SMM1 March 14: the non-ferrous metals market has its ups and downs today. by the end of the day, international copper fell 0.15%, Shanghai copper fell 0.17%, Shanghai aluminum fell 0.4%, Shanghai lead rose 2.09%, Shanghai zinc fell 1.85%, Shanghai nickel rose 1.37%, and Shanghai tin fell 0.01%. The dollar index fell back higher and almost stable today, with the latest reports saying the size of the Biden stimulus could be as high as $2 trillion, causing the dollar to rise rapidly in the short term, but then fell back. Us President-elect Joe Biden is reportedly preparing to introduce his massive fiscal stimulus package on Thursday, with the latest reports saying it could be as much as $2 trillion, exceeding market expectations.

In terms of lead, within the day, the Shanghai lead 2103 contract opened at 14890 yuan / ton, reached an intraday high of 14960 yuan / ton at the beginning of the session, and fell back to a daily low of 14755 yuan / ton if the high was not stable. after adjusting for horizontal fluctuations, it finally closed at 14910 yuan / ton, up 265 yuan / ton, or 1.81%. The position increased by 932 to 30265, and the trading volume decreased by 3000 to 38000. Today, the spot market bulk order supply is tight, while the downstream procurement enthusiasm has also declined due to high prices, Shanghai lead pressure Wanwu line uplink closed three Lianyang, upward challenge 40-day moving average, KDJ index exposure narrowed again, the technical side slightly idling more trend. It is expected that the lead market will slow down in the near future, and the downstream reserve stock is expected to remain. At night, we will be concerned about whether Shanghai lead can continue to rise back above the multiple moving average groups.

[brief Review of lead in SMM period] Shanghai lead reports San Lianyang pays attention to whether Shanghai lead can stand back above multiple moving averages at night

In terms of zinc, the daily contract for 2102 of Shanghai zinc is opened at 20810 yuan / ton. Intra-day zinc fell slightly below the moving average, followed by a large number of short sellers entered the market, zinc accelerated decline, zinc concussion fell in the late afternoon, closing down 20420 yuan / ton, down 385 yuan / ton, down 1.85%. The position decreased by 3095 to 55974 hands. During the period of zinc, the Dayin line was closed within the day. Under the influence of the spread of epidemic tensions at home and abroad and the rebound in US dollar prices, the superimposed demand continues to weaken, and the situation of supply exceeding demand will continue to expand. It is expected that the extent of social treasury accumulation will increase more than expected before the end of the year, and zinc prices are expected to continue to be low in the future.

[brief Review of Zinc in SMM] Zinc in the period continues to be low.

In terms of black, thread rose 0.05%, hot coil fell 0.02%, coking coal fell 1.59%, coke fell 0.13%, iron ore rose 1.64%, stainless steel rose 0.11%, and iron ore, according to data from the General Administration of Customs today, China imported 96.746 million tons of iron ore and its concentrate in December, 98.15 million tons in November, and 1.17 billion tons of iron ore in 2020, up 9.5 percent from 1.069 billion tons last year. It is understood that 2020 will break through the all-time high of 1.075 billion tons of iron ore imports set in 2017. Following a month-on-month decline in China's iron ore imports in November, iron ore imports continued to decline slightly in December. On the one hand, the number of imported mines in Hong Kong in December was basically stable compared with the previous month, and the operating rate of blast furnaces in domestic steel mills continued to remain high. On the other hand, with the approach of winter, the demand of some terminal industries is blocked, the sales of finished materials in steel mills are slightly weaker than the previous month, the purchasing rhythm of raw materials in steel mills is relatively general, and the demand for imported mines is affected.

[SMM brief Review] 2020 Iron Ore imports increased by 9.5% year on year, volume and price reached a new high.

Crude oil fell 1.58% in the previous period, while US oil fell slightly, as an increase in global novel coronavirus cases raised demand concerns, but the decline was limited by a fifth consecutive week of decline in US crude oil inventories. Analysts point out that the rally in the oil market is likely to pause as a stronger dollar and a glut of gasoline supply offset the decline in U. S. crude oil inventories. Us crude oil inventories fell more than expected last week, while gasoline and distillate stocks rose as refineries increased production to their highest level since August, the (EIA) said on Wednesday.

In terms of precious metals, Shanghai gold fell 0.23% and Shanghai silver fell 0.46%. Spot gold prices were unchanged on Thursday, with dollar and US bond yields putting pressure on gold prices, while investors waited for details of US President-elect Joe Biden's proposed anti-epidemic stimulus. President-elect Joe Biden will put pressure on Congress on Thursday to pass novel coronavirus's "rescue" measures immediately and then shift to broader "recovery" measures such as health care and infrastructure, an economic adviser to President-elect Joe Biden said on Wednesday.

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