SMM4 March 12: the non-ferrous metals market fell across the board this morning. By midday, international copper was down 1.78%, Shanghai copper was down 1.75%, Shanghai aluminum was down 0.77%, Shanghai lead was down 0.67%, Shanghai zinc was down 2.02%, Shanghai nickel was down 3.42%, and Shanghai tin was down 2.71%. In the morning, the decline of non-ferrous metals widened and fell collectively. In terms of Shanghai and tin, there were many disturbances on the supply side in the early period, and inventories on the internal and external exchanges continued to be removed, and the upward momentum of futures prices strengthened, once returning to the front line of 180000, but the latest data show that tin inventories increased again in the previous period. and the global lack of core situation may continue to drag down consumption, futures prices have fallen significantly.
Aluminum, today's domestic aluminum bar mainstream market processing fees rebounded, the price center of gravity moved 10-70 yuan / ton. Today, aluminum base prices have fallen, and processing fees have been raised by consignors in most areas, including a slight increase of 10-30 yuan / ton in Wuxi, which is less than expected and less active than the South China market. The center of gravity of aluminum bar processing fees in South China has moved up to 40 yuan / ton. Downstream delivery enthusiasm is higher, according to the market response to a good deal. The details of the offer this morning are as follows.
"[aluminum bar spot daily review] the processing fee rebounded and the overall transaction in the strong market was OK.
In terms of lead, spot prices fell today, trading in the market as a whole was light, and some smelters kept selling prices. Due to the scarcity of quotations in Yunnan, the tight regional supply and the impact of vegetable transportation in early spring on the transport capacity of industrial products, the consignors are in a strong wait-and-see mood. The price of rising water in Henan and Hunan markets has been maintained, and a small number of smelters have narrowed the discount slightly due to cost factors such as the standing price of crude lead, but the overall discount situation has not changed much, and the actual transaction is general.
[SMM lead afternoon Review] the market situation of lead in other regions KuaiBao: spot prices have dropped slightly and trading in the market is still light.
In terms of black series, the thread fell by 2.62%, the hot coil fell by 2.73%, coking coal by 0.22%, coke by 1.53%, iron ore by 0.51%, and stainless steel by 0.96%. Recently, the volume of imported ore to Hong Kong in Tangshan has increased, but most of the local steel mills are deeply affected by production restrictions, and the purchasing enthusiasm is not high, and the average daily dredging volume of the two ports continues to drop to 432000 tons, resulting in the inventory accumulation of Tangshan port on a month-on-month basis. On the other hand, some steel mills went to Shandong ports to purchase iron ore, and the average daily dredging volume of the main ports in Shandong continued to increase compared with the previous month. In addition, in this period, the purchasing enthusiasm of steel mills in the river area has increased, and the port and warehouse has declined significantly. Considering that the second round of the third batch of central eco-environmental protection inspectors is in progress, which may have an impact on the procurement rhythm of some steel mills, it is difficult to greatly increase the average daily dredging volume of iron ore in the short term.
The last issue of crude oil fell 0.57%, and it is reported that OPEC ministers will hold an online meeting on April 28th to reassess the decision to relax quotas. In addition, last week, U. S. energy companies increased the number of natural gas rigs for the third consecutive week, but the number of active oil rigs was flat. Analysts say more active oil and gas rigs are needed for US crude oil output to stabilize.
In terms of precious metals, Shanghai gold fell 1.01%, Shanghai silver fell 1.37%, and international gold prices fell on Monday as data showed very strong US inflation and accelerated economic recovery, boosting US bond yields and putting a drag on safe-haven gold. Treasury yields rose on Friday after higher-than-expected producer price index (PPI) in March, suggesting inflation began to rise, in line with other optimistic reports that the US economy is steadily recovering from the pandemic.
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