[SMM Metal Breakfast] Nonferrous copper fell 3% across the board * Copper prices are high and the cable industry suffers "copper pain" * Platinum prices rise due to the epidemic in South Africa

[overnight market] non-ferrous copper fell sharply across the board, falling 3% US dollars to strengthen US oil and maintain a stable 52 mark.

[macro outlook] follow the speech of Federal Reserve Governor Brainard and the JOLTs job vacancy in November in the United States.

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The dollar index rose across the board, continuing its rebound from nearly three-year lows hit last week, supported by soaring Treasury yields and the prospect of increased US fiscal stimulus to boost economic growth.

U.S. stocks closed lower on Monday, with the Dow down 89.28 points, or 0.29%, at 31008.69, the Nasdaq down 165.54 points, or 1.25% at 13036.43, and the S & P 500 down 25.07 points, or 0.66%, at 3799.61.

In terms of crude oil, international crude oil futures stabilized on Monday after a strong rise last week as tough blockades around the world revived concerns about global fuel demand and a stronger dollar weighed on oil prices.

In precious metals, COMEX gold futures closed higher on Monday, rebounding from a low in early November hit on Friday as investors sought to buy after prices fell.

On Monday, the Shanghai Composite Index fell 1.08% to 3531.50 points, with a turnover of 526.896 billion. The Shenzhen Composite Index closed at 15115.38 points, down 1.33%, with a turnover of 684.895 billion. The gem index closed at 3092.86 points, down 1.84%, with a turnover of 225.39 billion. The total turnover of the two cities is 1.211791 trillion. From the disk point of view, only self-driving, semiconductors and other plates red, aquaculture, beer, liquor and other plates led the decline.

LME inventory

Macro focus

Bureau of Statistics: in December 2020, CPI rose 0.7% month-on-month, 0.2% year-on-year. On a month-on-month basis, food prices rose 1.2% from 2.0% last month, affecting CPI to rise by about 0.26%. In December 2020, PPI rose 1.1% from the previous month, down 0.4% from the same period last year, and the decline was 1.1 percentage points lower than the previous month. For the whole of 2020, CPI rose 2.5% over the previous year, down 1.8% from the previous year.

President Xi Jinping: the most essential feature of building a new development pattern is to achieve a high level of self-reliance and self-improvement, and we must put more emphasis on independent innovation, comprehensively strengthen the deployment of scientific and technological innovation, and pool superior resources. we will vigorously and orderly promote the system and mechanism of "unveiling and leading the list" in tackling key problems of innovation, and strengthen the docking of the innovation chain and the industrial chain. It is necessary to establish an effective system for expanding domestic demand, release the potential of domestic demand, speed up the cultivation of a complete domestic demand system, strengthen demand-side management, expand household consumption, and upgrade the level of consumption, so as to make the construction of a super-large-scale domestic market a sustainable historical process.

Central bank: openly solicit opinions on the measures for the Administration of Credit Information Business (draft for soliciting opinions). Credit agencies are required to follow the principle of "least and necessary" in collecting information, and shall not collect information in an illegal manner; when collecting personal information, they shall inform the purpose, source and scope of information collected, and collect non-public enterprise credit information, the consent of the enterprise shall be obtained; the arrangement, preservation and processing of credit information shall follow the principle of objectivity and shall not tamper with the original data.

Central bank: for the whole year of 2020, the central bank and its branches imposed anti-money laundering administrative penalties on 417 anti-money laundering agencies and related responsible persons, with a total of 733 fines, with a total fine amount of about 628 million yuan, of which institutional fines were about 608 million yuan. the amount of personal fine is about 20 million yuan. Compared with 2019, the total number of anti-money laundering fines increased by nearly 25% in 2020, and the proportion of "double punishment" (institutional punishment + individual punishment) increased from 91% to 98%. The total amount of fines in 2020 is about three times that in 2019.

Institutional review of eurozone January Sentix investor confidence index: the survey showed that eurozone investor morale in January was higher than expected, reaching its highest level since February last year, as people became more confident of a successful vaccination strategy to deal with the novel coronavirus pandemic. Sentix, a research firm, points out that the overall index is surprising given the far-reaching restrictions on economic activity. Now that more vaccines have been approved, investors clearly hope that the vaccination strategy will be implemented quickly, eventually ending restrictions on economic and individual freedom.

