SMM9 March 25: on Friday morning, the non-ferrous metals market was mixed. Shanghai Copper rose 0.12%, Shanghai Aluminum rose 0.36%, Shanghai Zinc fell 0.42%, Shanghai lead fell 1.82%, Shanghai Nickel rose 0.74%, and Shanghai Tin fell 1%. In terms of copper, the analysis pointed out that the stabilization and rebound of copper prices is still inextricably linked with macro factors. U. S. stocks rose after sharp fluctuations, driving the overall mood of risk assets to stabilize, so copper prices also followed the rebound. With the improvement in market sentiment, the short-term bottom signal has been shown, superimposed that the fundamentals of copper are not weak, inventories are low, and pre-holiday stock will begin to start after the bottom, giving copper price momentum to rise. In terms of aluminum, China imported 429464 tons of unwrought aluminum and aluminum products in August, up 723.6% from a year earlier and 9.8% from July, according to data released by the General Administration of Customs on Wednesday. The total amount of unwrought aluminum and aluminum includes raw aluminum and aluminum, while imports increased sharply in August, of which 40-50% are expected to be imported original aluminum ingots. The monthly import volume increased greatly due to domestic demand, high Hulun ratio and other factors. "in August, China's unwrought aluminum and aluminum imports increased by more than 7 times compared with the same period last year." The main reason is these three points.

Black fell slightly and the overall weakness fluctuated. The analysis shows that the high discount of iron ore restricts the downward space in stages, and the marginal supply and demand of powder ore has weakened recently. on the one hand, the demand growth of steel mills has slowed down, and the continuous rise of powder prices has led to the active adjustment of ore structure by steel mills. The proportion of powdered ore into the furnace has continued to decline. On the other hand, due to the recent acceleration of port thinning, the problem of port pressure has been alleviated to a certain extent, and the increase in the number of goods landed has alleviated the pressure of tight supply to a certain extent. From the perspective of spot supply and demand, there has been a low rebound in powder inventory recently, and the contradiction of tight balance has been alleviated to a certain extent compared with the previous period, but powder inventory is still at a very low level, and the valuation has been revised down due to the contraction of timber profits in the early stage. recently, rumors of production restrictions in some areas have risen again, and the 01 contract has weakened again because of concerns about iron ore demand expectations after production restrictions, but we need to pay attention to before the production restrictions have been officially landed. The continuous expansion of the discount may bring repetition.

Crude oil rose 1.51% in the previous period. International oil prices rose slightly on Friday, but could fall on the weekly line on fears that a resurgence of the global novel coronavirus epidemic would dampen fuel demand and that Libya's possible resumption of exports would increase supply. Brent crude rose 0.31% to $42.07 a barrel. Us crude oil futures rose 0.37% to $40.46 a barrel. Brent crude may fall nearly 3% this week, while us crude is likely to fall nearly 2%. The two contracts are also likely to record monthly declines, which will be the first monthly decline in Brent crude futures in six months.

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