SMM9 March 9: most non-ferrous metals fell across the board today. by the end of the day, Shanghai zinc fell 2.92%, Shanghai nickel fell 2.88%, Shanghai lead fell 2.34%, Shanghai tin fell 1.95%, Shanghai copper fell 1.31%, Shanghai aluminum fell 0.97%, zinc, macro factors led to a sharp drop in zinc prices. From the perspective of zinc fundamentals, the supply side, despite the current month-on-month reduction of zinc concentrate processing fees in some areas, However, the comprehensive processing fee of zinc concentrate is still high, the profit of the smelter is OK, and it is in the process of continuing to increase production and re-production, and it is expected to increase the month-on-month ratio of zinc refining in September. On the consumer side, galvanizing, at present, most enterprises in Daqiuzhuang in Tianjin have basically resumed production, and terminal orders in various regions have stabilized. On the whole, the pressure on the supply side is greater, the performance of the consumer side is better, the consumption expectation of superimposed infrastructure is strong, the inventory of social inventory and bonded areas is low, and the fundamentals of zinc are good, so SMM believes that after the market panic, zinc prices are expected to stabilize.
"[SMM analysis] the fundamentals of Shanghai Zinc Lian Green 6 are not so bad! It is expected to stabilize after the panic.
Today, Shanghai copper negative, K-line entity above the 5-day, 10-day moving average suppression, the technical side of the bearish copper price. Wait for the outer disk guide at night to test whether Shanghai Copper can return to the 52000 mark.
[brief Review of SMM Copper Futures] the plunge in oil prices has dragged down the copper price in Shanghai, the main force of the copper market, at the 52000 mark.
Affected by the general decline in commodities in the outer stock market, Shanghai Aluminum opened low today, weak adjustment, the daily line closed entity Zhongyin. Spot to futures to maintain the rising rate is still on the high side, continue to pay attention to the return of delivery logic in the next period.
[brief Review of SMM Aluminum] Shanghai Aluminum's low opening volume fell and warehouse receipts increased by nearly 10,000 tons on the day.
Shanghai lead closed on the Changyin line, falling for the second day in a row, the k-line entity wore the 60-day moving average to explore the undertrack of the cloth forest belt, the KDJ index turned to downward exposure, the overall technical area was empty, considering the fundamentals of recycled fine lead sticker contraction, consumption slightly improved, night attention to whether the bulls can hold the first line of 15200 yuan / ton.
[brief Review of lead in SMM] Shanghai lead has fallen sharply. Focus on the 15200 front line at night.
The fundamentals are clear, but the macro bearish suddenly swept the market, the zinc jump recorded a long negative column, the lower 40-day moving average is supported, domestic consumption is resilient, the uncertainty of the mine side has not yet been confirmed, and it is expected that zinc will stabilize its 40-day moving average at night. we still need to be on guard against macro risks.
[brief Review of Zinc in SMM period] Zinc prices fell in the sky and focused on the effectiveness of the 40-day moving average support at night.
In terms of black, threads fell 2.2%, hot coil 2.9%, stainless steel 4.19%, coke 1.34%, coking coal 0.94%, iron ore 3.4%, and hot rolling. According to the latest SMM tracking, the planned hot-rolled products of 35 mainstream hot-rolled steel mills surveyed totaled 10.4585 million tons in September, an increase of 0.3% over August.
[SMM Hot Rolling scheduling report] in September, the planned high volume of hot rolled commodities to maintain stability has opened a "falling" channel?
The previous period of crude oil fell 8.02%, refreshing the lowest level in nearly four months since mid-May. The price of US crude oil futures fell sharply last day to a three-month low. Brent crude oil futures fell below US $40 a barrel for the first time since June. As the number of new novel coronavirus cases in many countries climbed again, international oil prices continued to decline on Wednesday. Us oil is as low as 36.16 US dollars per barrel, while cloth oil is as low as 39.37 US dollars per barrel.
In terms of precious metals, Shanghai gold rose 0.13%, Shanghai silver fell 1.46%, the international spot gold price remained stable, and the US dollar maintained a two-week high, offsetting the support brought by the decline in the stock market. Meanwhile, investors are focused on the ECB's policy meeting this week, which is likely to adjust its inflation forecasts. The U.S. Senate plans to vote on a shrinking Republican bailout bill for novel coronavirus later this week.
As of today's day close:
Today's capital flow
The futures market collapsed as a whole, with 6.2 billion funds pouring out of the door, of which industrial products lost 4.248 billion yuan and another 1.948 billion left the market from agricultural products. Specifically, the early rise in non-ferrous metals due to the weakness of the US dollar was abandoned by 1.517 billion funds, and Shanghai nickel and copper outflow of 6.36 and 598 million yuan respectively. The chemical and crude oil sectors lost 1.186 billion yuan and 891 million yuan respectively, and 487 million left the market from crude oil. Another 1.092 billion yuan locked in profits in the popular grease chain. The steel plate that fell in the afternoon only lost less than 500 million yuan. After the collapse, stock index futures were sought after by funds, with IF and IC absorbing 3.782 billion yuan and 2.003 billion yuan respectively.
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