[World Health Organization (WHO) 's team is evaluating China's novel coronavirus Vaccine] World Health Organization (WHO) held COVID-19 's regular press conference on January 11 local time. World Health Organization (WHO) Director General Tan Desai said that World Health Organization (WHO) 's team is currently working with Sinopec and Sinopharm in China to evaluate its novel coronavirus vaccine and may add it to World Health Organization (WHO) 's emergency use list.

[centers for Disease Control and Prevention in the United States: nearly 9 million Americans have been vaccinated against novel coronavirus.] nearly 9 million Americans have received the first dose of COVID-19 vaccine, and nearly 25.5 million doses have been distributed in the United States, the Centers for Disease Control and Prevention ((CDC)) said on January 11, local time. As of the morning of the 11th, the proportion of novel coronavirus vaccination distributed across the United States was 35.3%, compared with 30.2% on the 9th, and the vaccination efficiency was still relatively slow. CDC said that as of 9: 00 a.m. eastern time on the 11th, a total of 25480725 doses of the vaccine had been distributed in the United States, and 8987322 people had received the first dose of the vaccine.

[U.S. bond yields continued last week's rally, led by medium-term yields, and the market focused on bond issuance this week.] late Monday in New York, the yield on the 10-year benchmark Treasury note rose 3.07 basis points to 1.1460%, the highest level since March 2020. The cycle begins with a record $58 billion of three-year Treasuries, with $38 billion in 10-year bonds and $24 billion in 30-year bonds on Tuesday and Wednesday.

[COVID-19 in the United States has more than 22.54 million cases and more than 375000 deaths] according to statistics from Johns Hopkins University in the United States, as of 15:22 eastern time on the 11th, the cumulative number of confirmed cases by COVID-19 in the United States had reached 22540969, and the cumulative number of deaths had reached 375373.

Today's focus

[SMM analysis: a brief analysis of the impact of Chifeng's entry into the wartime state on the electrolytic copper market] Chifeng has entered a wartime state, which has little impact on the production links of the three local copper smelters (400000 tons of electrolytic copper in Chifeng Yunnan Copper, 200000 tons in Chifeng Golden Sword, and 100000 crude copper in Chifeng Fubon). However, the epidemic situation has a great impact on the sales of the two copper smelters. "View details

[SMM analysis: high copper price cable industry encounters "copper pain"] with the arrival of the cold winter, the cable industry ushered in the traditional off-season. Affected by the cold wave and the sudden epidemic in some areas, the northern construction site has been shut down one after another, and engineering orders have weakened sharply, while enterprises in some parts of the south are still facing the impact of power and gas restrictions, resulting in a significant decline in factory shipments. At this point, enterprises are under the pressure of high copper prices. A considerable number of cable companies believe that copper prices are too high and costs have risen sharply, which some small enterprises cannot bear, and even some have stopped production and consumed the inventory of finished products. On the other hand, in terms of raw material inventory, enterprises show a low willingness to prepare goods before the festival, which continues the pace of rigid demand, which is quite different from that of the same period in previous years. "View details

[scrap copper daily review on January 11: copper price trend is weak, manufacturers' willingness to purchase is weak and first consume their own inventory] Today, the spot price of electrolytic copper in Shanghai quoted a rise of 60 yuan to 90 yuan per ton for that month's contract, with an average price rise of 75 yuan per ton, up 35 yuan per ton compared with last Friday. The transaction price of Pingshui copper is 59360-59610 yuan / ton, and that of Shengshui copper is 59370-59620 yuan / ton. Today, copper in Shanghai opened slightly lower and returned to a narrow range near the daily average line of 59450 yuan / ton. affected by the gradual withdrawal of the easing policy at the Federal Reserve meeting before noon, the market plummeted more than 500 yuan / ton, finally reported at around 58820 yuan / ton. "View details

