[SMM Metal Breakfast] the outer plate metal is mostly green and copper is down more than 1% * the trading house will promote the listing of scrap futures * the price of aluminum is high and the price of scrap aluminum is stable.

"[overnight market] most of the metals in the outer disk are down more than 1%. Us oil has rebounded and US oil has held steady above the 40 mark.

"[macro outlook] focus on virtue and euro zone Markit manufacturing PMI data for October

Today's focus

[the strike continues to support the downward price of the US dollar] recently, the market has been watching the negotiations on a new round of stimulus package in the United States, and the market is expected to reach a deal. Gold and silver both closed higher on Wednesday, spot gold hit a new high in more than a week, the dollar index hit its lowest level in more than six weeks since Sept. 4, and copper prices were also buoyed by the wind, with Lun copper breaking the $7000-a-tonne mark for the first time since June 2018. Although there is some disturbance of strike news on the supply side, the labor dispute at the largest Escondida mine has been resolved, so the supply-side news on the copper price drive is not obvious. The recent focus is still on the progress of the US election and stimulus bill negotiations. "View details

[scrap copper daily review: it is difficult for product prices to rise and manufacturers do not pursue high on demand] Today (10) Shanghai copper encountered the suppression of Brin on the way up on the way up, and it was arranged around 52250 yuan / ton horizontally before noon in early trading. Today, the market remains above 52200 yuan / ton, and the downstream fear of heights is serious, which is significantly less than last week. In addition, the holding traders are nearing the end of the month and have a strong desire to exchange cash. As a result, there are only a handful of sellers in the market, and the price of rising water has fallen sharply for two days in a row. Today, the opening of import price comparison has expanded, and it is not easy to pay attention to the data of copper imports. It is expected that flat water can be kept before the end of the month. "View details

[SMM: aluminum price high consolidation waste aluminum price is relatively stable] Today (10Universe 22) aluminum price rose 60 yuan / ton to 14950 yuan / ton. Today, the market panic on the news of the liberalization of scrap aluminum imports in November has declined, the price of the entire scrap aluminum market has stabilized, but shipments are still more positive. In the later stage, we pay attention to the import of waste aluminum into the domestic time point, before this, the price adjustment of domestic waste aluminum is relatively small, in the case of relatively tight supply, the price will only fall slightly. When a large amount of waste aluminum is imported, the price difference between domestic and foreign waste aluminum will tend to balance, overseas prices will rise, while domestic prices will fall significantly. "View details

[four light metal standard compilation group meetings such as "recycled wrought aluminum alloy raw materials" were held in Nantong] from October 19 to 21, four light metal standard compilation group meetings such as "recycled wrought aluminum alloy raw materials" were held in Nantong. At the meeting, Wang Jibi, secretary-general of the recycled Metals Branch of China Nonferrous Metals Industry Association, said that the announcement just issued by four departments, including the Ministry of Ecology and Environment, on regulating the import management of recycled brass raw materials, recycled copper raw materials and recycled cast aluminum alloy raw materials, which brings good news to the development of industrial enterprises, will also have a significant impact on industrial development, "check the details."

[zinc city after turning the tide: processing fees become the focus of low inventory to support zinc prices] SMM: has been affected by the epidemic this year, and the zinc mine has been reduced significantly, and the shortage of mines has led to a continuous decline in processing fees to calculate whether the conflict at the mine end will be transmitted to the smelter for reduction in the fourth quarter. This year, the logic of zinc price has turned to macro inflation logic, and low inventory will provide low zinc price support. The continuous destocking of inventories will provide a large opportunity for price spreads in the near and far months. "View details

[Norilsk Nickel:Q3 Nickel production increased by 8% month-on-month production guidance remains unchanged] recently, Norilsk Nickel released its third-quarter financial report. Sergey Dyachenko, first vice president and chief operating officer, commented on the production results: I would like to reiterate that reducing our environmental footprint is still our strategic priority, and we will continue our efforts to fundamentally improve the ecological conditions of the areas in which we operate. Production of nickel and palladium increased by 8 per cent in the third quarter from the previous quarter, as the Cora nickel refinery planned to add new chlorine leaching technology, while platinum group metals production in the Kola division increased by more than 30 per cent. "View details

