[SMM Daily Review] Nonferrous fell more than 1% Shanghai Nickel led by more than 2% gold and silver low volatility the dollar continued to strengthen

SMM3 March 31: today, non-ferrous metals are generally green. By the end of the day, international copper fell 1.09%, Shanghai copper fell 1.1%, Shanghai aluminum fell 1.32%, Shanghai lead rose 0.2%, Shanghai zinc fell 1.46%, Shanghai nickel fell 2.16%, and Shanghai tin fell 0.99%. In terms of tin, Ruili in Yunnan Province has closed the city due to a sudden epidemic, and the impact on the domestic tin market is mainly due to the hindrance to the transportation of Myanmar tin mines entering China through the Ruili port. Ruili Port imports about 500-800 tons of tin ore every month, as the port has been closed and tin transportation has been suspended accordingly. At present, the closure of Ruili Port has an impact on the domestic tin market.

[SMM Analysis] the transportation of closed tin mines at Ruili Port was blocked due to the sudden epidemic situation.

In terms of nickel, US bond yields hit a new high, the US dollar index rose under metal pressure, and both inside and outside the market led the decline. Yesterday, short positions in Shanghai nickel pushed down the price of nickel, and Shanghai nickel fluctuated all the way down to the bottom, following the macro trend all the way back to 120000. Renni night trading also fluctuated all the way down, falling below multiple moving average support. Futures nickel short pressure mood is still strong, every high altitude, coupled with the recent macro mood changeable, long and short alternately dominated, Shanghai nickel wide shock pattern still exists, pay attention to the operation trend of nickel low shock. The contract price of Shanghai Nickel main Company is expected to run this week.

[SMM brief Review] can the strong US dollar suppress the metal market Shanghai Nickel withstand the 120000 mark?

In terms of copper, today, the main 05 contract of Shanghai Copper opened at 65700 yuan / ton, opened slightly high to 65800 yuan / ton, narrowly adjusted, the center of gravity returned to below the daily average line, and then slowly recovered near 65230 yuan / ton in the second period of time, and closed higher at 65670 yuan / ton in late afternoon trading. In the afternoon, the center of gravity stabilized above the daily moving average, reorganized around 65680 yuan / ton, fell slightly to and near the moving average in late trading, and finally closed at 65600 yuan / ton.

[brief Review of SMM Copper Futures] A strong US dollar presses copper prices. New US infrastructure plans become bait for bulls.

For the black system, the thread fell 0.64%, the hot coil rose 0.5%, coking coal fell 0.21%, coke rose 2.46%, iron ore fell 1.42%, stainless steel fell 1.44%, iron ore was completed this month, and the main contract I2109 fell nearly 3% throughout the day. The port spot market was basically stable in early trading than yesterday. Some merchants have a small bargaining space in the market, and the overall transaction atmosphere is OK. Today, the turnover of PB powder in Shandong is about 1110-1115 yuan / ton, down 7-10 yuan / ton compared with yesterday. News again today, Tangshan downgraded some local steel companies, heavy pollution emergency emission reduction measures are still relatively strict, local steel mills for iron ore demand is difficult to see a significant rebound. According to the latest SMM port inventory data, the total amount of pellet inventory in the six major ports is about 2.42 million tons, down about 2.15 million tons from the same period last year, and the pellet premium has continued to rise recently. The profits of steel companies continue to improve and there are still incremental expectations for pellet demand, and pellet premium is expected to remain high.

"Daily summary of iron ore market on March 31

The previous period of crude oil rose 1.11%, and international oil prices rose on Wednesday; the OPEC of the Organization of Petroleum Exporting countries ((OPEC)) and its oil-producing allies will meet on Thursday, and investors are betting that they will basically agree to extend the production cuts until May. Analysts point out that all attention is focused on what decision the OPEC meeting made on May output, and oil prices could fall another 2-3 per cent, given the surge in novel coronavirus cases and the blockade imposed in parts of Europe, coupled with a strong dollar.

In terms of precious metals, Shanghai gold fell 1.67 per cent and Shanghai silver fell 2.3 per cent. International gold prices fell to a more than three-week low on Wednesday, with high US bond yields and a rise in the dollar, causing gold prices to record their biggest quarterly decline in more than four years. Analysts point out that gold looks fragile today, which I largely attribute to the overnight rise in the dollar. The dollar's rally is strengthening, and unfortunately, after staying strong over the past few weeks, gold's efforts to find a long-term bottom are in danger of failing.

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[stock market close] A shares closed down and the group stocks weakened again.

The market fluctuated in a narrow range in the afternoon, trading volume shrank sharply, and individual stocks rose more than 9% and fell less, up more than 9% and more than 80 stocks. On the plate, the holding stocks weakened again, the aviation power fell by the limit, Sany heavy industry plummeted, and under the capital seesaw effect, the theme was strong, carbon neutralization was repeatedly active, and power stocks rose sharply, but the differentiation of individual stocks was serious. popularity leading smooth development of 12 consecutive plates, southern grid energy and other long legs, Xiongan concept rose sharply, digital currency, Xiaomi, Xinjiang, central and western infrastructure and other concepts pulled up. On the whole, under the game of capital stock, the short-term fluctuation of the market increases. On the market, the port shipping, environmental protection, Xiongan and other plates led the increase, while the military industry, rare earths, securities and other plates led the decline. As of the close, the Prev index fell 0.43% to close at 3441 points; Shenzhen fell 0.79% to close at 13778 points; and the gem index fell 0.46% to close at 2758 points. The net outflow of Shanghai shares is 2.009 billion, while that of Shenzhen stocks is 5.894 billion. "View details