SMM4 March 27: yesterday, the outer plate metal rose 2.36%, Lun Copper rose 1.67%, Lun lead rose 0.97%, Lunzn Zinc rose 2.63%, Lunxi Nickel rose 1.74%, Lunxi rose 1.38%, Lunxi copper prices rose to a 10-year high on Monday, triggered new buying due to Chilean supply concerns, falling inventories, a weaker dollar and expectations of strong demand from major consumer countries, China. Analysts point out that the Chilean news has helped, but the market has gained a lot of momentum based on factors such as the stock market and the dollar. The seasonal strength of Chinese demand is another factor. Most of the LME metals were green in early trading. By about 09:20 in the morning, Lun Copper was up nearly 0.3%, Lun Aluminum was down nearly 0.2%, Lun Zinc was down nearly 0.2%, Lunni was down nearly 0.1%, Lunxi was flat, and Lunxi lead was down nearly 0.1%. Domestically, international copper is up nearly 2.2%, Shanghai copper is up 2.06%, Shanghai aluminum is up nearly 0.8%, Shanghai lead is up nearly 0.3%, Shanghai zinc is up nearly 2.3%, Shanghai nickel is up nearly 1.8%, and Shanghai tin is up nearly 0.7%.
On the copper side, on the macro front, both the S & P 500 and Nasdaq hit record highs on Monday, driven by strong corporate results and investor confidence in the Fed's loose policy stance. Copper prices hit their highest level since 2011, boosted by the global economic recovery. Spot aspect, the copper price breaks through the new high, is expected.
[minutes of SMM Morning meeting] the upsurge of macro sentiment makes copper futures hit a 10-year high and the spot discount is expected to be further expanded.
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.
[minutes of SMM Aluminium Morning meeting] Aluminium Ingot inventory maintains going to Depot Shanghai Aluminium breaks through new highs overnight
In terms of lead, overnight, the Shanghai lead bulls increased their positions again, continuing the high shock of the rally at the end of the day, recording a small negative column. Under the shock of high lead prices, trading in the spot market is expected to remain light, and in the short term, we may still need to guard against the risk of a decline in lead pressure in Shanghai. During the day, we will pay attention to whether the lead bulls in Shanghai will once again make efforts to boost Shanghai lead to break through the first-line target of 15400 yuan / ton. Lead in stock today is expected to be higher than that of yesterday.
[minutes of SMM lead Morning meeting] the regional differences in the supply of lead in the overnight lead strengthening period and regenerated lead supply are still there.
Zinc, overnight Shanghai zinc recorded a positive column, the upper Bollinger Road on the track to form a pressure, below jump off the average line support, MACD into a positive column. The strength of the overnight outer disk led to the strong performance of Shanghai Zinc. Short-term zinc fundamental stalemate game has not changed significantly, social inventory once again recorded a reduction to boost bullish sentiment, is expected to short-term zinc price wide shock. Short-term attention.
[minutes of SMM Zinc Morning meeting] other metals strongly drive zinc prices higher, pay attention to the front high pressure position.
In terms of nickel, overnight Shanghai nickel closed at Xiaoyangzhu, Boll line middle rail / 40-day moving average, Shanghai nickel center of gravity moved up, the last period of nickel warehouse receipt fell to 6890 tons, in a low position, short sellers depressed nickel prices have concerns, Shanghai nickel rose with the macro mood, it is still difficult to determine whether the nickel price can be successfully broken up. Today's nickel may be a strong shock.
[minutes of SMM Morning meeting] Dollar Index fell short of short orders and promoted gains during the period of light turnover in the Ni-Ni system market.
In terms of the black system, the thread rose nearly 0.3%, the hot coil rose nearly 0.9%, the coking coal fell nearly 0.5%, the coke rose nearly 0.9%, the iron ore rose nearly 1%, and the stainless steel rose nearly 2%. As the screw continues to hit a new high, the thread spot market continues to rise. The average price of rebar on Monday was 5173.6, up 32.2 from Sunday. After some market prices rose, high prices were not enough to follow up, and some markets fell in the afternoon. As the high price suppresses the scale of market procurement and inventory, and the procurement model indicates that the stimulus of holiday stock preparation will not change, so the holiday stock superimposed futures will enter the delivery month, and the short-term price will be strong and volatile.
[minutes of SMM Morning meeting] the three major varieties hit new highs again, and short-term prices are still easy to rise and difficult to fall under the support of strong expectations.
Crude oil rose nearly 0.1 per cent in the previous period, crude oil futures prices eased on Monday, and the Organization of Petroleum Exporting countries ((OPEC)) and its allies said they were watching a surge in novel coronavirus cases in India, which could weaken fuel demand in India, the world's third-largest oil importer. The OPEC Joint Technical Committee (JTC) kept its forecast for global oil demand growth this year unchanged at Monday's meeting, but was concerned about the surge in the number of new cases in India and elsewhere, according to three sources from the (OPEC) and its allies (JTC).
In terms of precious metals, Shanghai gold fell nearly 0.1%, while Shanghai silver rose nearly 0.2%. Comex gold futures rose slightly on Monday, as investors waited for the US Federal Reserve to meet this week to look for policy clues. The (FOMC) of the Federal Open Market Committee of the Federal Reserve ends its two-day meeting on Wednesday, and although no major policy changes are expected, investors will keep a close eye on Powell's speech at a post-meeting press conference.
As of 09:20, the status of contracts in the metals and crude oil markets:
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