[aluminum bar spot daily review: processing fees slightly adjust the overall market transaction] Today (1go 11) domestic aluminum bar mainstream market processing fees are adjusted slightly, rising and falling mixed, but on the whole, the overall trend of the market is still weak. Among them, processing fees in East China, the mainstream market, rose slightly, and the price center of gravity moved up to 10-20 yuan / ton, and the transaction was OK; but the transaction in South China was weak, and the price quoted by the holder in the morning was 10-20 yuan / ton lower than that of last Friday. At noon, due to poor delivery, some consignors cut 10-20 yuan / ton again to stimulate shipments, but the actual transaction is still not satisfactory. "View details

[SMM data] on January 11th, the arrival of domestic and imported aluminum ingots increased, and consumption in many places seasonally weakened. According to SMM statistics, the social inventory of electrolytic aluminum in China was 67.6 tons, an increase of 12000 tons over the previous Thursday. "View details

[SMM analysis: lead prices fell by nearly 4% concerned about the impact of these factors on supply and demand] in terms of fundamentals, the social inventory of lead ingots is accumulating. According to SMM research, as of January 8, the social inventory of lead ingots stood at 58900 tons, up 5700 tons from the previous week on December 31. Overall, the fundamentals of lead are weak, and it is difficult to provide a driving force for lead prices. In the near future, attention should be paid to the cold weather, logistics constraints caused by outbreaks and the impact of power cuts on supply and demand. Lead prices are expected to weaken in the short term. "View details

[SMM: zinc price falls sharply, consumption weakens, ore supply is tight and support is reduced] the domestic market has gradually turned into a situation in which supply exceeds demand. Basically, in the face of the gradual weakening of support for zinc prices, at the same time, the expected production reduction and overhaul of smelters due to insufficient mine supply is not as expected. Under the background of high production of smelters, the pressure of accumulating stores has increased this year, and zinc prices are expected to fluctuate and consolidate mainly in the short term. Waiting for further macro guidance. "View details

[SMM News: drop limit! Stainless steel futures during the shock period of the current price spread of more than 1000 yuan / ton] overall, stainless steel spot market volatility is not large, today's morning prices are mainly flat, 304 cold-rolled rough edge coiling price of 14800-15300 yuan / ton. Trading situation since the limit last Thursday, there is a gradual weakening trend, mainly to rigid demand to take goods, but the spot market supply is too small, traders inventory is not high, prices are relatively stable. SMM believes that stainless steel futures contracts fluctuate sharply, which is mainly due to the game operation on the capital side of the long and short sides, and the early bulls make a profit to leave the market. After the current price difference of last Thursday was repaired, the price limit of stainless steel today caused the price spread of stainless steel to open again. At the current limit price, the current spot discount of futures has once again reached 1000 yuan / ton. "View details

[SMM brief comment: the return of the US dollar to more than 2% of the Shanghai tin above 90 led to a decline in short-term test support] fundamentals, at present, the WA Bangkang region of Myanmar has implemented city closure testing since January 6, and this closure is tentatively scheduled for one week, and whether it will continue to close the city a week later depends on the development of the epidemic and the test results will be redetermined. During the closure of the city, the transportation and export of local tin mines will be suspended. The market had expected that more miners would sell more tin mines in January for the sake of withdrawing funds before the Spring Festival, but now the epidemic has intensified the city closure, so tin miners' shipments may be affected. at present, the shortage of domestic tin ore supply has not improved, and it is difficult to return to low processing fees. "View details

[SMM research: Hebei novel coronavirus epidemic has limited impact on tin downstream enterprises] the recent development process of novel coronavirus epidemic in Hebei has aroused market concern. SMM conducted a survey of tin-related enterprises located in Hebei Province and surrounding areas. The survey shows that except for individual enterprises, most enterprises say they have little impact. "View details

[spot KuaiBao of SMM magnesium ingots] Today, the mainstream price of 999 magnesium ingots in Fugu area is 14400-14500 yuan / ton, and the mainstream ex-factory price of 95B magnesium ingots is 14750-14950 yuan / ton. Wenxi area mainstream transaction price 14800-15000 yuan / ton; 95B magnesium ingot mainstream transaction price 15250-15400 yuan / ton. "View details

[manganese Mine] on January 11, the price of manganese ore still showed a rising trend today. The epidemic and climate effects raised transportation costs and time, and the Baltic dry bulk freight index jumped 158 points or 11% to 1606 points last Friday, the highest since October 14 last year. Due to the high demand for coal in China, capesize ship freight rose by about 7.6% last week, the biggest weekly increase since the beginning of October last year. The sharp increase in overseas shipping costs has also promoted the high willingness of individual traders to quote prices.

