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[SMM afternoon Review] demand-side Mengyin iron ore tumbles 6%, non-ferrous metals rise and fall differently.
Jul 22,2021 11:43CST
Translation
Source:SMM
[midday futures] Nonferrous metals were mixed in the morning. At present, the release of the second batch of reserves and floods have a limited impact on futures prices as a whole. By midday trading, Shanghai Copper was up 0.75%, Shanghai Aluminum was up 0.21%, Shanghai Zinc was down 0.72%, Shanghai lead was up 0.95%, Shanghai Nickel was up 0.32%, Shanghai Tin was down 0.61%, and International Copper was up 0.61%. For the black system, the thread fell by 1.59%, the iron ore fell by 6.28%, and the hot coil fell by 2.62%. With the continuous fermentation of reduced production, the iron ore is expected to operate under pressure.
The content below was translated by Tencent automatically for reference.

SMM7 March 22: the rise and fall of non-ferrous metals in the morning, the current second batch of reserves and flood disasters on the overall impact of futures prices is limited. By midday trading, Shanghai Copper was up 0.75%, Shanghai Aluminum was up 0.21%, Shanghai Zinc was down 0.72%, Shanghai lead was up 0.95%, Shanghai Nickel was up 0.32%, Shanghai Tin was down 0.61%, and International Copper was up 0.61%.

In terms of aluminum, affected by the suspension of production at Henan Jiaozuo Aluminum Plant and the news that the second batch of aluminum ingots were slightly lower than expected, Shanghai Aluminum rebounded slightly. Shanghai Aluminum concentrated 19000-19100 yuan / ton in early trading, and spot transactions in East China concentrated 19050-19070 yuan / ton. trading is relatively stable, and consignors are active in high shipments, but inventory continued to decline on Thursday, giving some consignors a driving force to keep the price up, with spot discounts around 20 yuan / ton. Central Plains (Gongyi) feedback, local trading is still in the doldrums, downstream procurement chat, still dominated by middleman transactions, transactions concentrated around 110 yuan / ton discount to East China.

Henan Aluminum Plant stopped production and superimposed two batches of dumping, storage and landing of Shanghai Aluminum rebounded slightly.

Zinc, the second trading session, the market demand has not improved, the spot water is difficult to improve, a small number of transactions, Kirin, Mengzi, Huize quoted for the Shanghai zinc 2109 contract rose 160yuan / ton, Tiefeng rising water 145yuan / ton.

[SMM afternoon Review] Guangdong Zinc: downstream Purchasing shows caution and spot Water goes up and Down again

For the black system, the thread fell by 1.59%, the iron ore fell by 6.28%, and the hot coil fell by 2.62%. According to the calculation of SMM215 Meimei Gold Mine, the rebar profit of domestic long-process steel mill has rebounded to about 309 yuan / ton, and the profit of hot-rolled coil is even as high as 735 yuan / ton; however, it is understood that the increase in steel mill profit is mainly due to the recent rise in lumber prices, but the actual turnover in the finished product market is still less than expected. SMM predicts that iron ore is expected to continue to operate under pressure as the reduced production continues to ferment.

[market changes] Iron ore fell by more than 4% in intraday trading and gave up this month's increase for 2 days in a row.

Crude oil rose 2.73% in the previous period. Oil prices held on to most of last day's gains on Thursday as signs of stronger demand helped offset an unexpected increase in US inventories. Brent crude fell 21 cents, or 0.3 percent, to $72.02 a barrel, up 4.2 percent in the previous session. Us crude fell 18 cents, or 0.3 percent, to $70.12 a barrel, up 4.6 percent on Wednesday.

In terms of precious metals, Shanghai gold fell 1.01%, while Shanghai silver rose 0.97%. Yesterday, the market's venture capital preference changed, US stocks rose collectively, and the dollar index fell 0.2 per cent to 92.8 per cent. The yield on 10-year Treasuries rose above 1.30 per cent in intraday trading. Rising Treasury yields and a continued rebound in US stocks have weakened safe-haven demand and undermined gold's attractiveness as a safe-haven asset.

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