[BHP: West Nickel produced 22000 tons of nickel in the third quarter up 3% from a year earlier] West Nickel's third-quarter production rose 3% from a year earlier, down 7% from a month earlier to 22 kilotons, reflecting the improved operational stability and strong performance of the new mine. The twice-yearly maintenance of the Kalgoorlie smelter and the Kwinana refinery is scheduled to be completed in the third quarter. The guidance price for fiscal year 2021 remains unchanged between 85 and 95 kilotons. "View details

[SMM Quick Review: does the epidemic affect the speed of customs clearance of tin mines in Myanmar? can tin prices break the concussion range? According to SMM, as of last Friday, the number of confirmed cases of novel coronavirus in Myanmar was 16880. Although the growth rate has slowed slightly, China's prevention and control of the epidemic is still very strict. According to local people in Yunnan, the current epidemic in Myanmar mainly affects the import of tin mines at Ruili Port. The epidemic in WA is not serious, but the inspection and quarantine requirements at Menga Port are very strict, which has a great impact on the speed of tin mine clearance. At present, the daily tin mine transport volume is only about 1/3 of that before the epidemic, and local miners are discussing with relevant government departments whether measures can be taken to speed up customs clearance. SMM predicts that the recent trend of Lunxi is strong, and the epidemic affects the speed of customs clearance of Myanmar tin mines, and the supply side of tin mines is generally tight, but Shanghai tin is only volatile due to weak market demand. "View details

[SMM Express Review: Ministry of Environmental Protection issued a document to promote clean production of metal manganese industry impact analysis] according to SMM, the pollutants produced in the metal manganese smelting process have been the focus of market and factory control for a long time. In recent years, large factories in various regions still pay attention to the treatment of pollutants and carry out stable reduction. In addition, due to the serious upside-down costs of most external mining manganese factories this year, they have not started to resume production. Entering the fourth quarter, according to SMM, there is no recovery plan for the time being. "View details

SMM believes that the Development and Reform Commission and the Ministry of Industry and Information Technology have issued a document: continue to consolidate and resolve the achievements of iron and steel excess capacity, and severely crack down on illegal production and sales of "strip steel." For those who use medium frequency furnace production but do not belong to the production capacity of "strip steel" or other backward production processes, support enterprises to produce in accordance with the rules and regulations. In the early stage, due to the influence of environmental protection and steel production capacity clean-up, the smelting production of some medium frequency furnace equipment was dismantled and withdrawn, and the stainless steel smelting capacity of some irregular medium frequency furnaces in Dainan, Yangjiang and other areas was shut down and converted to production treatment. the smelting output of the medium frequency furnace has been greatly reduced, but some of the qualified smelting capacity has continued smelting and processing in the later stage, and smelting enterprises that meet the requirements of environmental protection are still retained. "View details

[SMM News: short speculation on US stimulus package gold prices fell back to repair some of the dollar's decline] the precious metals rally paused today as investors questioned whether the United States could reach an agreement on a new fiscal stimulus package before the election, and the dollar index rebounded slightly after hitting a seven-week low. The latest data show that gold ETF's current position: 1269.35 tons, down 0.58 tons from the previous day. "View details

[SMM Daily Review: Silicon holders are willing to increase prices] Today (10 go 22) some brands of silicon prices continued to rise, Kunming oxygenated low-grade silicon spot tight, 44 silicon prices rose to 11700-11800 yuan / ton. There is not much time left for electricity price concessions in Yunnan during the flood season. Silicon factories are reluctant to sell, downstream and traders are preparing goods and other reasons to promote the rising price atmosphere in the silicon market. Metallurgical-grade specifications, especially silicon prefix 4 and 5, are in short supply this year, and are even more scarce in the face of a year-on-year decline in production in the north. Silicon factories and traders are more confident of price increases. "View details

[SMM: thread spot review: snail red closed up, the spot market quickly followed up] October 22, snail high opened low, at one point in early trading up to about 3670 yuan / ton, the spot market quickly followed up 10-30 yuan / ton, hot trading, but the inventory data performance is not as expected, the afternoon snail dive, the spot price fell slightly, but throughout the day, the spot price ended with a rise, and the transaction was dominated by a stable preference. "View details

