Non-ferrous metals rose and fell this morning. By midday, international copper rose 0.02%, Shanghai copper rose 0.14%, Shanghai aluminum rose 1.67%, Shanghai lead fell 1.73%, Shanghai zinc rose 0.54%, Shanghai nickel rose 0.01%, and Shanghai tin fell 2.12%. It is reported that Myanmar President Wen Min, State Senior Minister Aung San Suu Kyi and some senior NLD officials were detained by the military in the early morning of February 1 local time. The Burmese military said in a statement on the 1st that an one-year state of emergency would be imposed in accordance with the provisions of the Constitution. In terms of tin mining, it has not been affected yet. It is reported that WA is one of the main sources of tin ore supply in China. From January to October 2020, China imported 116000 tons of tin ore from Myanmar. Recently, according to SMM research, due to the effective control of the epidemic situation in Myanmar's WA state, Bangkang announced that all Bangkang urban areas would be unsealed from February 1, and the current transport situation at Menga Port has remained stable since the resumption of tin mine transportation on January 19.
"[suddenly] the president was detained! Myanmar has implemented an one-year state of emergency and the impact on nickel and tin ore production has become the focus.
In terms of lead, Shanghai lead fluctuated around the 20-day moving average in early trading. Lead prices continue to fall sharply, but refinery procurement demand is large, and the price of waste batteries is basically high and stable. Recycled lead smelters stop production and holiday rhythm today, the remaining shipments are mainly long orders, downstream stock is basically completed, market supply and demand is weak.
[SMM afternoon Review] recycled lead: period lead low concussion regenerated lead supply and demand
On the black side, thread fell 1.26%, hot coil fell 1.27%, coking coal fell 2.19%, coke rose 0.56%, iron ore fell 0.61%, stainless steel rose 1.44%. On the supply side, output is expected to decline under the influence of production restrictions and hot metal diversion, but we still need to be on guard against the risk of northward going south; on the demand side, the epidemic situation + Spring Festival, demand weakening is more significant; fundamentals are weaker than in the previous period. However, at present, most of the hot volume inventory is concentrated in the hands of large households, and appropriate hedging has been carried out for the disk, so the anti-risk ability of volume price has been improved, so it is expected that it is difficult for spot prices to fluctuate significantly during the year, and the overall price trend after the year is also relatively preferred.
Crude oil in the previous period rose 0.24%. According to news, oil production of the Organization of Petroleum Exporting countries ((OPEC)) rose for the seventh month in a row in January, but Nigerian exports were limited by a decline in force majeure. Earlier, OPEC and its allies agreed to further reduce production cuts. The implementation rate of the OPEC production reduction agreement rose to 103 per cent in January, underscoring the determination of major oil-producing countries to maintain the stability of the oil market and still provide support for oil prices.
In terms of precious metals, Shanghai gold rose 0.83% and Shanghai silver rose 8.76%. Retail investors mobilized through social media began to pay attention to the silver market after massive short selling squeezed by stocks such as Gamestop, BlackBerry (Blackberry) and AMC. Analysts are bullish on the silver outlook, but warn investors to be cautious about chasing higher.
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