[Silicon manganese] January 11, today's Si-mn market quotation confusion, or high stable or continue to rise, some northern manufacturers Si-mn spot quotation has been close to 7000 yuan / ton, under the pressure of spot inventory of manufacturers, exploratory quotation is inevitable, while downstream traders are very cautious about high prices, in the context of the worsening epidemic in the north, the sustainability of high demand downstream in winter worries them, and the risk of taking goods at high prices is greater at present.

[January 11 thread spot review: futures snail homeopathic decline, market trading frustrated] the snail fluctuated lower under the interference of external news, closing down 3.1% to 4348 yuan / ton in late trading, the spot market mood was also poor, and trading was thwarted. The national average price fell 24.3 yuan / ton, of which prices in southwest, South China and North China were mainly weak and stable, with the largest decline in East China and the second largest decline in Central China. "View details

[SMM Hot Volume spot Market Review: black Monday, Hot Volume period is now resonant plunge] the volume fluctuated throughout the day, falling nearly 200 points during the day, and the spot market was down 40-90 yuan / ton in early trading, and the North China market was relatively strong. Due to the sluggish market trend and poor shipments of merchants, the mainstream transaction prices continued to move down throughout the day, with Shanghai and Lecong market falling the most, mainly due to the ex-factory profits of some pre-period current resources and falling prices. Market sentiment is cautious, merchants and terminal purchases are mainly wait-and-see, transaction deviation. "View details

[SMM thread scheduling report: steel factory maintenance peak, January thread scheduling fell by 1.85%! According to a survey by SMM, the thread production of blast furnace steel mills mainly producing building materials in January was 7.9767 million tons, down 1.85 percent from December, while that of reels was 2.8487 million tons, down 3.9 percent from the previous month. From November 2020 to January 2021, the impact of monthly maintenance exceeded 1 million tons, which is the most concentrated period of steel plant maintenance since 2019, and the steel plant production schedule is also at a low level. "View details

[SMM hot rolling scheduling report: shocked! In January, the planned volume of hot-rolled commodity materials reached a new high in recent years, and the pressure on volume prices increased sharply. According to the latest tracking of SMM, the planned hot-rolled commodity production of 35 mainstream hot-rolled steel mills surveyed in January 2021 totaled 10.6895 million tons, an increase of 2.7% over the actual hot-rolled commodity output in December 2020. "View details

Important news of metals and industry

Due to the influence of environmental protection and natural gas shortage, aluminum processing enterprises in Changge area of Henan Province will stop production from tomorrow, and the recovery time has yet to be determined. The enterprises said that the Spring Festival holiday is likely to be ahead of schedule.

[Fujian Xiangxin starts recycled aluminum and high-end casting project] Fujian Xiangxin Co., Ltd. recently said that after nearly 20 years of technology accumulation, the company has launched 250000 tons of recycled aluminum and 450000 tons of high-end casting projects. with its own alloy design and development advantages, fully tap the cost advantage of developing recycled aluminum resources, product competitive advantages and profits will be greatly improved. Fujian Xiangxin was founded in 2002 and became the only special aluminum and aluminum alloy extrusion and forging material R & D and production enterprise in the national civil service catalogue in 2007.

