SMM12 March 30: the whole non-ferrous metals market is floating green in the morning. by the close of noon, international copper and Shanghai copper fell nearly 0.4%, Shanghai aluminum fell slightly, Shanghai lead fell nearly 0.7%, Shanghai nickel dropped 2.3%, Shanghai zinc fell nearly 1.9%, and Shanghai tin fell nearly 0.4%. In terms of nickel, the pressure of partial emptiness gradually increased after overdraft and macro-positive in the short term was released and released more than expected. It also reflects the important role of capital factors in the early nickel price increase. In terms of fundamentals, it is relatively stable in the near future, nickel pig iron and stainless steel enter the stalemate game range, close to equilibrium; the slow drop of electrolytic nickel may be expected to improve in the long term due to the reduction of import tariffs, and the possibility of squeezing positions is greatly reduced; it is expected that in the short term, macro factors and futures long-short funds game are still the main factors affecting nickel prices.
In terms of black, thread rose nearly 0.3%, hot coil fell nearly 0.1%, coking coal fell nearly 2.6%, coke fell nearly 0.8%, iron ore fell nearly 4.5%, iron ore, according to SMM, affected by rain and snow, Lianyungang, Rizhao and other ports heard that the port was temporarily closed, and the procurement pace of some steel mills slowed down. The superimposed rain and snow weather has led to accelerated weakening of terminal downstream demand, and the decline in steel prices has suppressed the iron ore market; however, considering that some steel companies still have procurement demand this week, short-term iron ore prices are mainly arranged in a narrow range. In addition, taking into account the shipping schedule, New Year's Day is expected to increase port inventory after the festival.
In terms of threads, in December, due to the interference of weather factors (most typical in Northeast China) and the end of some projects at the end of the year, the procurement of steel by the overall terminal enterprises decreased. About 51% of the sample enterprises in the construction and infrastructure industries marked a decline in raw material purchases in December, while the remaining 49% of the sample enterprises said their purchases were basically the same as in November.
[SMM thread downstream survey] the last question from 2020: when will the terminal demand stop?
Crude oil fell nearly 1.2% in the previous period, and international oil prices continued to climb on Wednesday as the novel coronavirus rescue package in the United States and expectations of a global economic recovery boosted expectations of increased fuel demand. U. S. crude oil stocks have fallen in the most recent week, according to data released by the American Petroleum Association (API) on Tuesday. Us crude oil inventories fell 4.8 million barrels in the week to December 25, far more than analysts had expected to drop by 2.6 million barrels.
In terms of precious metals, Shanghai gold fell nearly 0.3%, Shanghai silver rose slightly, and international gold prices rose on Wednesday as the dollar fell. McConnell, the Republican leader in the US Senate, blocked immediate consideration of raising the amount of the bailout check for the epidemic, and investors weighed the impact. The dollar has fallen steadily since President Trump signed the novel coronavirus bailout and spending bill on Sunday, and the dollar index is not far from a more than two-year low.
Close by noon
"Click to see the metal futures market.
![[SMM Analyse Macro] Jackson Hole signale une Fed restrictive, renforçant les attentes d'une hausse des taux en septembre](https://imgqn.smm.cn/usercenter/VCNvX20251217171735.jpeg)
