SMM12 March 23: most of the non-ferrous metals market fell in the morning. By midday, international copper fell 1.13%, Shanghai copper fell 1.16%, Shanghai aluminum fell 0.91%, Shanghai nickel fell 3.64%, Shanghai zinc fell 2.11%, and Shanghai tin fell 0.81%. In terms of nickel, the overall performance of the fundamentals is stable and improving, although it is not easy for high nickel pig iron prices to rise, the trading center of gravity is also actually bottoming out, and the price of stainless steel has rebounded from low to steel mills, releasing a certain profit space. It is expected that the operating rate can maintain the current stable level; while the electrolytic nickel market is stable in consumption and the import volume is limited by the ratio, the domestic inventory has dropped to the annual low. Recently, the fundamentals of Shanghai nickel have bottomed out, and all parts of the industrial chain have an obvious upward trend, but the macro risk aversion is strong, and the downward trend of non-ferrous metals is obvious. it is necessary to pay close attention to the market concerns caused by the resurgence of the overseas epidemic and the economic boost brought about by the response measures of various countries.
As for lead, the spot price continues to fall, the holding price continues to be sold, and the spot market quotation is rare. Some smelters in Hunan refused to quote loose orders because the lead price was too low. Yunnan traders said that the southern smelter offered very little, and the transaction was bleak. Henan is still dominated by long-order transactions in the near future.
[SMM afternoon Review] the lead market in other regions KuaiBao: spot prices continue to fall and the transaction is bleak.
Shanghai lead consolidation along the 14300 yuan / ton line in early trading, after short positions boost Shanghai lead to recover yesterday's decline. Affected by profits, the refinery continues to reduce the procurement price of waste batteries, but it is difficult to purchase at low prices because of the tight supply of waste batteries. Spot lead fell, lead futures rose to boost downstream purchasing willingness, but recycled lead refineries covered goods to rise, recycled refined lead discount continued to shrink, some refineries quoted SMM1# lead average price discount to less than 100 yuan / ton, light turnover.
[SMM afternoon Review] recycled lead: recovery of lead in the period of decline in the recovery of recycled refined lead discount
In terms of black series, thread fell 3.14%, hot coil dropped 2.92%, coking coal dropped 0.73%, coke 1.75%, iron ore 5.46%. In terms of iron ore, SMM tracking data show that a total of 112 ships arrived at China's main ports from 12.13 to 12.19, and the incoming cargo volume is expected to be 16.8 million tons, an increase of 2.15 million tons over the previous period and 2.06 million tons over the same period last year. Tangshan area arrives at ports by 1 million tons compared with the same period last year. During the period, Australia's port departure increased by 2.21 million tons to 16.67 million tons, an increase of 1.99 million tons over the same period last year, but the proportion of Australia's port departure to China dropped to 79 percent in the current period, while Brazil's port departure decreased by 360000 tons to 6.93 million tons in the current period, an increase of 1.09 million tons over the same period last year. With the increase in the arrival of iron ore, the recent decline in port inventories may be expected to narrow.
The previous period of crude oil fell 4.2%, international oil prices hovered near their lowest level in more than a week, and US crude oil is now trading at US $46.76 per barrel. Due to expectations that the new British coronavirus variant and related travel restrictions will weaken already stressed global fuel demand, international oil prices have fallen for two consecutive trading days, and the technical side has initially formed a peak signal, as the newly released API crude oil inventory also unexpectedly increased. Short-term oil prices face further downside risks.
In terms of precious metals, Shanghai gold fell 0.67% and Shanghai silver fell 3.06%. International gold prices rose on Wednesday, while silver prices rose more than 1%, as poor US consumption and housing data raised expectations of further stimulus measures to support the economic recovery. The US Congress passed a $892 billion novel coronavirus aid package overnight to support the US response to the novel coronavirus epidemic and boost the battered economy.
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