[SMM Daily Review] Metal trend differentiation, colored collective decline, black all-line warming thread hot coil rose by more than 3%.

SMM12 March 31: the daytime non-ferrous metals market fell across the board, falling collectively. By the close, Shanghai Copper was down 0.99%, Shanghai Aluminum was down 0.1%, Shanghai Zinc was down 1.17%, Shanghai lead was down 0.58%, Shanghai Nickel was down 1.73%, and Shanghai Tin was down 1.34%. In terms of international copper, on the last day at the end of the year, the attention of international BC copper rose instead of falling, and its position shifted significantly. The 2103 contract closed at 57780 yuan per ton. If calculated on the basis of 51450 yuan per ton of BC2103 copper, its after-tax price is 58138.5 yuan / ton. The price difference between BC2103 copper and Shanghai copper 2103 is about 360 yuan / ton. New Year's Day is expected to return, international BC copper is expected to increase market attention, positions and transactions.

[brief Review of SMM International Copper BC] the double increase in BC copper positions on the last trading day marks the end of 2020.

In terms of copper, the opening of the KDJ line expands downward again, the green column of the MACD line lengthens, the great yin column touches the Bollinger middle rail, and it passes through the 20-day moving average support level, and the support of the upper 5-day and 10-day moving average is obvious. Today, the market of Shanghai Copper is closed at night. In the evening, we will pay attention to the number of people applying for unemployment benefits that week. It is expected that market activity will heat up again after New Year's Day's return, testing whether Shanghai Copper can hold the Brin middle rail support.

[brief Review of SMM Copper Futures] on the last trading day of 2020, the trading of copper in Shanghai is mainly to avoid risks and leave the market.

In terms of lead, Shanghai lead is under pressure to go down in the general decline of domestic basic metals, giving up the night increase to increase the shadow line, KDJ index to close down, Shanghai lead above the pressure of multiple averages. The market has entered the last trading day before the year, on the fundamentals, the spot market is light, gradually entering the rhythm of pre-festival delisting, the expected long and short market will operate in a cautious state, and Shanghai lead may maintain the interval concussion between the moving average.

[brief Review of lead in SMM period] Shanghai lead newspaper may maintain the trend of interval concussion.

Zinc, zinc closed within the day Xiaoyin line, long positions in the day, below hit the upward trend line, and close to the 60-day line support. Recently, under the influence of the overseas epidemic and the expected weakening of domestic consumption in January, the bulls left the market to drive down zinc prices, but for now, the fundamentals of zinc are still good, mining processing fees fell again in January, and the cash-end social treasury continued to go to the low level. It is expected that there is little room for zinc prices to fall further. Entering New Year's Day's holiday, there is no night dish.

[brief Review of SMM Zinc] Zinc closing down near the lower 60-day line

In terms of black, thread rose 3.32%, iron ore rose 2.05%, and hot coil rose 3.29%. According to SMM research, on December 31st, SMM counted the blast furnace operating rate of 88.5%, an increase of 0.07% over the previous week, and a drop of 0.01% from the same period last year. The new overhaul is less than the resumption of production this week, and the operating rate of blast furnace has rebounded for the third week in a row.

[SMM analysis] seasonal weakening of demand and obvious inventory inflection point may appear in the near future.

Crude oil fell 0.98% in the previous period. Global crude oil prices fell by about 1/5 in 2020 as much of the global economy was paralyzed by the blockade, but oil prices have rebounded strongly with government stimulus measures. Brent crude futures fell 19 cents, or 0.4 percent, to $51.44 a barrel on the last trading day of the year. Us crude oil futures fell 19 cents, or 0.4 percent, to $48.21 a barrel. In the short term, concerns about the blockade could limit the rise in oil prices.

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