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[SMM comment] non-ferrous metals continue to decline. Shanghai lead and copper fell more than 1%. Last period crude oil fell nearly 1%. Shanghai gold slightly turned green.
Sep 11,2020 09:43CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM9 March 11: U. S. stocks, U. S. oil briefly rebounded and then fell, the dollar index first depressed and then rose, most metals again under pressure. The LME metal market was red, fat, green and thin this morning. As of 09:30, Lun Zinc rose nearly 0.4%, Lun Aluminum rose nearly 0.3%, Lun Copper and Lun lead rose nearly 0.2%, Lun Nickel slightly fell, Lunxi fell nearly 0.3%, most of the domestic side was green, Shanghai lead fell nearly 1.5%, Shanghai Copper fell nearly 1.1%, Shanghai Tin fell nearly 0.6%, Shanghai Nickel fell nearly 0.5%, Shanghai Zinc fell nearly 0.3%, and Shanghai Aluminum rose nearly 0.8%.

Overnight lead closed four consecutive negative, the low is a 27-day low, beware of geopolitical and other risk points caused by bearish sentiment to continue to push down lead prices. Overnight Shanghai lead continued to decline, falling to the previous platform of 14800 yuan / ton, downstream demand did not see a big improvement, lead prices are still in the doldrums. The price of lead in SMM1# is expected to fall by 200-250 yuan per ton today.

[SMM lead Internal Morning meeting record] LME lead inventory has greatly increased and spot transactions have improved.

In terms of zinc, the number of initial jobless claims in the United States last week was higher than expected, a stripped-down rescue plan superimposed by the US epidemic was rejected, there was no new economic stimulus package in overseas countries, and market panic intensified. In terms of zinc in Shanghai, the strong operation of the US index exerts pressure on the metal market, and the price of zinc in Shanghai continues to cool down. although the supply and demand side is actively produced under the profit drive of the smelter, the spot market of zinc price is still in the state of going to the warehouse, and the short-term supply and demand pressure is not obvious for the time being. pay attention to the support strength of the Wanjiu pass in the near future.

[minutes of SMM Morning meeting] macroscopic emotional disturbance zinc price short-term focus on the support strength of Wanjiu pass

In terms of black series, threads fell by nearly 0.6%, hot coils by nearly 0.3%, stainless steel by nearly 0.7%, coke by nearly 1.1%, coking coal by nearly 0.3%, and iron ore by nearly 0.7%. In the short term, although the new production capacity is more concentrated at the end of 2020, most of the new capacity is officially put into production in December, considering that it will take a period of debugging after the equipment is put into production to gradually reach full production. The supply increment caused by the new capacity is expected to be more obvious in the first half of 2021. It will not have an impact on the supply increment of the market at the end of the year. With the arrival of gold, silver and silver, the expectation of the market for the outbreak of demand and the elimination of inventory has also reached the 2020 deadline. Under the expectation of high supply to maintain stability, inventory digestion is more likely to become a weather vane of the steel market in the fourth quarter.

"[SMM Steel] the concentrated landing period of new capacity is approaching, is the steel market ready?

Crude oil fell nearly 0.9 per cent in the previous period and US oil fell nearly 2 per cent on Thursday after data showed that US commercial crude stocks unexpectedly increased last week, in part because of continued production cuts at refineries along the Gulf of Mexico in the wake of Hurricane Laura. U.S. crude oil stocks increased last week, while gasoline and distillate stocks decreased, according to a report released by the (EIA) on Thursday.

In terms of precious metals, Shanghai gold fell nearly 0.1%, while Shanghai silver fell nearly 1%. Comex gold futures prices rose on Thursday, recording a third consecutive day of gains, as the euro strengthened after the European Central Bank decided to keep its policy unchanged, putting pressure on the dollar. At the same time, the number of initial jobless claims in the United States remains high, dimming hopes of a rapid recovery of the economy from the impact of the novel coronavirus epidemic.

As of 09:35, the status of contracts in the metals and crude oil markets:

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