SMM5 March 28: yesterday, the outer disk metal market was all red, Lun copper and other industrial metals prices rose sharply on Thursday, with the help of strong US economic data, Chile copper mine may go on strike. There are ups and downs in the LME metal market today. As of 09:30, Lun Copper is down nearly 0.4%, Lun Aluminum is down nearly 0.5%, Lun lead is down nearly 0.1%, Lunzn Zinc is up nearly 0.1%, Lunni is down nearly 0.4%, and Lunxi is up nearly 0.9%. Domestically, international copper and shanghai copper rose nearly 2.8%, shanghai aluminum rose nearly 2.1%, shanghai lead rose nearly 1.3%, shanghai zinc rose nearly 2.5%, shanghai nickel rose nearly 4.1%, shanghai tin rose nearly 4.7%. According to reports, US President Joe Biden plans to put forward a $6 trillion budget for fiscal year 2022, with enthusiasm in the peripheral markets running high, risky assets strengthening on a large scale and non-ferrous metals picking up again.
On the copper side, on the macro front, the number of first-time applications for unemployment benefits in the United States last night recorded 406000, the fourth consecutive week of decline and the lowest since the outbreak, indicating that the recovery of the labor market is continuing; in addition, the Biden government has proposed a $6 trillion budget to boost market sentiment. Fundamentals, the Escondida and Spence copper mines in Chile.
[minutes of SMM Morning meeting] continued improvement in the labor market led to a sharp rise in copper futures.
In terms of aluminum, data such as the short-term Biden infrastructure plan and the number of first-time jobless claims in the United States prefer to stimulate market bullish sentiment, with the performance of basic metals rising generally; the tone of domestic macro-control remains unchanged in the medium term. Fundamentals, short-term aluminum consumption in the context of the peak season, while the supply side is disturbed, to the treasury cycle is expected to be extended, the market selling rumors rise again. SMM believes that the impact of macro-control on aluminum prices is greater than the fundamentals, Shanghai Aluminum is expected to maintain a wide range of shocks.
[minutes of SMM Morning meeting] overnight Hulun Aluminum went to the warehouse strongly with the rising fundamentals of electrolytic aluminum.
In terms of lead, overnight overseas LME non-ferrous metal plate Lun Copper led the rise, the overall general rise, Lun lead also strong touch high in this atmosphere, recorded three Lianyang, maintain to the warehouse, Lun lead bulls once again increase positions, during the day concerned about whether Lun lead can continue the bullish market to stand firm at the first line of 2200 US dollars / ton. Yesterday, domestic industrial value-added profits improved, the atmosphere of lead bears in Shanghai eased slightly, and there was a general rise in the internal and external market overnight. Shanghai lead continued to rise, wearing multiple moving averages and briefly standing on the first line of 15550 yuan / ton. during the day, we still need to pay attention to its 15550 yuan / ton first-line support. It is expected that the average price of SMM1# lead today.
[minutes of SMM lead Morning meeting] overnight, during the general rise of non-ferrous lead, the spot market strengthened to keep the discount light.
Zinc, overnight Shanghai zinc recorded three Lianyang, the upper Bollinger Road on the track to form a pressure, the bottom of each short moving average to provide support. Overnight outer disk upward drive, Shanghai zinc operation is strong, and domestic industrial enterprises above the profit data is good, black also stopped falling to boost market sentiment.
[minutes of SMM Zinc Morning meeting] the overnight outer disk strongly led Shanghai Zinc to record three Lianyang.
In terms of black series, thread rose nearly 3.9%, hot coil rose nearly 4.4%, coking coal rose nearly 1.9%, coke rose nearly 2.1%, iron ore rose nearly 3.2%, stainless steel rose nearly 2.9%, iron ore turned red yesterday, and the port spot market quotation in early trading was about 60 yuan / ton lower than yesterday. Some steel mills with procurement plans continue to purchase with rigid demand today, and inquiry enthusiasm is OK. Thread: in the short term, under the premise of policy crackdown, the inventory inflection point of weakening fundamentals is approaching, and steel prices are expected to continue to fluctuate downward after a short period of stabilization. Hot volume: yesterday's volume bottomed out and rebounded, the spot quotation throughout the day was more chaotic, and the early market was mixed.
[minutes of SMM Morning meeting] Thread expects short-term shocks to heat up transactions gradually.
Crude oil rose nearly 2.6 per cent in the previous period, while international oil prices rose 1 per cent on Thursday, boosted by strong US economic data, overshadowing investor concerns about a possible increase in Iranian supply. The prospect of Iranian supply re-entering the market has put pressure on oil prices. Since April, Iran and world powers have been negotiating Washington's lifting of sanctions on Iran in exchange for Iran's compliance with restrictions on its nuclear program, including the lifting of sanctions on its energy sector.
In terms of precious metals, Shanghai gold fell nearly 0.4%, while Shanghai silver fell nearly 0.1%. Comex gold futures fell on Thursday, falling below $1900 after rising to a nearly five-month high earlier in the day. Us bond yields offset optimistic data that the US economic recovery is still on track. Data released on Thursday showed that initial claims for unemployment benefits in the United States fell more than expected last week, and economic growth accelerated in the first quarter.
As of 09:30, the status of contracts in the metals and crude oil markets:
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