[thread inventory report of the third week of October: short-term price support remains in the name of "peak season". As of October 22, the national total inventory of building materials was 10.0684 million tons, month-on-month-5.1%, + 55.5% compared with the same period last year. Although the decline in inventory this week is slightly slower than last week, but on the whole, excluding the factor of replenishing the stock after the holiday, in the case of slightly alleviating the financial problem and the smooth release of demand for rush to work, it does not have the name of "silver ten" and still maintains a high-speed depot. "View details

[SMM hot coil inventory report: hot coil inventory reduction considerable price bottom support gradually strengthened] this week's total hot-rolled coil inventory of 3.9751 million tons, month-on-month ratio of-3.96%, + 29.33% compared with the same period last year. Recently, under the influence of centralized maintenance of steel mills, the output of hot coil has declined significantly. Superimposed terminal and sub-terminal raw material and finished product inventory is not high, the overall downstream demand can be supported, prompting this week to continue the trend of rapid inventory reduction. "View details

[spot KuaiBao of SMM magnesium ingots] Today, the mainstream price of 999 magnesium ingots in Fugu area is 12750-12850 yuan / ton, and the mainstream ex-factory price of 95B magnesium ingots is 13050-13250 yuan / ton. Wenxi area mainstream transaction price 13000-13200 yuan / ton; 95B magnesium ingot mainstream transaction price 13400-13600 yuan / ton. "View details

[Ministry of Industry and Information Technology: it has launched the construction of 22 platforms in the field of new materials to promote the development of the iron and steel new material industry] in response to the suggestion of the third session of the 13th National people's Congress, the Ministry of Industry and Information Technology has successively launched the construction of 22 platforms in the field of new materials, focusing on the new generation of information technology industry, high-end CNC machine tools and robots, aerospace equipment and other 10 major areas. It includes 10 production and application demonstration platforms, 11 test and evaluation platforms and 1 resource sharing platform, which has strongly promoted the healthy and stable development of the new steel material industry.

Important news of metals and industry

[copper hit a new high in more than two years: us fiscal stimulus is good for copper prices] Societe Generale pointed out in a report that US fiscal stimulus measures and China's strong industrial momentum will bring healthy demand to the copper market. After the novel coronavirus epidemic, the economic recovery may also encourage more fund managers to be bullish on copper prices. "View details

[Antofagasta confirms that output targets for this year remain unchanged despite a decline in both output and sales in the third quarter] Chilean copper producer Antofagasta said on Wednesday that it confirmed that its copper output target for this year would remain unchanged, despite a decline in both output and sales in the third quarter. The company said its copper output in the third quarter was 169600 tons, down 4.6% from a year earlier, "because of large maintenance works and a decline in ore grade at its Los Pelambres copper mine in Chile." "View details

[Zijin Mining] Zijin Mining announced that the company received a reply from the China Securities Regulatory Commission on October 22nd, 2020, and the company's application for issuing convertible corporate bonds with a total face value of 6 billion yuan to the public was approved.

[Rio Tinto expects alumina shipments to increase by 200000 tons to 1380-13.9 million tons in 2020.] Rio Tinto expects alumina shipments to increase by 200000 tons to 1380-13.9 million tons in 2020 due to increased production. Rio Tinto expects quarterly results to decline in the fourth quarter due to rising energy costs and the consolidation of customer shipments in the alumina market. "View details

[WBMS report: 1.537 million tons of excess supply in the global primary aluminum market from January to August 2020] according to a report released by the World Bureau of Metals Statistics ((WBMS)) on Wednesday, the global primary aluminum market has an oversupply of 1.537 million tons from January to August 2020 and 500000 tons for the whole of 2019. The demand for primary aluminum from January to August was 42.79 million tons, an increase of 203000 tons over the same period in 2019. Demand is measured on an apparent basis, and the full impact of the national blockade imposed to contain the COVID-19 epidemic may not be fully reflected in trade statistics.

