[SMM Daily Review] most non-ferrous floating green Shanghai zinc only floating red crude oil in the last period is difficult to stop falling and stabilizing by more than 2%.

Published: Sep 11, 2020 16:27

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SMM9 March 11: most of the non-ferrous metals are green today. By the end of the day, Shanghai Tin fell 1.48%, Shanghai lead fell 0.99%, Shanghai Aluminum fell 0.94%, Shanghai Copper fell 0.73%, Shanghai Nickel fell 0.33%, and Shanghai Zinc only rose 0.73%. In terms of nickel, macro factors triggered market panic, affecting not only safe-haven assets such as gold and silver, but also basic metals. From a fundamental point of view, the peak of stainless steel prices and increased profit pressure are the factors restricting the upward rise of nickel prices, but they are not the decisive factors in the near future. spot nickel prices are strong, and nickel pig iron has little room to fall. There is still a gap between the supply and demand of primary nickel in the third quarter, so the decline in nickel prices may not be a long-term trend. at present, macro sentiment and bears have the upper hand, making it difficult for nickel prices to rebound quickly. It is expected that the near-term nickel price in the current position near the shock consolidation is mainly, or can look forward to later repair.

In terms of lead, Shanghai lead low closing Changyang line, k line center of gravity further moved down, but the KDJ index showed an upward convergence trend, coupled with the fundamentals downstream trading activity is significantly higher than the previous, Shanghai lead is unlikely to continue downward, night attention to whether the bulls can completely stand on the first line of 15000 yuan / ton.

[brief Review of lead in SMM period] the low level of lead in Shanghai rebounded and paid attention to the Wanwu pass at night.

In terms of black system, thread rose 0.14%, hot coil rose 0.64%, stainless steel fell 0.39%, coke fell 0.1%, coking coal rose 0.2%, iron ore rose 0.84%, news surface. Hebei Province Development and Reform Commission issued the "Hebei Iron and Steel Industry chain Cluster Development three-year Action Plan (2020-2022)", the key tasks of the Action Plan: comprehensive use of market mechanisms, economic means, and the rule of law. By 2020, the output of crude steel will be reduced by 14 million tons, and the iron and steel production capacity of the whole province will be limited to less than 200 million tons by the end of the year.

The previous period of crude oil fell 2.26% Jing SC crude oil was still unable to stop falling and stabilized, and it accelerated down more than 2% in late trading, recording five consecutive declines in the market. Yesterday's EIA data show that US Oil has not completely shaken off the effects of the hurricane and crude oil production has begun to recover, but the affected refineries have not fully recovered. According to the news, the market monitoring group of the Organization of Petroleum Exporting countries ((OPEC)) and OPEC+, which is made up of allies including Russia, will meet on September 17th.

In terms of precious metals, Shanghai gold fell 0.23%, Shanghai silver fell 0.99%, and international spot gold prices continued to be under pressure. However, a bill proposed by the US Republican Party has been blocked in the Senate, raising investor doubts about the outlook for the US economy, raising the price of gold on a weekly basis, up 0.45 per cent so far this week.

As of today's day close:

Today's capital flow

In terms of capital flow, 549 million yuan fled from the precious metal plate, and 2.305 billion funds flowed into Mandarin commodities. Among them, the feed plate and oil chain attracted more than 1.5 billion funds to run into the market, and soybean meal monopolized 1.036 billion yuan. Iron and steel sector recovered yesterday's decline, with 521 million financial support, with iron ore contributing 428 million. Corn chain and crude oil plate precipitation funds are more than 300 million yuan month-on-month, but coal and non-ferrous plate outflow of more than 300 million yuan, Shanghai copper loss of 367 million yuan. In addition, IF and IH weighted outflows of 832 million and 777 million respectively.

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