[SMM comment] Shanghai Copper, Shanghai Tin rose more than 2%, non-ferrous market hot gold and silver rebounded sharply, Shuangjiao rose more than 1%.

SMM4 March 16: metal in the outer disk was generally red yesterday, and Lun Copper rose on Thursday as the market increased its bets on copper consumption this year and focused on its long-term role in the transition to a low-carbon economy. Copper is used in cables, buildings, and increasingly in electric cars and wind turbines. This triggered a wave of bets on surging demand and rising prices. There were mixed ups and downs in the LME metal market this morning. As of 09:30, Lun Copper and Lun Al were up nearly 0.1%, Lun Zinc was down nearly 0.3%, Lun Nickel was up nearly 0.1%, Lunxi was flat, and Lun lead was down nearly 0.2%. Domestically, international copper is up nearly 2.6%, Shanghai copper is up nearly 2.7%, Shanghai aluminum is up nearly 0.9%, Shanghai lead is up nearly 0.6%, Shanghai zinc is up nearly 1.4%, Shanghai nickel is up nearly 0.9%, and Shanghai tin is up nearly 2.1%.

On the copper side, on the macro side, it was announced last night that the monthly rate of retail sales in the United States recorded 9.8% in March, the highest since May last year. Initial jobless claims in the US fell to 576000 in the week to April 10, the lowest since March 14 last year, with two sets of data released overnight suggesting that the economy was accelerating the recovery, boosting market risk appetite and boosting copper prices. All three major U.S. stock indexes closed higher during the night, with 10-year Treasury yields falling to a five-week low and strong risk appetite weakening the dollar.

"[minutes of SMM Morning meeting] macroscopically speaking, copper rose sharply at night in the good order period to pay attention to the spot transaction on the first day of the change of month.

In terms of aluminum, the market: the overnight Shanghai Aluminum main Company 2105 contract opened at 18345 yuan / ton, the highest price was 18460 yuan / ton, and the lowest price was 18210 yuan / ton, closing at 18230 yuan / tonne; in the spot market, with the strengthening of the market on April 15, spot transactions gradually weakened, the actual trading volume shrank rapidly, and the wait-and-see mood downstream increased.

[minutes of SMM Morning meeting] overnight Shanghai Aluminium shot up and fell back and the spot transaction gradually weakened.

In terms of lead, overnight, US bond yields fell, Lun Copper led the rise, LME base metals rose, stack lead continued to go to the warehouse, Tizhenlun lead rallied again, and during the day, attention was paid to whether Lun lead could get out of the low shock market and continue to rise to a stable level of US $2000 / ton. Overnight, Shanghai lead jumped high in the boost of Lun lead's strength, and finally recorded a long shadow cross star. During the day, we still need to pay attention to whether the Shanghai lead can stand firm and form a bottoming recovery trend, and pay attention to the first-line pressure level above Shanghai lead during the day. It is expected that today's spot lead is better than yesterday's.

[minutes of SMM lead Morning meeting] Regional sticker expansion of lead for lead strengthening and regenerated lead in overnight period

Zinc, overnight Shanghai zinc recorded a bald positive pillar, the lower 40-day moving average to provide support, the upper Bollinger Road on the track to form a compression. The overnight outer disk was strong, and Shanghai Zinc was strong. Short-term zinc fundamentals have not changed much for the time being, TC is still running low, and the spot market with low zinc prices at the beginning of the week has a higher turnover, which will lead to the continuation of the stock market. Short-term attention.

[minutes of SMM Zinc Morning meeting] overnight Colored Collective rebound of Shanghai Zinc recorded bald positive pillar

In terms of nickel, the overnight Shanghai Nickel 2106 contract opened at 121230 yuan / ton last night. Yesterday, Lunni went up, Shanghai Nickel fell, the outer disk followed the US dollar logic, and the inner market weakened again due to the accumulation of nickel beans. Both of them showed an upward trend in night trading. Shanghai Nickel contract opened at 121230 yuan / ton last night. Compared to the previous trading day.

[minutes of SMM Morning meeting] the price of 304cold and hot rolling fell 400 in May and the spot market was flat.

In terms of the black system, the thread rose nearly 0.2%, the hot coil fell nearly 0.1%, coking coal rose nearly 1.2%, coke rose nearly 1.3%, iron ore rose nearly 0.9%, stainless steel rose nearly 0.4%, iron ore continued to be strong yesterday, the main contract I2109 rose 3.56% throughout the day; the port spot market quotation in early trading was 20-30 yuan / ton higher than yesterday. Some steel enterprises continue rigid demand procurement, procurement is more active; also affected by rumors of multiple production restrictions, some steel enterprises choose to slow down the procurement pace, but the overall transaction atmosphere is relatively hot today. Shandong PB powder traded 1160-1185 yuan / ton, after the closing price continued to explore, the overall price of the whole day rose 25-35 yuan / ton compared with yesterday.

[minutes of SMM Morning meeting] the price fluctuates in a narrow range, the transaction strength is not strong enough, and the price is adjusted cautiously.

Crude oil rose nearly 1.1% last week NYMEX crude oil futures hit a four-week high on Thursday, as U.S. economic data improved and the International Energy Agency ((IEA)) and the Organization of Petroleum Exporting countries ((OPEC)) raised their oil demand forecasts as major economies began to recover from the epidemic. Retail sales in the US recorded their biggest increase in 10 months in March as Americans received a new batch of epidemic relief checks issued by the government and novel coronavirus's vaccination push brought more sectors of the economy back to work.

In terms of precious metals, Shanghai gold rose nearly 1.5 per cent, while Shanghai silver rose nearly 1.8 per cent. Comex gold futures posted their biggest one-day rise since March and closed at a seven-week high on Thursday, as US government bond yields fell despite better-than-expected US economic data, prompting investors to buy gold as a hedge against possible future inflation. The weak dollar hit a four-week low earlier, making gold more attractive to holders of other currencies. Yields on 10-year Treasuries fell, further boosting the attractiveness of unyielding gold.

As of 09:30, the status of contracts in the metals and crude oil markets:

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