SMM1 March 15: there are ups and downs in the non-ferrous metals market today. By the end of the day, international copper fell 0.06%, Shanghai copper fell 0.09%, Shanghai aluminum rose 0.99%, Shanghai lead rose 0.3%, Shanghai zinc fell 1.65%, Shanghai nickel rose 1.19%, Shanghai tin rose 0.35%. In terms of lead supply, in terms of primary lead, the overhaul of some smelters continued, but next week, Henan Lingbao Xinling overhaul resumed, superimposed delivery sources flowed out. The tight supply of lead ingots may ease somewhat. As for recycled lead, with the approach of the Spring Festival holiday, some recycled lead enterprises will enter the state of suspension of production during the holiday next week. On the whole, the supply may tend to be loose. SMM believes that the trend of stock removal of lead ingots in the society is likely to slow down, and the upward pressure on lead prices is greater. In addition, the epidemic in Hebei is still on guard against the development of the epidemic in Hebei, which has become a key factor in the follow-up assessment of lead prices. It is expected that the first line of lead prices will be under greater pressure before the Spring Festival.
[SMM analysis] lead ingots tend to go out of stock or slow down the upward pressure on lead prices.
As for zinc, zinc opened high and walked low during the day, closed the big overcast line, and broke through the support along the lower edge of the Boll line. About 2101 of Shanghai zinc was delivered within the day, opening at 20780 yuan / ton. the zinc fluctuated during the day, closing down 20105 yuan / ton, down 390 yuan / ton, the trading volume was 495 lots, the position was reduced to 2435 lots, and the delivery volume was 12175 tons, with a settlement price of 20960 yuan / ton. As the domestic Spring Festival is approaching, superimposed the northern epidemic disturbance, downstream enterprises ahead of the holiday to stop production, zinc consumption continues to weaken, market expectations pessimistic, zinc prices continue to fall. Zinc consumption will decline step by step in the future, and zinc prices are expected to fall under pressure a year ago. At night, focus on the lower 20000 yuan / ton integer support.
[brief Review of SMM Zinc] 2101 Zinc prices for delivery of contracts completed or under pressure continue to decline.
In terms of nickel, it was reported this morning that a magnitude 6.2 Earthquake occurred at 02:28 on the Indonesian island of Sulawesi at a depth of 10 km, according to the Chinese Earthquake network. According to the Earthquake Information Network of the US Geological Survey, the Earthquake epicenter was located at 3.005 degrees south latitude and 118.924 degrees east longitude. According to SMM, there is no iron and nickel plant in West Sulawesi where Earthquake is located, which is far from Central Sulawesi and Southeast Sulawesi, where the main production parks are located, so there is no impact on nickel production for the time being.
[SMM brief Review] Earthquake on the Indonesian island of Sulawesi has no effect on nickel production for the time being.
In terms of black, thread rose 1.85%, hot coil rose 1.35%, coking coal rose 4.38%, coke 1.5%, iron ore 1.45%, stainless steel 0.72%. As for coking coal, due to stricter safety inspections in Shanxi and the approach of the Spring Festival, some coal companies are expected to have a holiday, and the market is worried about a shortage of coking coal supply. On the downstream demand side, some steel mills have maintenance conditions, but the reduction of hot metal is limited. In addition, according to SMM statistics yesterday, the operating rate of blast furnace was 88.4%, an increase of 0.4% over last week and 0.26% over the same period last year. The overhaul of some steel mills was completed this week, which led to a pick-up in the operating rate of the blast furnace.
[SMM Analysis] at the end of the callback, coking coal rose more than 6 per cent in intraday trading after taking off again.
Crude oil fell 1.31% in the previous period, international oil prices fell on Friday, and fears of blockades in some Chinese cities due to the resurgence of the novel coronavirus epidemic have curbed the strong import data from China, the world's largest importer of crude oil, and the rally triggered by the planned massive stimulus package by the United States. While oil producers face the unprecedented challenge of balancing supply and demand against the backdrop of vaccine launches and anti-epidemic blockades, crude oil futures contracts have been boosted by a rising stock market and a weaker dollar and strong Chinese demand.
In terms of precious metals, Shanghai gold fell 0.01%, Shanghai silver rose 0.15%, and international spot gold prices rose slightly on Friday. The prospect of a large-scale anti-epidemic rescue program in the United States has enhanced the attractiveness of gold as a hedge against inflation. At the same time, the Fed's dovish monetary policy stance is also supported. Analysts pointed out that the stimulus package would make asset markets bullish, and the Fed chairman played down the possibility of raising interest rates or curtailing bond purchases soon, thus finding support for gold prices.
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