of falling cautiously, trading two light.

In terms of black, iron ore fell 0.47%, thread fell 0.56%, and hot coil fell 1.35%. Today's market pessimism is putting pressure on ferrous metals. According to SMM research, as of Sept. 8, the operating rate of independent electric arc furnace steel mills reached 78.85%, up 0.3% from the same period last week and 3.03% lower than the survey of 81.88% on Aug. 4. Recently, the price fluctuation of scrap steel is strong, and the increase of scrap steel is faster than the price of finished materials, and the profits of EAF steel mills have been further compressed. At the same time, the scrap procurement of domestic long-process steel mills is more active, and the shortage of scrap resources is still the main factor to restrain the increase of the operating rate of EAF steel mills.

Crude oil fell 8.02% in the previous period. Analysts believe that the core driving force of the recent decline in the crude oil market is the lack of bright spots on both sides of supply and demand, and signs of loosening on the supply side, causing market concern. Recently, the forward curve of international oil prices has weakened, and Saudi Arabia has also sharply reduced its discounts to Asian customers, all of which have further increased the market's worries about supply and demand, accumulated a long period of demand adjustment and began to control judgment, and pessimism continues to intensify, so oil prices have fallen continuously.

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