[German material annual output of 200000 tons of special high-end aluminum alloy processing project commissioning trial operation] A few days ago, a transport vehicle equipped with 3400 kilograms of molten aluminum slowly drove from the electrolytic aluminum workshop of Baikuang Company through the aluminum water transport channel to the boiler workshop of Dede Company. Dede Company, Baikuang Aluminum Co., Ltd., the first car of liquid aluminum officially launched. On the morning of the same day, the fiery molten aluminum was poured into the boiler, and Dede Materials Co., Ltd. produced 200000 tons of special high-end aluminum alloy processing project to start the trial operation officially, which is the concrete embodiment of Debao County to promote the second entrepreneurship of the aluminum industry. "View details

[Baowu Aluminium 50 ton melting casting production line was successfully put into production] at 14:42 on October 19th, the casting machine in Baowu Aluminium 50t melting casting operation zone finished pouring, and three aluminum ingots weighing about 45 tons of 4517mm were slowly raised, marking the smooth commissioning of Baowu Aluminum casting Line 3. The annual production capacity of 50t melting and casting line is 94000 tons, there are two 50t melting furnaces and holding furnaces and one casting machine, which can cast 2-3 aluminum ingots at the same time. "View details

[IAI: North American Alcoa production rose for the ninth month in a row] Primary aluminum production at North American refineries totaled 317000 tons in September, up 2.3% from a year earlier, according to data released by the International Aluminium Institute ((IAI)) on Tuesday. "View details

[Anglo American sued plaintiff for lead poisoning] it is reported that Anglo American's South African office was sued on Wednesday by women and children in the Zambian town of Cabwe, who claimed lead poisoning and demanded compensation. According to a study of 1190 people in the town of Kabwe, the average blood lead level in the most polluted areas is nine times that of the US benchmark. "View details

[Shaanxi zinc industry's cumulative output of zinc ingots increased by 14.5% from January to September compared with the same period last year] from January to September, the production and operation of Shaanxi Nonferrous Group was stable, 86% of the total industrial output value completed the annual plan, and the business income was the same as the same period last year. The output of major products increased steadily, with a total production of 348000 tons of zinc ingots, an increase of 14.5% over the same period last year

At present, Jinli Group has two electrolytic lead production lines, one precious metal smelting production line and three comprehensive recycling production lines of waste storage batteries with an annual capacity of 440000 tons, with an annual output of 300000 tons of electrolytic lead, 10 tons of gold, 1500 tons of silver, 250000 tons of sulfuric acid, 10 tons of matte, 50 tons of secondary zinc oxide, 10 tons of antimony white and 1000 tons of refined bismuth. "View details

Recently, Global Ferronickel Holdings Inc, the second largest nickel ore producer in the Philippines, said that due to the impact of the epidemic, the construction of a $50 million rebar rolling mill was postponed from this year to the first quarter of 2021. The company says its commercial operations will start in 2022 and is expected to produce 600000 tons of rebar a year. "View details

[WBMS report: 45000 tons of oversupply in the global nickel market from January to August 2020] according to a report released by the World Bureau of Metals Statistics ((WBMS)), the global nickel market is in oversupply from January to August 2020, and its output is 45000 tons higher than the apparent demand. "View details

[global tin market supply shortage 19800 tons from January to August of WBMS:2020] according to a report released by the World Bureau of Metals Statistics ((WBMS)), there is a supply shortage of 19800 tons in the global tin market from January to August 2020. "View details

[Brazil plans to auction mines before the year] it is understood that Brazil, through its privatization and concession program (PPI), plans to auction 502 mines in different states, including Amazon, by the end of the year. According to government documents, the auction is expected to be held on November 25, 2020. These mines once belonged to mining companies that could no longer support the operation of their projects. "View details

Wang Yufei, deputy general manager of Dashi, said at the "2020 China Coal and Coke Industry Conference" that the firm will continue to improve the variety and tool system and do fine product maintenance. Steadily promote the listing of scrap futures and the internationalization of iron ore options to provide industrial customers with richer and more comprehensive risk aversion products and tools.

According to Haian Daily, Nantong Haian key project-- Giant Light Alloy Technology (Kunshan) Co., Ltd. intelligent lightweight new material production, R & D and construction project, is currently carrying out part of the equipment installation of the No. 2 factory building, the foundation construction of the magnesium alloy workshop, and the main construction of the auxiliary room and dormitory building. It is understood that the project is located in Haian Economic and technological Development Zone, with a total construction area of 90, 000 square meters. It can produce 10, 000 tons of aluminum alloy tubes and profiles, 4500 tons of magnesium alloy tubes and profiles, 67500 tons of aluminum alloy rims, 9600 tons of magnesium alloy rims and 100 tons of quasicrystals.

