[SMM Daily Review]

SMM7 March 6: non-ferrous metals are all red today. By the end of the day, international copper rose 1.69%, Shanghai copper rose 1.85%, Shanghai aluminum rose 0.24%, Shanghai lead rose 0.16%, Shanghai zinc rose 1.02%, Shanghai nickel rose 1.2%, and Shanghai tin rose 2.41%. The dollar index continued to fall slightly in intraday trading today, while the dollar and other major currencies remained mostly stable as investors waited for the minutes of the Fed's June meeting, which will be released on Wednesday.

In terms of copper, the center of gravity of Shanghai Copper, the main 08 contract in Shanghai, fell slightly after touching a high of 69930 yuan / ton at one point in the morning market, and then narrowly arranged around 69750 yuan / ton above the daily moving average. Before noon, the center of gravity moved slightly down to near the daily moving average, falling to 69600 yuan / ton. The center of gravity of the afternoon opening is still around 69750 yuan / ton horizontal rectification, after two points, the copper price quickly crossed the 70000 yuan / ton integer mark around 70120 yuan / ton narrow finishing, and finally closed at 70100 yuan / ton.

[brief Review of SMM Copper Futures] bulls have entered Shanghai for two consecutive days and the copper has crossed the 70000 yuan / ton integer mark on the 20-day moving average.

In terms of aluminum, Shanghai Aluminum's main 2108 contract opened at 19150 yuan / ton in the morning and showed high volatility during the day. The daily K line was entangled near the 5x10 moving average, with an amplitude of no more than 70 yuan / ton. It closed at 19130 yuan / ton in late trading, down 125 yuan / ton, or 0.65%, compared with the opening overnight. The trading volume was 165000 lots, and the long unilateral position reduced 705 to 237000 hands, mainly the long position reduction, and the daily K line closed at a small shady line. A slight pullback up from the previous day. The current fundamental inventory is still low, while the impact of dumping on the spot market is limited. It is expected that the night shock will run at 18800-19250 yuan / ton, so we need to continue to pay attention to the impact of macro and other news on price fluctuations.

[brief Review of SMM Aluminum] Shanghai Aluminum High shock consolidation bulls withdrew slightly

In terms of lead, during the day, Shanghai lead bulls slightly increased their positions in Lun lead boost, recording a long lower shadow column, KDJ exposure tightened downward, and the technical side maintained a more positive trend. During the day, the trading of bulk orders in the lead spot market is still light, the holders are actively preparing for delivery, the stock accumulation of domestic lead ingots is expected to continue to be realized, and the storage capacity of Jiangsu and Zhejiang markets is tight. At present, the peak season of market consumption is late, and the downstream rigid demand is purchased, and the stock is expected to continue to be realized. However, overseas lead ingots remain out of stock, and the macro atmosphere is relatively warm. The export window of recycled lead may slowly open or ease inventory pressure. At night, we will pay attention to whether Lun lead continues to strengthen in Europe.

[brief Review of lead in SMM period] during the day, Shanghai lead rose in late trading and focused on the first-line target of 15850 yuan / ton at night.

In terms of tin, after the recovery of overseas manufacturing, the rapid recovery of the electronics industry in Europe, the United States, Japan and South Korea has led to a sharp increase in overseas demand. at present, only the current domestic export volume is difficult to meet overseas demand, coupled with the structural tin to maintain a high level of water. Lunxi is easy to rise and hard to fall. After Yunxi overhaul, the domestic tin ingot supply is blocked for a short time, coupled with the social inventory continues to decline, low inventory + spot water + Back structure indicators show that the fundamentals of tin ingots to the consumer side are strong. In terms of mining, the weakening of short-term demand caused by Yunnan tin maintenance has not led to a rise in domestic mining processing fees, indicating that the current tin supply is still tight, so domestic tin prices are easy to rise and difficult to fall.

[SMM Analysis] Shanghai and tin set a new high and focus on the performance of the pressure level in the downstream spot market in an all-round way.

In terms of black series, the thread rose 2.93%, the hot coil rose 3.24%, the coking coal was flat, the coke fell 0.06%, the iron ore rose 2.84%, and the stainless steel rose 2.15%. In terms of threads, in the short term, the steel market has the potential to rise under the continuous stimulation of production restriction rumors, but the uptrend is not sustainable. In the later period, prices will be dragged down by the pressure from raw materials and the off-season effect, showing a trend of pressure and shock operation as a whole. In the later stage, we will continue to pay attention to the follow-up production restrictions.

[SMM Express] the expectation of production restriction and spot demand drive both threaded hot rolls to strengthen.

Crude oil rose 1.3% in the previous period, and international oil prices rose slightly further on Tuesday as ministers of the OPEC alliance of the Organization of Petroleum Exporting countries ((OPEC)) and their allies suspended oil production negotiations on Monday, sparking expectations of tighter oil markets, but fears that member states may start to increase production limit the rise in oil prices.

In terms of precious metals, Shanghai gold rose 0.94%, Shanghai silver rose 0.67%, and international gold prices rose above the psychological level of $1800 an ounce on Tuesday, a three-week high, as demand for gold was boosted by a fall in the dollar, while investors waited for the minutes of the Federal Reserve (FED) meeting in June to clarify monetary policy.

Close during the day

"check the metal futures market.

[stock market closed]

Related readings:

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