SMM4 March 21: most of the outer disk metals fell yesterday, and Lun Copper's rally near a 10-year high was suspended on Tuesday as rising cases of novel coronavirus infection pulled global stock markets back from record highs, but strong demand and tight supply are expected to push copper prices higher further. Global stock markets fell further, with the pan-European STOXX 600index posting its biggest one-day fall in more than seven weeks, as high bond yields and a rise in global novel coronavirus confirmed cases raised questions among investors that stocks were overvalued. LME metal was all red in early trading. As of 09:30, Lun Copper rose nearly 0.6%, Lun Aluminum rose nearly 0.2%, Lun Zinc rose nearly 0.1%, Lunni rose nearly 0.4%, Lun Xi was flat, Lun lead rose nearly 0.6%, most domestic copper fell nearly 0.8%, Shanghai Copper fell nearly 0.7%, Shanghai Aluminum fell nearly 0.4%, Shanghai lead rose nearly 0.2%, and Shanghai Zinc fell nearly 1.6%. Shanghai nickel fell nearly 1.1%, and Shanghai tin fell nearly 0.4%.
Copper, the macro aspect, the global novel coronavirus cases are increasing, India, Japan, and other countries have once again entered a state of emergency, making investment worries again. U. S. stocks fell for the second day in a row, the dollar index rebounded, crude oil fell the most in two weeks, risk appetite cooled and copper fell during the night. The performance of copper futures fell at night.
[minutes of SMM Morning meeting] overnight risk appetite has cooled and copper has fallen from its high level.
In terms of aluminum, the increment of electrolytic aluminum supply in April is limited, the impact of concentrated production reduction and maintenance in Inner Mongolia appears, and the scale of new imports is expected to be subject to the influence of shipping schedule, so the overall supply scale in April is not expected. On the other hand, there is still some downstream fear of heights on the consumer side, and the pace of stock preparation is elongated and relatively cautious. It is recommended that the upstream increase shipping efforts, downstream procurement according to demand, carefully chase high.
[summary of SMM Aluminium Morning meeting] from January to March, domestic primary aluminum imports greatly increased aluminum prices over the same period last year or fluctuated under pressure.
In terms of lead, the overnight epidemic affected investor confidence in global stock markets, the US dollar index rebounded upward, overseas macro sentiment was slightly weaker, LME base metals were generally under pressure, and Lun lead bulls reduced their positions to avoid risk, falling in a general downward atmosphere. Overnight, LME lead inventory continued to go to the warehouse slightly, focusing on the support of the 5-day moving average below Lun lead during the day. The basic metals fell on the Shanghai Stock Exchange overnight, and the Shanghai lead bulls reduced their positions, recording a long shadow line. During the day, they were concerned about whether Shanghai lead could stand at the front line of 15200 tons. Lead in stock today is expected to be higher than that of yesterday.
[minutes of SMM lead Morning meeting] lead fell back overnight, recycled lead smelter sticker micro-expansion
In terms of zinc, overnight Shanghai zinc recorded a bald positive column, the daily K center of gravity moved down, the 5-day moving average turned upward to form a suppression, and the 60-day moving average below provided support. Customs data show that 360000 tons of zinc mines and 46000 tons of zinc ingots were imported in March, further alleviating the tight pattern on the supply side, and light trading in the spot market, while the consumer side did not improve much for the time being, putting pressure on zinc prices. Short-term attention.
[summary of SMM Zinc Morning meeting] overseas import data increases zinc prices to continue the volatile pattern.
In terms of nickel, overnight Shanghai nickel closed at Xiaoyin column, shadow line explored the 5-day moving average, MACD red column turned green, nickel futures still maintained a weak operating state, Lunni opened slightly higher at 16015 US dollars / ton today, or fluctuated around 16000 US dollars / ton during the day. Shanghai Nickel may consolidate near the 120000 gate today. It is expected that this week.
[minutes of SMM Morning meeting] Nickel Nickel Night Market pulls back again and prices fall in Ferro Nickel Market
In terms of black, threads are up nearly 0.7%, hot rolls are up nearly 0.3%, coking coal is down nearly 1.2%, coke is up nearly 0.5%, iron ore is up nearly 1.1%, and stainless steel is down nearly 0.1%. From the perspective of market mentality, most businesses are still bullish, but high-level cash is strong. Futures pull up, boost market confidence, trading has picked up, is expected to maintain a high level of shock operation in the short term. Iron ore: although the outbound month-on-month increase of Oba Iron Mine in this period, the domestic demand side also maintained an increasing trend, superimposed to Hong Kong month-on-month decline, continue.
[minutes of SMM Steel Morning meeting] Futures boost confidence trading in the market
The previous period of crude oil fell nearly 2.6%, and international crude oil futures prices closed lower on Tuesday, falling from an one-month high on fears that the world's third-largest oil importer could impose restrictions as the number of new infections and deaths of novel coronavirus in India hit a record high. Analysts point out that unless significant progress is seen in countries other than the United States and other major industrialized countries, global oil demand forecasts for this year may need to be lowered to some extent because of the epidemic.
In terms of precious metals, Shanghai gold rose nearly 0.4%, Shanghai silver fell slightly, COMEX gold futures closed higher on Tuesday, and gold prices were supported by the fall in US bond yields. On Tuesday, the yield on the 10-year Treasury note fell to 1.566%. A drop in Treasury yields usually increases investor interest in gold, which does not offer yields. The dollar rose on Tuesday as Treasury yields fluctuated within a narrow range and falling oil prices hit crude oil-related currencies. However, the dollar has fallen on both weekly and monthly lines, making dollar-denominated gold more attractive to overseas buyers.
As of 09:30, the status of contracts in the metals and crude oil markets:
"Click to see more SMM metal prices.