[Baotou rare Earth High-tech Zone: promoting Industrial Development through Scientific and technological Innovation] on October 15, the 12th China Baotou rare Earth Industry (International) Forum New Technology, New Materials and New products Promotion meeting was held in Binhe Building, Baotou rare Earth High-tech Zone, Inner Mongolia. Peng Bingyi, director of the rare Earth Forum Secretariat of Baotou rare Earth High-tech Zone rare Earth and High-tech Industry Bureau, said at the promotion meeting: "A series of new technologies and new materials projects such as' new rare earth hydrogen storage alloy and its application', 'rare earth glaze antibacterial ceramics' and 'domestic leading high intelligent NdFeB electroplating production line' have broken foreign monopolies, improved the utilization rate of rare earth elements, and, more importantly, made the innovative spirit of rare earths last for a long time." "View details

Whose fault is it that the bridge collapsed? ) CEO Ron Hochstein, the only large-scale gold miner in Ecuador, said production at the Fruta del Norte mine could be affected in 7-10 days, mainly because local communities block the road to the mine, which they hope to rebuild a bridge that collapsed last Saturday across the Zamora River, as well as other demands. "View details

[Guocheng Mining: merger and acquisition enterprise Chifeng Yubang Mining signed 1.415 billion yuan contract] Guocheng Mining announcement, on October 21, 2020, the company's merger and acquisition enterprise Yubang Mining signed a "Mine Engineering contract" with a provisional estimated price of about 851 million yuan and about 417 million yuan, respectively. "Capital Construction, inclined Shaft and ramp Phase II Project and Mining Project (Section I) Foundation Project Construction contract"; The contract for the construction of the second phase of capital construction, inclined shaft and ramp and mining project (second section) was signed with the 19th Bureau of China Railway with a temporary estimated price of about 147 million yuan. the cumulative temporary estimated price of the contract is about 1.415 billion yuan (finally subject to the actual acceptance and settlement).

[Baltic dry index ended 11 consecutive falls] driven by rising demand for capesize ships, the Baltic dry index rose for the first time in 12 trading days on Thursday, rising 4.09% or 55 points to 1401. The capesize index rose 167 points to 2235, with average daily profit rising $1386 to $18537. The Panamanian shipping index fell 0.2 per cent, or 2 points, to 1255, with average daily profit down $15 to $11294.

Macro focus

The standing Committee of the political Bureau of the CPC Central Committee held a meeting on October 22 to listen to the report on the summary and evaluation of the implementation of the 13th five-year Plan. The meeting pointed out that it is necessary to do a good job in the conclusion of the 13th five-year Plan and the preparation of the 14th five-year Plan, keep a down-to-earth and win-win approach, keep a close eye on the task of getting rid of poverty, and maintain the stability of pollution prevention and control. we will not relax the string of preventing and defusing major risks, promote the improvement of people's livelihood, successfully complete the objectives and tasks of the 13th five-year Plan, and ensure the realization of the goal of building a moderately prosperous society in an all-round way. The meeting stressed that we should have a profound understanding of the new characteristics and requirements brought about by the changes in the principal contradictions in our society, the new contradictions and challenges brought about by the complex international environment, and the major judgment that China will enter a new stage of development during the 14th five-year Plan period. we will implement the new concept of development, closely promote high-quality development, and strive to build a new development pattern with domestic and international cycles promoting each other.

Wu Zunyou of the Centers for Disease Control and Prevention: phase III clinical trials of COVID-19 vaccine in China have not yet been completed. "when the effectiveness and protective effect of the vaccine are not particularly clear, ordinary people do not have to consider vaccination for the time being." especially when the vaccine is not on the market at present, there is no need for ordinary citizens to "find ways" to get vaccinated.

