SMM4, March 28: most of the outer plate metals were red yesterday, and Lun copper prices on Tuesday rose to a record high of more than $10, 000 a tonne hit a decade ago, as fears of supply disruptions in Chile due to strikes and strong demand reinforced expectations of supply shortages this year. Most of the LME metals were green in early trading. As of 09:30 in the morning, Lun Copper fell nearly 1.2%, Lun Aluminum fell nearly 0.4%, Lun lead fell nearly 0.6%, Lunzn Zinc fell nearly 0.5%, Lunni fell nearly 0.4%, and Lunxi rose nearly 0.2%. Domestically, non-ferrous metal green fertilizer is red and thin, international copper is down nearly 0.8%, Shanghai copper is down nearly 0.6%, Shanghai aluminum is down nearly 0.5%, Shanghai lead is down nearly 0.1%, Shanghai zinc is up nearly 0.1%, Shanghai nickel is up nearly 1%, and Shanghai tin is down nearly 0.4%.
On the copper side, on the macro side, overnight economic data showed that consumer confidence in the United States climbed to its highest level since the outbreak in April. With the smooth progress of novel coronavirus vaccination and the continued implementation of economic stimulus measures, investors remain optimistic about the prospects for global economic recovery. Although a small rebound in the dollar index last night suppressed some of the upward momentum in copper prices, bulls are bullish and copper prices are still high. Spot side, disk.
[minutes of SMM Morning meeting] Copper prices remain strong and the spot discount is expanding. It may be difficult to stop.
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] the main company of Shanghai Aluminum Co., Ltd. dropped slightly and continued to pay attention to the mood of the bulls.
Lead, yesterday, LME lead inventory to the warehouse more than 1000 tons, supporting Lun lead continued high shock, on the Bollinger Road on the track. Overnight, the macro atmosphere is warm, LME basic metals are generally strong and volatile, and during the day, we are concerned about whether Lun lead can continue its late rally and challenge the first-line target of 2100 US dollars / ton upward. Overnight, Shanghai lead bulls once again broke through the 15500 yuan / ton first-line pressure level, recording a long shadow line negative column, during the day to pay attention to whether Shanghai lead can continue to rise in late trading and stand firm at 15500 yuan / ton first line. Lead in stock today is expected to be higher than that of yesterday.
[minutes of SMM lead Morning meeting] overnight lead strengthens and regenerates lead paste expands
Zinc, overnight Shanghai zinc recorded three Lianyang, the upper Bollinger Road on the track to form a pressure, the lower moving average to provide support. Macroscopically, the benefit situation of domestic industrial enterprises continued to recover quickly in the first quarter, boosting market sentiment as a whole, superimposing the strength of other metals to drive Shanghai zinc to continue to be strong, but the rising processing fees and the weak willingness of downstream enterprises to receive goods in the market limit its increase. Short-term attention.
[minutes of SMM Zinc Morning meeting] Zinc in Shanghai is less willing to receive goods downstream than the increase in processing fees.
In terms of nickel, overnight Shanghai nickel closed at Xiaoyangzhu, the upper track of the Boll line has a rising trend, facing a 60-day moving average of 127500 yuan / ton resistance, Lunni opened at 16960 US dollars / ton today, futures nickel high consolidation, yesterday's general rise in non-ferrous metals, mainly boosted by macro sentiment, nickel futures take advantage of the trend to run more, pay attention to the high consolidation of nickel today. It is expected that this week Shanghai Nickel.
[minutes of SMM Morning meeting] the pace of spot follow-up of nickel taking advantage of the wind has slowed down a bit.
In terms of black series, threads fell nearly 1.4%, hot coil fell nearly 1.6%, coking coal fell nearly 1.2%, coke fell nearly 0.7%, iron ore fell nearly 2.3%, stainless steel rose nearly 1.2%, yesterday's futures market high shock operation, the spot market mixed, some markets narrowly reduced by 10-30, Yunnan Kunming Steel Co., Ltd. rose 100. At present, the average price of thread is 5172, which is 6% lower than that of the day before yesterday. From the point of view of the transaction situation, the pre-festival reserve demand performance is still not obvious, the merchants are willing to cash out at a low price, and the high price is not enough to follow up. Although the China Iron and Steel Association released a positive signal on the side of the policy, the market fear of heights has not abated. It is expected that short-term high-level finishing, strong shock operation.
[summary of SMM Morning meeting] East China Hot Volume Resources are tightening and the window for northward going south is expected to open again.
Crude oil rose nearly 1.3 per cent in the previous period, and the Organization of Petroleum Exporting countries ((OPEC)), Russia and their allies will stick to plans to gradually relax oil production restrictions between May and July, as global oil demand is expected to recover despite a surge in coronavirus cases in India, Brazil and Japan. Four OPEC sources said OPEC had abandoned plans to hold a plenary ministerial meeting on Wednesday, following the (JMMC) meeting of the OPEC Joint Ministerial Oversight Committee on Tuesday.
In terms of precious metals, Shanghai gold fell nearly 0.5%, while Shanghai silver fell nearly 0.5%. Comex gold futures weakened slightly on Tuesday and continued to be trapped in a narrow range. Investors are waiting for the policy signal released by the US Federal Reserve Board (FED/ Fed) at this week's meeting. Analysts say gold investors will keep a close eye on whether the Fed will send any signals that they will see longer-term, sustainable inflation.
As of 09:30, the status of contracts in the metals and crude oil markets:
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