[Shaanxi Meixin annual output of 300000 tons of aluminum-magnesium alloy project successfully passed the completion acceptance of safety facilities] recently, the company's annual output of 300000 tons of aluminum-magnesium alloy project safety facilities completion acceptance evaluation meeting was held in the aluminum-magnesium alloy branch. The meeting was presided over by Yuan Shengli, deputy general manager and chief engineer of the company. Shaanxi Provincial Department of Emergency Management, Tongchuan Emergency Management Bureau, provincial warehouse safety expert group, design unit, supervision unit, evaluation unit, and major construction units were invited to attend the meeting. After on-site verification and report review by the expert group, it is agreed that the project has passed the completion and acceptance of safety facilities. "View details

[Huo Coal Hongjun Aluminum Power Company's production and operating performance reached a record high] as of December 31, 2020, Inner Mongolia Huo Coal Hongjun Aluminum Power Co., Ltd. completed the annual production and sales of aluminum products of more than 910000 tons, achieving operating income of more than 11 billion yuan, operating profits of more than 1.5 billion yuan, year-on-year steady growth, production and operating performance reached an all-time high. "View details

[the Ministry of Industry and Information Technology issued the iron and steel industry development plan that the domestic self-sufficiency rate of iron and metal will reach more than 45% within five years] A few days ago, the Ministry of Industry and Information Technology issued the "guiding opinions on promoting the High-quality Development of the Iron and Steel Industry (draft for soliciting opinions)" (hereinafter referred to as "opinions"). With regard to enhancing the innovation capability of the industry, strictly prohibiting new iron and steel production capacity, optimizing and adjusting the industrial layout, accelerating merger and reorganization, orderly guiding short-process steelmaking, further promoting green and low-carbon, vigorously developing intelligent manufacturing, and greatly improving quality and efficiency, improving the ability to guarantee resources, deepening cooperation in reform and opening up, maintaining fair market order, raising the level of essential safety, and other major tasks, openly solicit opinions from all walks of life. "View details

[supply panic caused by the outbreak in South Africa has led to a rise in platinum prices] the emergence of a new coronavirus strain in South Africa could have a significant impact on precious metals. Platinum closed at its highest close in more than four years on Tuesday, while palladium hit a nearly 10-month high, analysts said because of concerns that a ban on flights from South Africa could disrupt logistics. The mutation is driving a surge in infections in the world's largest platinum producer, raising concerns that shipments of metals used in car pollution controls may fall and the market expects production to fall short of demand.

[Hengdian East Magnetic] Hengdian East Magnetic announced that the net profit for 2020 is expected to be 967 million-1.071 billion yuan, an increase of 40% over the same period last year. 55%. During the reporting period, various industries of Hengdian Group East Magnetic Co., Ltd. focused on high-end customers, the production capacity was further expanded, the market was further expanded, and the development space was further opened, thus enhancing and showing the profitability of the company.

[Oriental Yuhong] Oriental Yuhong: the net profit in 2020 is expected to be 3.099 billion-3.719 billion yuan, an increase of 50% and 80% over the same period last year. With the epidemic situation under effective control, the company's production and operation gradually returned to normal and showed a good trend of development, and the company's product sales increased compared with the same period last year.

[Guangyunda: net profit for 2020 is expected to increase by 60% muri 90%] Guangyunda (300227) announced on the evening of January 11, the net profit for 2020 is expected to be 115 million yuan to 137 million yuan, an increase of 60% RMB90% compared with the same period last year. During the reporting period, the company maintained good growth in its application services and intelligent equipment business by further optimizing product structure, reducing product costs, improving product quality and increasing product attachment value; at the same time, the development prospect of the military industry is good, and the performance of Tongyu Aviation, a subsidiary, is growing rapidly.

[Hegang Co., Ltd.: the company's production plants are located in Tangshan, Handan and Chengde.] Hegang Co., Ltd. said on the interactive platform that the company's production plants are located in Tangshan, Handan and Chengde, and the current production and operation is normal. Not affected by the epidemic in Shijiazhuang.

[Shagang industrial wire rod price adjustment information] on January 11, 2021, Shagang issued the price policy in mid-January. This price adjustment is based on the "Shagang excellent line product price adjustment information on January 1st". The specific adjustments are as follows: 4mm hard wire is stable to 5080 yuan / ton, PC steel is stable to 5170 yuan / ton, 35k coil is stable to 5110 yuan / ton.

