SMM9 March 14: non-ferrous metals rose across the board today. By the day's close, Shanghai Copper rose 0.97%, Shanghai Aluminum rose 0.73%, Shanghai Zinc rose 2.59%, Shanghai lead rose 1.01%, Shanghai Nickel rose 2.48%, and Shanghai Tin rose 1.51%.
In terms of copper, the vice chairman of (CMRA) of the recycled Metals Branch of the China Nonferrous Metals Association said at the China International Copper Forum that China's scrap copper imports fell by 50% this year. China, the world's largest metal consumer, imported 1.49 million tons of scrap copper in 2019. To date, China has approved a total of 743140 tons of scrap copper.
"Recycling Branch of China Nonferrous Association: the import of scrap copper in China has been reduced by 50% this year.
In terms of zinc, the domestic social inventory of zinc ingots has been in a downward trend since March this year, and the decline accelerated again in September. As of September 14, according to SMM research, the social inventory of zinc ingots was 154000 tons, a decrease of 24400 tons compared with September 4. Boosted by a sharp decline in inventories, zinc prices have stopped falling in the past two days after falling this month, rebounding sharply for the second day in a row. The biggest increase from the lowest price on Sept. 10 is 3% today. On the whole, ten peak seasons of gold, silver and silver are expected, and it is expected that consumption in the peak season in September will still drive to the treasury, providing strong support for zinc prices.
[SMM Analysis] accelerated decline in zinc stocks boosts zinc prices to rebound and consumption will still lead to destocking during the peak season.
The black department first suppressed and then rose in the afternoon, and by the end of the day, the decline was basically recovered, iron ore rose 2.41%, and threaded hot rolls rose. Today, the market continued last Friday night, last week after the market, social finance data exceeded expectations to boost market confidence, while new real estate construction is still growing year-on-year, digging machine sales reached a record high in the same period, the decline in imports of steel and other multiple good superimposed before the National Day there are steel mills replenishment expected, late steel consumption can still be expected.
Crude oil fell 0.42% in the previous period. International oil prices rose as the tropical storm in the Gulf of Mexico forced local oil production facilities to shut down temporarily, but the increase in oil prices was limited because the market was more concerned about oversupply and declining fuel demand. Us crude oil futures rose 0.56 per cent to $37.54 a barrel, while Brent crude futures rose 0.33 per cent to $39.96 a barrel. Tropical Hurricane Sally strengthened on Sunday and could become a Category 2 hurricane. Less than a month after Hurricane Laura hit the US Bay area, local oil production was disrupted again by the storm.
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