[SMM Daily Review] Coking coal is up more than 5%. Black collective uplink, colored mutual ups and downs, gold and silver continue to fluctuate.

SMM3 March 9: the non-ferrous metals market has its ups and downs today. by the end of the day, international copper fell 0.68%, Shanghai copper fell 0.71%, Shanghai aluminum fell 0.42%, Shanghai lead rose 0.03%, Shanghai zinc fell 0.6%, Shanghai nickel fell 0.98%, and Shanghai tin rose 0.07%. Among them, copper, Lun copper inventory recently showed a rebound, yesterday is a big increase of more than 10,000 tons to 103900 tons, breaking away from the phased low near. In addition, as of March 16, LME copper cancellation warehouse receipts fell to 15600 tons for three days in a row, and the proportion of write-off continued to decline to 15.01%. Registered warehouse receipts have been increasing since the beginning of the month.

In terms of zinc, the daily contract for 2104 of Shanghai zinc is opened at 21545 yuan / ton. Intraday zinc concussion weakened. Zinc opened in the early morning trading weakened below the daily moving average. In the afternoon, the short positions gradually reduced, the zinc shock rose, and reached the intraday high of 21795 yuan / ton after breaking through the daily moving average line. It finally closed down 21715 yuan / ton, down 130 yuan / ton, or 0.6%. Position reduced by 3409 to 61882 hands. Zinc gains a positive line in the future. There is no downward trend in 10-year Treasury yields, retail sales are at a four-month low, Alaska talks are not optimistic, and macro pessimism is spreading. However, the domestic "14th five-year Plan" put forward the double control target of energy consumption and tightened the environmental control of smelters, and it is expected that the supply of zinc ingots will be tight. Continue to pay attention to the lower 10-day moving average position at night, zinc prices are expected to be supported to stop falling and stabilize.

[brief Review of Zinc in SMM] Zinc in the period is expected to stop falling and stabilize.

In terms of black, thread rose 1.06%, hot coil rose 0.24%, coking coal rose 5.15%, coke rose 3.11%, iron ore rose 0.61%, and stainless steel fell 0.46%. Recently, rumors of cancellation of hot rolling export tax rebate have spread again in the market, as the concept of carbon neutralization has become the main line of the energy-consuming industry this year. In order to respond to steel production capacity and restrain exports to balance domestic production, the market tax rebate cancellation is expected to increase. According to the statistics of SMM sample steel mills, the average monthly direct hot rolling export volume of steel mills is about 60-700000 tons, accounting for 6% of the average monthly hot rolling output of steel mills. If the regulations on export tax rebate for hot rolling are modified, there may be two cases of total cancellation or reduction of export tax rebate from 13% to 8%, which will have different effects on the export volume and price of hot coils.

[SMM Analysis] the wind direction of the hot rolling market will change after canceling the export tax rebate and brushing the screen.

Crude oil rose 0.79% in the previous period, and international oil prices were mixed on Wednesday, as fears of a hampered recovery in European demand overshadowed hopes of a resumption of refinery activity in the United States. Us crude oil inventories fell unexpectedly last week, according to industry data. Analysts pointed out that it would have been a positive environment, but the stagnation of vaccination in Europe raised demand concerns and suppressed market sentiment.

In terms of precious metals, Shanghai gold rose 0.34%, while Shanghai silver fell 0.66%. International gold prices rose slightly on Wednesday, hovering near more than two-week highs, driven by expectations of rising inflation, but the market range was volatile as investors were cautious ahead of the results of the Fed's two-day meeting. Analysts said gold eventually seemed to find no friends, even as U.S. bond yields and the dollar continued to rise. Gold's function as a hedge against inflation has quietly gained renewed attention, providing support for gold prices.

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[stock market close] the index fluctuated in a narrow range, lithium electricity, photovoltaic and other early round-up plates rotated and rebounded.

The index fluctuated in a narrow range in the afternoon, with a flat market with a volume of only 700 billion, with individual stocks rising more than 9 per cent and falling less, up more than 9 per cent and more than 70 stocks. On the plate, lithium electricity, photovoltaic and other early hugging plates rotated and rebounded, the main line of carbon neutralization was greatly divided, electricity, cement and other plates led the decline, and the popularity leader Huayin Electric Power, Sinopec Energy Saving and other high shock, some funds flowed into overfalling real estate, agriculture, semiconductors, brokerages and other sectors, weak market speculation was low, aurora and other secondary new stocks rose by the daily limit, in addition, Shenzhen property, Smith Barney clothing and other low-level and low-market stocks are promoted to three consecutive boards. On the whole, the market shrinks and shocks are sorted out, and the rotation of the plate is accelerated, waiting for the direction to be chosen. On the disk, agriculture, HIT batteries, sub-new and other plates led the rise, while electric power, environmental protection, carbon neutralization and other plates led the decline. As of the close, the Prev index fell 0.03% to close at 3445 points; the Shenzhen Composite Index rose 1.22% to close at 13809 points; and the gem index rose 1.2% to close at 2704 points. "View details