[SMM afternoon Review] the trading atmosphere warms up and there are mixed ups and downs in non-ferrous metals. Poor demand is a general decline in black.

SMM9 March 10: the rise and fall of non-ferrous metals in the morning, the impact of crude oil black swans seems to dissipate, as the financial markets of US stocks rebounded, the trading atmosphere of non-ferrous metals market warmed up again. Shanghai copper rose 0.29%, industry analysts believe that the medium-term upward trend of copper prices is cautiously optimistic, the core variable of the future lies in macro expectations, as well as the repair of overseas demand. The main point of the reversal in copper prices is the marginal withdrawal of stimulus policies and the weak stamina of the recovery in global demand, which is not expected to be reflected this year. Shanghai nickel fell 0.33%, stabilized after a sharp correction in the previous period, with the gradual increase of Indonesian nickel and iron production capacity, a growing impact on domestic supply, the overall supply will begin to exceed demand. In the future, the surplus pattern of Ferro Nickel will gradually expand, nickel prices in the high shock, there may be a fall, continue to wait and see the situation.

Black iron ore steel fell more than 1%, data show that table demand has also declined month-on-month this week, superimposed by the recent weak risk sentiment, disk prices have broken down. According to SMM port inventory data, although the mainstream of the port in the past two weeks in mineral inventory continued to rise, and PB powder port inventory has been accumulated for three consecutive weeks, but due to the high demand of most steel mills to maintain, superimposed recent high and low ore prices, recently PB powder inquiry has improved. Lump ore trading continues to be active, the port spot mainstream lump ore inventory has declined for two consecutive weeks, the port spot PB powder price difference has expanded to 25-30 yuan / ton.

Crude oil in the previous period fell by 0.67%. Crude oil futures fell in early trading on Thursday, giving up overnight gains, dragged down by demand concerns. Previously released data showed that US crude oil inventories increased last week, rather than the expected decline, and the global number of novel coronavirus infection cases continued to rise. Us crude oil futures fell $0.2, or 0.5%, to $37.85 a barrel, up 3.5% on Wednesday. Brent crude futures fell 13 cents, or 0.3 percent, to $40.66 a barrel, up 2.5 percent on Wednesday.

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