Premier Li Keqiang: we will maintain the continuity and effectiveness of macro policies and further stimulate market vitality and social creativity. We will continue to create a market-oriented and international business environment under the rule of law, and China's economy is expected to achieve positive growth this year. In addition, we will give better play to the supporting and leading role of scientific and technological innovation, strengthen the construction of the national innovation system, and speed up the construction of an innovative country.

According to real-time statistics released by Johns Hopkins University in the United States, as of 05:24 Eastern time on the 22nd, at 05:24 this morning, the cumulative number of confirmed cases of COVID-19 in the United States had increased to 8395100, and the number of deaths had increased to 222925. Compared with the same time yesterday, there were 75829 new confirmed cases and 1109 new deaths in the United States within 24 hours.

The number of initial jobless claims in the United States fell for the third time in four weeks, indicating that the job market is still gradually recovering, but it is still far from the level of health it was before the pandemic. The number of first-time claims for unemployment benefits fell to 787000 in the week ended Oct. 17, according to data released by the Labor Department on Thursday. Excluding seasonal fluctuations, the number of applications fell by about 73000. But at the same time, the surge in coronavirus infections across the United States and the stalemate over new fiscal stimulus measures are likely to limit further development in the coming months.

According to CME Fed Watch, the probability of the Fed keeping interest rates in the 0.5% range in November is 100%, and the probability of raising interest rates by 25 basis points to 0.25% is 0%, while the probability of keeping interest rates in the 0.25% range in December is 100%, and the probability of raising interest rates by 25 basis points is 0%.

Terminal information

[Kaizhong Precision: signed a strategic cooperation framework agreement with Toyota Trading (China) Co., Ltd.] Kaizhong Precision announced that on October 22, 2020, the company signed a "Strategic Cooperation Framework Agreement" with Toyota Trading (China) Co., Ltd. it is agreed that the two sides will integrate superior resources and carry out all-round strategic cooperation in the business areas related to new energy vehicles. Create products, technology, services and management systems that meet the requirements of Japanese new energy vehicle customers, jointly enhance comprehensive strength, expand new business opportunities in the field of new energy automobile parts business, expand market share, and achieve win-win development.

[relatively greater pressure on sales growth in October the growth rate of the car market in the fourth quarter may be close to the third quarter] according to the China Automobile Association, car sales in China reached 2.565 million in September, up 17.4 percent from the previous month and 12.8 percent from the same period last year, setting a new high for the year. Against this background, most car companies also achieved gratifying sales results in September, not only continuing the previous growth trend, but also expanding the growth rate. "View details

[lithium battery] Penghui Energy: recently obtained the China Shipping Class Community Type approval Certificate, the approved product name is "Battery Lithium Iron Phosphate Battery", the specific product model is "GSP36135196, GSP36135198", the product is suitable for domestic sailing ships, and the certificate is valid until October 21, 2024.

[Oriental Cable: net profit in the first three quarters was 613 million yuan, up 103% over the same period last year] Oriental Cable announced that the company's operating income in the first three quarters of 2020 was 3.522 billion yuan, an increase of 37.15% over the same period last year, and net profit was 613 million yuan, an increase of 102.85% over the same period last year. Basic earnings per share is 0.94 yuan. In this period, the business income of submarine cable systems and marine engineering reached 1.756 billion yuan, an increase of 63.74% over the same period last year, accounting for 49.86% of the company's overall income, driving the growth of overall business income and economic benefits. As for shareholders, the proportion of shares held by Northbound Capital increased to 4.14% from 1.57% at the end of the second quarter.

[it is said that Tesla intends to use China as its electric car export center] according to media reports, Tesla plans to use China as an electric car export center, and with the support of the Chinese government, it is becoming more and more possible to make it in China. People familiar with the matter said that Tesla chose the Ningde era as the battery supplier, in addition to its lower price, but also took a fancy to the advanced technology of "cobalt-free batteries" in the Ningde era.

[chip] Wuhan Municipal Government: encourage integrated circuit enterprises, universities, and scientific research institutions to build carriers for tackling key technologies of integrated circuits, and provide an one-time subsidy of 5 million yuan to newly approved national technological innovation centers and state key laboratories in the field of integrated circuits. Support integrated circuit enterprises to sell chips and related products that are independently developed and designed. If the annual sales of a single chip exceed 5 million yuan, they shall be rewarded according to 10% of the sales amount.