SMM6 March 11: yesterday, the outer disk metal rose and fell each other, the whole is still showing a concussive trend. News, according to Futures Daily, yesterday, the State Reserve Bureau of China threw chu news boots fell on di. Although there are no official documents for the time being, according to the Futures Daily reporter, the fact that the State Reserve Bureau threw chu has been basically confirmed. Since March at the beginning of this year, there have been rumors about selling chu in the market, and it has been expected for a long time in the non-ferrous industry. Most of the LME metal market is red today. As of around 09:30 in the morning, Lun Copper and Lun Zinc fell slightly, while Lun Aluminum rose nearly 0.4%, Lun lead rose nearly 0.1%, Lunni rose nearly 0.7%, and Lunxi rose nearly 0.3%. Domestically, international copper and Shanghai copper fell nearly 0.7%, Shanghai aluminum rose nearly 2.3%, Shanghai lead fell nearly 0.1%, Shanghai zinc fell nearly 0.4%, Shanghai nickel rose nearly 1.6%, and Shanghai tin rose nearly 1.02%.
On the copper side, on the macro side, the non-quarterly core CPI rate released at night in the United States recorded 3.8% in May, the highest since 1992. The number of US jobless claims fell last week and renewed claims in the week of May 25, with continued improvement in the labor market in line with strong economic data and increased concerns about inflation. But at the same time, 10-year Treasury yields are back to where they were in early March, and investors expect the Fed to maintain its ultra-loose policy and copper futures closed lower at night. Investors are concerned about the Federal Reserve.
[minutes of SMM Morning meeting] Copper concussion closed down overnight and the spot market remained sawed.
In terms of lead, overnight, the dollar index rose first and then fell, around a small weakening to boost the general upward trend of the outer disk metal, but Lun lead rose limited in late trading, and paid attention to the support of the 5-day and 10-day moving average below Lun lead during the day. Overnight, Shanghai lead fell again under pressure, the top 15500 yuan / ton line highlighted the pressure, Shanghai lead recorded a long shadow line negative column, the continuation of high shock. Overall, lead prices continue to operate at the 15000-15550 yuan / ton platform, and near the delivery date, the warehouse receipt inventory of the Futures Exchange has greatly increased. As of June 10, the warehouse receipt inventory has reached the level of 110000 tons, dragging down the lead price. It is expected that the average price of SMM1# lead today.
[minutes of SMM lead Morning meeting] A slight correction of lead overnight was carried out in the spot market yesterday.
Zinc, overnight Shanghai zinc recorded a small Yin column, the top of the short moving average to form a suppression, the lower 40-day moving average to provide support. Recently, the fundamentals are weak, the supply side is gradually increasing, while the consumer side has entered the traditional off-season galvanizing and die casting start-up has continued to decline, the consumer side support is limited, and zinc prices are also under pressure under market selling pressure.
[minutes of SMM Zinc Morning meeting] High pressure above zinc is expected to be weak in the short term.
In terms of nickel, the overnight Shanghai Nickel 2107 contract opened at 131300 yuan / ton last night. At the beginning of the session, the pressure was 132000 yuan / ton, with a narrow range of concussion. Subsequently, the bulls greatly increased their positions, helping Shanghai Nickel break the initial resistance level up 134370 yuan / ton, and at the end of the session, it closed at 134020 yuan / ton, up 1840 yuan / ton, or 1.39%, over the previous trading day. Shanghai Nickel stands above the middle rail of the Bol line, and the MA average gradually forms a long arrangement.
[minutes of SMM Morning meeting] Nickel wide range is strong and volatile spot market turnover is light.
In terms of black series, thread rose by nearly 1.7%, hot coil by nearly 1.4%, coking coal and coke by nearly 2.2%, iron ore by 3.4%, and stainless steel by nearly 3.6%. According to SMM research, the planned output of thread in June was 8.7915 million tons, which was-0.08% lower than that in May; the planned output of reel was 3.3745 million tons, up 0.46% from the previous month. The demand side is seasonally weak, but the speed of decline is slow, and the resilience is strong, and the supply side starts to maintain a high level of operation, but there are still some major strategies that have not been landed under the background of carbon peak. At present, under the condition of bilateral pressure, the steel market is more likely to rise and fall due to the disturbance of the news surface and disk surface, and the overall wide range will fluctuate. However, with the 100th anniversary of the founding of the party approaching, the northern region will face stricter environmental production restrictions, when there may be a wave of rebound.
[minutes of SMM Steel Morning meeting] the off-season effect reflects the decline in apparent demand and the inflection point of the rise in total inventory.
The previous period of crude oil rose nearly 0.4%, and international crude oil futures rose slightly to the highest level in more than two years on Thursday. Intraday trading was volatile, after the number of first-time jobless claims in the United States fell to the lowest since the first wave of novel coronavirus outbreak last year. The market is optimistic about strong economic demand. Initial jobless claims in the US fell to their lowest level in nearly 15 months last week, while consumer prices rose further in May as a resurgence of the economy boosted demand for travel-related services, according to data.
In terms of precious metals, Shanghai gold rose nearly 0.7%, while Shanghai silver rose nearly 1%. Comex gold futures rose slightly on Thursday, after data showed that the US consumer price index ((CPI)) rose more than expected last month, but concerns about the Federal Reserve Board (Federal Reserve / FED) scaling back on monetary support measures eased. Data showed that the US consumer price index (CPI) rose strongly in May, the biggest year-on-year increase in nearly 13 years, as the revival of the economy boosted demand for tourism-related services and the number of new claims for unemployment benefits fell to the lowest level in nearly 15 months last week.
As of 09:30, the status of contracts in the metals and crude oil markets:
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