SMM2 March 3: most of the outer metal market was green yesterday, with copper futures on the London Metal Exchange (LME) falling to a six-week low on Tuesday as funds cut bullish bets on copper prices ahead of the Spring Festival in China, which accounts for 50 per cent of global copper consumption. Most of the LME metal markets were red this morning. As of 09:30, Lun Copper rose nearly 0.4%, Lun Zinc and Lun Aluminum faintly red, Lunni rose nearly 0.5%, Lun lead rose nearly 0.2%, and Lunxi fell nearly 0.2%. On the domestic side, international copper and Shanghai copper fell nearly 0.5%, Shanghai aluminum fell nearly 1%, Shanghai lead fell nearly 0.1%, Shanghai zinc rose nearly 0.2%, Shanghai nickel fell nearly 0.9%, and Shanghai tin fell nearly 1.7 per cent.In China, international copper and Shanghai copper fell nearly 0.5 per cent, Shanghai aluminum fell nearly 1 per cent, Shanghai lead fell nearly 0.1 per cent, Shanghai zinc rose nearly 0.2 per cent, Shanghai nickel fell nearly 0.9 per cent and Shanghai tin fell nearly 1.7 per cent.
Aluminum, the Spring Festival is approaching, enterprises have entered the maintenance period and the Spring Festival holiday, orders and shipments are reduced, is still in the accumulation cycle, the weak domestic fundamentals trend is difficult to change in the short term, but the holder is more willing to raise the price. On the disk, the difference between 02 and 03 in recent months has opened rapidly, under this situation, the spot premium has not significantly narrowed to the discount pattern of that month, and the back structure of monthly difference in futures has reappeared this week. It is expected that the center of gravity of Shanghai Aluminum will continue to fluctuate in the short term, so we need to continue to pay attention to the impact of inventory changes on market sentiment and contract structure.
[minutes of SMM Morning meeting] Aluminium Bar processing fees continue to weaken. Recycled aluminum enterprises have different Spring Festival holidays.
In terms of lead, overnight, when short sellers entered the market, the center of gravity of the operation moved down, passing through the middle rail of Brin Road, concussion and overcast. LME lead stocks continued to be destined, reducing 2150 tons to 94625 tons, but the news of intensive destocking has been gradually digested by the market. A slight rebound in the dollar index has put pressure on Lun lead to continue to push higher, and attention needs to be paid to the impact of the Biden administration's new bailout bill on the market in the near future. Overnight, Shanghai lead walked out of the long shadow line, but the center of gravity moved up slightly and stabilized at the five-thousand-five line. During the day, we still need to pay attention to the support of the five-thousand-five line.
[minutes of SMM Morning meeting] there were few bulk orders in the spot market of lead in Shanghai after a small rise in lead.
In terms of nickel, due to the recent cooling of optimism brought about by overseas loose policies, the renewed bullish of safe-haven funds has led to a rebound in the US dollar index, and domestic funds have also been tight. Many varieties have fallen for many days in a row and the downward trend can be too strong. The divergent mentality of the market has increased. Bulls are looking forward to a rebound, but will carefully choose the timing to enter the market in this atmosphere, focusing on whether the downward momentum has slowed and whether the 130000 mark and 40-day moving average can stop falling.
[minutes of SMM Morning meeting] Nickel wide range shock spot quotation weakly stable stainless steel market has entered the holiday mode one after another and the price is flat.
In terms of black series, threads fell by nearly 0.1%, hot rolls rose by nearly 0.3%, coking coal rose by nearly 0.3%, coke by nearly 0.1%, iron ore by nearly 1%, stainless steel by nearly 1.4%. According to SMM statistics, the impact of domestic building materials overhaul in February was 1.2584 million tons, which was 200000 tons less than in January, but considering that short-flow steel mills generally stopped production and had a holiday during the Spring Festival in February. It is expected that the actual supply level will still be significantly lower than in January. At present, the spot market is in the closed stage, and the overall steel price is stable, and there is no practical significance for both rising and falling; after the lack of spot guidance, the market is mainly a game of capital sentiment, and the up and down driving forces are mainly the changes in the macro environment and the inventory accumulation rate of Weekly songs.
[minutes of SMM Morning meeting] the pressure on the port in the early stage alleviated the increase in the number of imported iron ore coming to Hong Kong in this period
Crude oil rose 1% in the previous period, and international oil prices rose 2% on Tuesday, hitting an one-year high, after surveys showed that major oil-producing countries were basically cutting production as promised. Crude oil futures in both indicators rose as optimism that the US would introduce more stimulus measures fuelled bullish sentiment over (OPEC) production levels in the Organization of Petroleum Exporting countries, which rose less than expected in January.
In terms of precious metals, Shanghai gold fell nearly 1.8%, while Shanghai silver fell nearly 5.6%. Comex gold and silver futures fell sharply on Tuesday, after a sharp rise in futures prices prompted Zhi businessmen to raise margin. Rostin Behnam, acting chairman of the (CFTC) of the US Commodity Futures Trading Commission, said in a statement on Monday that US commodity regulators are closely monitoring recent volatility in the silver market and will work with other regulators to deal with any potential impact of these fluctuations.
As of 09:30, the status of contracts in the metals and crude oil markets:
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