SMM2 March 26: most of the non-ferrous metals market is green in the morning. by midday, international copper fell 0.11%, Shanghai copper fell 0.81%, Shanghai aluminum rose 0.75%, Shanghai lead fell 1.89%, Shanghai zinc fell 0.16%, Shanghai nickel fell 2.34%, Shanghai tin fell 4.07%, US bond yields rose sharply and US stocks tumbled, commodity bullish sentiment also dropped significantly, and most metals fell back again. In addition, the recent price rise is too fast, some metal spot water into a discount state, downstream acceptance will is obviously insufficient, the follow-up need to continue to pay attention to the metal downstream recovery.
In terms of lead, Shanghai lead was affected by the general decline in basic metals in early trading, falling to 15600 yuan / ton before it stopped falling. Despite the sharp fall in lead prices, recycled lead refineries are still actively purchasing raw materials, and the price of waste batteries is high and stable. Recycled lead refinery sales sentiment, recycled lead sticker contraction, the mainstream price of SMM1# lead discount 250-350 yuan / ton out of the factory, downstream fear of falling cautiously, trading in general.
[SMM afternoon Review] recycled lead: lead in the period of severe setbacks sold in recycled lead smelters
Tin, this morning, the Shanghai tin 2104 contract continued its decline last night, falling to around 185700 yuan / ton. The rising water in Shanghai and tin market has not changed much, the mainstream rising water is about 500yuan / ton, the ordinary cloud word level water is about 400yuan / ton, and the small brand discount is 800,1000 yuan / ton. The decline in tin prices attracted downstream rigid demand to enter the market, and the trading atmosphere improved slightly, but the rising tin prices finally made some market participants deepen the wait-and-see mood, and the overall trading atmosphere was general.
[SMM afternoon Review] the falling price of Shanghai and tin attracts some downstream rigid demand to enter the market.
In terms of black system, thread rose 0.32%, hot coil rose 0.64%, coking coal fell 2.35%, coke fell 2.4%, iron ore rose 1.9%, Ministry of Information, Ministry of Ecology and Environment: actively promote the iron and steel, coal, coal, power, and cement industries to eliminate excess capacity. We will continue to promote ultra-low emission transformation of coal-fired power plants, totaling 950 million kilowatts, and the iron and steel industry has an ultra-low emission transformation capacity of 620 million tons. Key areas of "scattered pollution" to achieve dynamic zero clearance.
Crude oil fell 1.27% in the previous period, while us crude oil futures fell on Friday as rising bond yields led to a rise in the dollar, and markets expect more crude oil supplies to return to the market as oil prices return to pre-epidemic levels. The (OPEC) of the Organization of Petroleum Exporting countries and its allies, including Russia, are scheduled to meet on March 4th. In view of the recent jump in oil prices and the expected relaxation of epidemic blockade measures in the northern hemisphere after the start of the summer, demand will improve, so investors believe that OPEC will increase production.
In terms of precious metals, Shanghai gold fell 1.01% and Shanghai silver fell 1.8%. Spot gold hit an one-week low on Friday and is expected to decline for the second week in a row as rising US bond yields dampen investors' appetite for gold. Fed policymakers dismiss the surge in long-term US Treasury yields as a sign of growing optimism about the economy, which is likely to accelerate as more people are vaccinated against novel coronavirus. Williams, president of the Federal Reserve Bank of New York, said that as the US economy recovers from the coronavirus pandemic, strong financial support and vaccination can help boost the US economy and lead to the strongest growth in decades.
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[stock market performance this morning]
The three major indices opened low across the board under the influence of the periphery, and then the index picked up slightly. On the market, individual stocks fell generally, non-ferrous resources and other stocks fell collectively, the agricultural planting plate began to rise, liquor stocks gradually picked up, the overall market profit effect is poor. Near midday, the three major indexes fell again. Early oversold plate performance, rare earth, environmental protection plate has changed, agricultural machinery, communications plate has been pulled up. Individual stocks rose and fell by half, and the profit-making effect warmed up slightly. From the disk point of view, agricultural machinery, environmental protection, 5G plate led the increase, coal, non-ferrous, medical plate led the decline.
![[SMM Análisis Macro] Jackson Hole señala una Fed de línea dura, impulsando las expectativas de subida de tipos en septiembre](https://imgqn.smm.cn/usercenter/VCNvX20251217171735.jpeg)
