SMM9 March 14: metal rose across the board in the morning, with Shanghai Zinc and Nickel up more than 2%, and Shanghai Copper and Tin up more than 1%. In terms of aluminum, on September 14, Nanhai and Gongyi went to the warehouse, and the domestic electrolytic aluminum social inventory dropped 15000 tons to 749000 tons compared with the previous week. "to see the details, the aluminum storage began to decline this week, and the market is optimistic about the consumption of" Gold, Nine and Silver Ten ". Medium-term consumption may stabilize and pick up. In addition, the China Automobile Circulation Association issued the "August 2020 Market Insight and Price monthly report". The "report" shows that the overall passenger car market continues to recover. From July to August, due to the demand for the same period last year being promoted and overdrawn by National V, sales plummeted, achieving higher year-on-year growth in comparison with a low base, and sales are expected to pick up in September with the same period. Shanghai zinc rose 2.28%, the analysis believes that inventory decline and raw material supply is still tight, zinc prices are expected to continue to be strong in the short term. At present, the operating rate of the lower reaches is rising steadily, and the marginal improvement of supply and demand still supports the price of zinc.
The whole line of black is floating red, and the iron ore continues to fluctuate at a high level to lead the rise of ferrous metals. From a later point of view, on the supply side, although with the gradual easing of the port crackdown, the mainstream middle-grade powder ore inventory in the port has increased, which has suppressed the market to a certain extent; but recent shipments in Australia and Brazil have declined, especially Australian shipments have fallen in two consecutive phases, and the mainstream Australian ore inventory is still expected to decline again in the later stage, and Brazil's Minas-Rio iron ore mine suspended production for 30 days, so the overall supply side performance is stable. On the demand side, the "zero point" operation in Tangshan ended on September 14, and the operating rate of the blast furnace was expected to pick up, coupled with the expectation of restocking by bargains before the National Day, so although it rose under the pressure of the finished wood end, there was still strong support under high demand. It is expected that this week will be dominated by narrow finishing.
Crude oil fell 0.11% in the previous period. Oil prices were mixed on Monday, with U.S. crude oil futures rising as a tropical storm in the Gulf of Mexico forced drilling rigs to shut down, but concerns about oversupply and falling fuel demand curbed gains. Us crude oil futures rose 0.08 US dollars, or 0.2 per cent, to 37.41 US dollars per barrel, while Brent crude futures fell 0.04 US dollars, or 0.1 per cent, to 39.79 US dollars per barrel. Both contracts closed lower last week, recording weekly declines for the second consecutive week.
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