[SMM Daily Review] the US dollar fell sharply, the general strength of non-ferrous metals rose strongly, the black group rose collectively, and crude oil fell 0.52% in the previous period.

SMM10 March 21: after many days of shock adjustment, the futures market generally rose sharply today. By the end of the day. Shanghai copper rose 1.48%, Shanghai aluminum fell 0.34%, Shanghai zinc rose 2.28%, Shanghai lead rose 0.8%, Shanghai nickel rose 1.8%, and Shanghai tin fell 0.16%.

Zinc, the operation is relatively strong, the overall downward trend has been broken, the macro Mianmei stimulus package is close to reaching a stack of European intention to continue to release liquidity, inflation expectations make commodities "rising tide lifts all boats", fundamentals in the fourth quarter of mine supply is expected to tighten, supply pricing logic is gradually clear, coupled with Duan Lun zinc climbing boost during European trading, zinc is expected to be on track in the evening or on the test Brin Road, a strong performance is expected to be maintained.

In terms of nickel, the analysis believes that the rainy season in the Philippines is approaching, and shipments will decrease significantly next month. According to the monthly imports of Chinese nickel mines from 2015 to the present, China's nickel ore imports will decrease month by month in the fourth quarter of each year. The tight pattern of nickel ore supply is difficult to change in the short term, and nickel ore cost support will continue to exist. On the demand side, stainless steel has not dragged down the price of nickel as expected. The output of 300 series stainless steel reached another record high in September, and the steel mills still maintain a high production schedule. Compared with the lower interest, many factors still have the upper hand.

In terms of black, iron ore rose 1.4%, thread rose 0.88%, and hot coil rose 1.18%. According to SMM tracking data, a total of 103 ships arrived at China's main ports from October 11 to October 17, with an estimated arrival volume of 15.15 million tons, an increase of 480000 tons over the previous period and 4.65 million tons over the same period last year. During the period, Australia's port departure increased by 890000 tons month-on-month to 17.55 million tons, an increase of 5.34 million tons, or nearly 44 percent, over the same period last year. The current period of Brazil's departure from port is 7.49 million tons, which is basically the same as the previous month and an increase of 1.26 million tons over the same period last year. In addition, Brazil's Vale (Vale) iron ore production in the third quarter totaled about 88.68 million tons, an increase of more than 21 million tons compared with the second quarter, and the iron ore supply end is expected to have a steady growth trend in the fourth quarter.

Crude oil in the previous period fell by 0.52%. Oil prices fell on Wednesday as an unexpected increase in US crude stocks sparked fears of a global supply glut, a surge in the number of novel coronavirus cases raised demand concerns and Libya resumed oil production. Brent crude futures fell 31 cents, or 0.72 percent, to $42.85 a barrel. Us crude oil futures fell 28 cents, or 0.67 percent, to $41.42 a barrel. Analysts say the increase in crude oil inventories in the United States, coupled with the recent resurgence of the novel coronavirus epidemic around the world, has prompted investors to adjust their positions.

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Today's capital flow

In terms of capital flow, 6.218 billion yuan poured into Wenhua commodities, industrial products attracted 5.889 billion yuan, and non-ferrous, black chain, chemical and coal sectors all had huge funds. In addition to 1.7 billion capital inflows into IC, Shanghai copper and Zhengzhou alcohol futures with the biggest daily gains both inflow more than 1.4 billion yuan, coke harvest 1.019 billion yuan, Shanghai gold loss 262 million yuan, glass and bean one both outflow 114 million yuan.