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[SMM afternoon Review] the general rise of non-ferrous metals rose by more than 1%. Black series stabilized and rebounded crude oil rose by more than 2%.
Sep 18,2020 11:53CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM9 March 18: most of the domestic metal market is red this morning. By midday trading, Shanghai zinc rose 1.76%, Shanghai lead rose 1.74%, Shanghai copper rose 1.36%, Shanghai aluminum rose 0.62%, Shanghai nickel rose 0.1%, and Shanghai tin fell 0.54%. In terms of copper, the solid waste Center announced the details of the 12th batch of applications for import restrictions in 2020. The approved import volume of scrap copper is 136335 tons. So far this year, the total approved import volume of scrap copper is 879475 tons.

[SMM Analysis] the system of issuing scrap copper approval documents in the fourth quarter will be withdrawn from the stage of history.

In terms of lead, Shanghai lead rose sharply in early trading, breaking through the high of 15200 yuan / ton but did not stand firm, adjusting horizontally around the 10-day moving average. The enthusiasm for purchasing waste batteries in recycled lead smelters is not high, and the price of waste batteries is limited. The recycled lead smelter follows the market, the recycled refined lead sticker is expanded, and the downstream is more wait-and-see and careful mining, mainly for rigid demand.

[SMM afternoon Review] recycled lead: Shanghai lead rising downstream wait and see

In terms of black series, thread rose 0.81%, hot coil rose 1.14%, stainless steel rose 0.53%, coke rose 2.4%, coking coal rose 1.79%, iron ore rose 1.83%, and iron ore, according to SMM research, the profits of Tangshan environmental protection limited production superimposed steel plant remained low recently, and the blast furnace overhaul of steel mills began to increase, resulting in a further drop of 0.3% to 88.3% month-on-month in domestic blast furnace operation rate this week. And it has dropped for 4 weeks in a row. Superimposed recently, the arrival of iron ore to Hong Kong rebounded for two consecutive periods, Australia-Pakistan shipments continued to make efforts, and iron ore supply and demand gradually weakened compared with the previous period, or led to the recent accumulation of port inventory.

[SMM Morning meeting View] Thread inventory elimination is accelerating, but year-on-year performance is still poor.

The last issue of crude oil rose 2.03%. At the OPEC+ supervision meeting, Saudi Arabia issued a stern warning to speculators shorting crude oil and criticized OPEC+ member countries for cheating on quotas, providing confidence to crude oil bulls. Saudi Arabia also said that if the oil market worsens due to weak demand and rising cases of novel coronavirus, the OPEC+ may hold a special meeting in October.

In terms of precious metals, Shanghai gold fell 0.28%, Shanghai silver fell 0.82%, and international spot gold rose on Friday on poor US employment data and major central banks promised to introduce more stimulus measures if necessary. The number of US jobless claims fell less than expected last week, and the previous week's jobless claims were revised upwards, suggesting that the job market recovery has shifted to a low speed amid weakening fiscal stimulus.

By the close of noon, the contracts in the metals and crude oil markets were as follows:

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