[SMM afternoon Review] Copper, Zinc and Nickel in Shanghai rose by more than 2%. The non-ferrous market continues to be hot and the black system fluctuates at a high level.

SMM4 March 27: the whole non-ferrous metals market is red this morning. By midday, international copper rose 2.49%, Shanghai copper rose 2.37%, Shanghai aluminum rose 0.9%, Shanghai lead rose 0.72%, Shanghai zinc rose 2.21%, Shanghai nickel rose 2.98%, and Shanghai tin rose 0.85%. 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. At present, the social inventory of electrolytic aluminum bars and aluminum ingots in China still maintains the trend of destocking, which has a certain support for aluminum prices. The main force of Shanghai Aluminum is still expected to be mainly high shock, spot to run near the small discount that month, it is recommended to increase shipments upstream, downstream procurement is based on demand, careful to chase high.

[SMM Express] the enthusiasm of bulls in funds did not reduce the aluminum price once exceeded 18600 and continued to hit a new high in nearly 10 years.

Copper, according to SMM analysis, copper prices continue to strengthen under the promotion of funds, the macro side is the main driving force. Manufacturing sentiment in Europe and the United States continues to improve, stronger European currencies put pressure on the weak operation of the dollar, and superimposed liquidity is still loose, giving momentum to copper prices. From a fundamental point of view, the basic domestic support for copper prices is weak, the re-surge of copper prices has a significant inhibition on the purchasing willingness of downstream enterprises, the high price difference between refined and waste prices squeezes out refined copper consumption, and social inventory has not yet entered the state of effective de-stocking. Chilean port workers called for a strike on Monday in response to President Pinera (SebastianPinera) 's blocking a bill that would allow people to make a third round of early withdrawals from pension funds. There are concerns that the move could disrupt exports of the country, which accounts for about 1/4 of the world's copper supply. According to SMM, about 6000 workers took part in a short strike at 23 ports last Wednesday, local time, but have not received any interruptions affecting imports and exports.

"[hot] Copper prices are strong and hit another ten-year high.

For the black system, the thread rose 0.28%, the hot coil rose 0.68%, the coking coal fell 0.22%, the coke rose 0.92%, the iron ore rose 1.23%, and the stainless steel rose 2.09%. In terms of hot rolls, there have been frequent rumors of regional production restrictions recently, and the market has a strong expectation for the subsequent tightening of the supply side. Overseas steel prices are still rising, and the price of hot rolls in the United States has exceeded 10,000 yuan. Driven by high overseas prices, domestic hot coil export transactions are active, alleviating domestic supply pressure to a certain extent. At present, the bottom support of hot volume price is strong, and it may be easy to rise and difficult to fall under the support of strong expectations, but the short-term rapid rise in volume price leads to the untimely transmission of terminal orders, which further squeezes the living space of the terminal, and the follow-up anti-phagocytosis effect is worthy of

Crude oil rose 0.52% in the previous period, and international crude oil futures rebounded from the previous day's decline early Tuesday, but the rally may be limited by concerns about fuel demand in India, the world's third-largest oil importer, due to the novel coronavirus epidemic 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 at (OPEC) and its ally (JTC).

In terms of precious metals, Shanghai gold fell 0.15% and Shanghai silver rose 0.22%. Market participants pointed out that the gold market is waiting for the (FOMC) meeting of the Federal Open Market Committee to see what they say about inflation. Traders will also focus on the Fed's long-term interest rate expectations and "their action plan for short-term interest rates."

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Related reading: "[hot stocks] Futures linkage!" Copper and aluminum hit a 10-year high and the non-ferrous stock market strengthened.