[cold wave pushes coal prices higher daily consumption of power plants rises rapidly] it is reported that due to the influence of the "overlord" cold wave, coal prices continue to rise, and power consumption of power plants is rising rapidly. On January 4, the daily consumption of centralized power plants across the country was 8.078 million tons, an increase of more than 1 million tons over the same period last year. On that day, the coal supply of these power plants was only 7.697 million tons, and the shortage of coal in the power plants alone was as high as 381000 tons on that day. Tong Guangyi, director of the Electric Power Safety Supervision Department of the State Energy Administration, said a few days ago that under the influence of this cold wave, gas consumption and electricity generation across the country have reached record highs, and coal consumption in power plants has also remained high.

[CICC: raising the target price of titanium dioxide will increase profits] CICC reported that long Python-Clark announced an increase in titanium dioxide prices. For every 1000 yuan / ton increase in titanium dioxide prices, it is estimated that the company's net profit will increase by 760 million yuan. Raise the company's profit forecast and raise the target price by 29% to 45 yuan. Note: the latest closing price of Longpang Bai Li is 37.77 yuan; the company's share price has risen for six consecutive trading days, with a cumulative increase of more than 20%.

[titanium dioxide] Anada: according to the current rising prices of raw and auxiliary materials and the domestic and international market demand for titanium dioxide, the company has decided to increase the sales prices of its main products from January 12, 2021. The domestic sales prices of rutile titanium dioxide and anatase titanium dioxide are increased by 500 yuan / ton, and the export price is increased by 100 US dollars / ton.

[Huiyun Titanium Industry: plans to increase the company's titanium dioxide sales price] Huiyun Titanium Industry announcement, the company's price committee decided to raise the company's titanium dioxide sales price on the basis of the existing titanium dioxide sales price from now on. Among them: the sales price of domestic customers has increased by 500 yuan / ton, and the export price of international customers has increased by 100 US dollars / ton.

Terminal information

[IDC: fourth-quarter global PC shipments increased by 26.1% year-on-year] preliminary results of the global quarterly personal computing device tracking report of (IDC), an international data company, show that global PC shipments increased by 26.1% in the fourth quarter of 2020 compared with the same period last year, reaching 91.6 million units. For the whole of 2020, global PC market shipments increased by 13.1% compared with the same period last year, with home work, online learning and the recovery of consumer demand as the main drivers. IDC points out that the last time the PC market grew at such a high annual rate, it was 13.7% in 2010.

Recently, Didi's Beijing Xiaogu New Energy vehicle Technology Co., Ltd. and Shenzhen Garage Electric pile Technology Co., Ltd. signed a national strategic cooperation agreement on the construction and operation of new energy vehicle charging stations. According to the cooperation agreement, the two sides will carry out operational cooperation in Shenzhen, Guangzhou, Haikou, Sanya, Changsha, Chengdu and other cities to optimize and upgrade charging stations and strategic layout, and will expand charging business in cities across the country in the future. Tangerine charging and garage electric piles will respectively make use of the operating capacity of the platform and the advantages of big data to create an integrated Internet charging ecology and form a series closed-loop system of the entire industrial chain.

[Fulin Seiko and other companies jointly increase investment in Jiangxi sublimation to build an annual capacity of 50,000 tons of new energy lithium cathode materials project] recently, Mianyang Fulin Seiko Co., Ltd. and its grandson Hunan sublimation Technology Co., Ltd. have friendly negotiations with Ningde Times New Energy Technology Co., Ltd., Changjiang Morning Road (Hubei) New Energy Industry Investment Partnership (Limited Partnership). This framework agreement has been reached on jointly increasing the capital of Jiangxi sublimation New Materials Co., Ltd.

[lithium battery] Blue lithium core: the company will focus on the development of lithium batteries in the future, and the main capital expenditure is also on lithium batteries. It will continue to expand its production capacity on the basis of its current capacity, and will continue to increase its production capacity in the next few years. At the same time, rely on technological leadership to strengthen the LED chip business. Metal logistics and distribution business is developing steadily on the basis of the present.

[TSMC takes orders Q1 off-season is not light] TSMC's advanced orders are hot. According to the industry, Apple, Ultra Micro, MediaTek and other three major customers have issued orders to maintain high-end this quarter, with more than 100000 films in a single quarter, which not only reveals that the market conditions of iPhone, graphics chips / game consoles and non-Apple phones continue to be good, but also means that TSMC is expected to report good news this Thursday (14th).