SMM9 March 23: today's domestic non-ferrous metals market is green, red and thin, and most of them continue to be weak at night. By the end of the day, Shanghai nickel fell 1.86%, Shanghai zinc fell 1.69%, Shanghai copper fell 0.94%, Shanghai aluminum fell 0.89%, Shanghai tin rose 0.21%, and Shanghai lead rose 0.26% SMM believes that the current nickel mine price is still strong, and nickel pig iron is not willing to give up price. On the other hand, there is no obvious change in the balance of the electrolytic nickel industry chain, but the expectation of good performance in this part of the industry chain has not become the focus of market transactions in the near future, and the market sentiment is affected by the macro aspect. Due to the weak performance of the dollar in the early period, the willingness to adjust in the market, traders are relatively short on commodities in mood, the current lack of bullish strength, the sharp fall at the beginning of the week also laid the tone of weak operation, mainly the recent low shock.
[SMM Analysis] Nickel price falls spot transaction increases "air" does not break up short-term dilemma
In terms of lead, Shanghai lead closed long shadow, below the 5-day moving average support is still stable, KDJ indicators are still upward exposure, the technical side has not yet turned short trend, considering the fundamentals of mediocre consumption downstream, lead prices lack of upward power, but by the National Day every low reserve warehouse and recycled lead cost support, it is expected that in the short term Shanghai lead will still be mainly shock adjustment.
[brief Review of lead in SMM period] short-term shock adjustment of low lead recovery in Shanghai
In terms of zinc, zinc received a long shadow, and the panic originating in Europe has not been relieved. In terms of fundamentals, the weak spot performance may slightly enhance the negative impact of replenishment on National Day. Without further stimulation, it may be difficult for zinc to have a strong performance at night.
[brief Review of Zinc in SMM period] Zinc in the uncertainty-increasing period may not be optimistic at night.
In terms of nickel, Shanghai Nickel closed today at the small negative column of the long lower shadow line, the K column stood above the 60-day moving average, and the shadow line explored the position of the average. during the day, the K column closed at the Yin Cross Star and oscillated around 113000 yuan. At night, we are still concerned about the consolidation of Shanghai Nickel at this position.
[brief Review of SMM Nickel] Shanghai Nickel low consolidation runs in the vicinity of 113000 yuan.
In terms of black series, thread fell 0.45%, hot coil fell 0.68%, stainless steel fell 0.82%, coke rose 0.36%, coking coal rose 0.04%, iron ore fell 2.03%, iron ore, it is reported that there was another storm of tightening production restrictions in Tangshan area over the weekend, tightening control measures will be taken against some iron and steel enterprises from 20:00 on the 18th. It is understood that the management and control is mainly through the night implementation of the blast furnace "slow wind production reduction" way to reduce emissions, supporting to reduce sintering, lime, steelmaking, steel rolling and other processes of pollution emissions, while through the control of transport vehicles to reduce tail gas pollution. The implementation of "one factory, one volume" precision control program, the specific implementation of the actual situation, SMM follow-up will continue to pay attention.
The last period of crude oil fell 5.09%, sources said that Libya's total oil production will increase from the current 90, 000 b / d to 310000 b / d in a few days, workers have returned to the site after a few months of blockade, and the production of newly resumed oil fields will gradually increase. Markets are uneasy about demand in places such as the UK, where new blockades are imminent and US health officials have warned of a new outbreak this winter.
In terms of precious metals, Shanghai gold fell 2.35%, Shanghai silver fell 10.02%, London spot gold fell on Tuesday, the dollar hit a multi-week high, and Federal Reserve Chairman Colin Powell will attend a congressional committee meeting later. Analysts point out that the resurgence of novel coronavirus and fears that European countries will block again are triggering safe-haven buying for the dollar index, so we are seeing volatility in gold prices.
Closing during the day, contracts in the metals and crude oil markets:
Today's capital flow
Domestic commodities suffered a sell-off, and the Mandarin Commodity Index significantly reduced its positions by 550000, with a net outflow of 5.298 billion yuan. Oil chain callback across the line, was abandoned by 2.76 billion funds, of which soybean oil outflow of 1.198 billion yuan, reduced positions of 68700 hands, palm oil outflow of 985 million yuan. Precious metals tumbled across the board, and 1.602 billion funds fled frantically, of which the Shanghai Bank, which fell by the limit, suffered nearly 1.5 billion of the funds abandoned. Affected by the upward margin of corn, the inflow of corn is 1.075 billion yuan.