[SMM Daily Review] Shanghai Copper and Shanghai lead rose more than 1%, most non-ferrous red iron ore fell more than 5%, thread pulled up and rose more than 1%.

SMM7 March 22: most of the non-ferrous metals market is red today. By the end of the day, international copper rose 1.14%, Shanghai copper rose 1.13%, Shanghai Aluminum Bank rose 0.53%, Shanghai lead rose 1.24%, Shanghai zinc fell 0.69%, Shanghai nickel rose 0.64%, and Shanghai tin fell 0.42%. In terms of tin, the Shanghai-tin 2108 contract is affected by the joint effect of the active profit-taking transfer contract of long funds and the macro-control pressure on commodity prices in the overall policy of the market atmosphere, so the probability of reducing positions in this high position will gradually increase in the future. In the long run, before there is no fundamental change in the fundamental contradiction between supply and demand, the probability of more shocks is still high.

[brief Review of SMM Tin] the trading performance of Shanghai and Tin in reducing positions in a narrow range is slightly light.

In terms of copper, after a slight rise in the morning market in Shanghai today, the center of gravity focused on a narrow range of 68550 yuan / ton. After the second period, copper prices rose rapidly. After touching a high of 68850 yuan / ton, the center of gravity fell back slightly to around 68750 yuan / ton. In the afternoon, as the bulls entered the market, the center of gravity rose all the way up, pulling up to 69000 yuan / ton at the end of the day, and finally closed at 69000 yuan / ton. Today, the opening of the KDJ line crosses upward, the MACD line maintains the red column, and the solid column passes through the 20-day, 5-day and 10-day moving average. This evening, we will focus on the number of Americans applying for unemployment benefits at the beginning of the week to see if Shanghai Copper can gain upward momentum again.

[brief Review of SMM Copper Futures] the bullish power transferred to the 09 contract and Shanghai Copper once again stood at the 69000 yuan / ton mark.

In terms of lead, spot prices rose again today, with dismal trading of bulk orders in the spot market, delivery of long orders, and a slight expansion of electrolytic lead and recycled lead discounts during the day. Today, road traffic in Henan is gradually recovering, but the accumulation of lead ingots is still slowing down this week, and the lead level may be high during the support period. at night, we still need to pay attention to the first-line pressure level above Shanghai lead.

[brief Review of SMM lead] the main lead bulls in Shanghai once again increase their positions in an attempt to challenge the first-line target of Wanliu.

In terms of zinc, the domestic supply has gradually increased, weakening the market's dependence on imported zinc, and imports have maintained a loss for a long time, but considering that the arrival of Kazakh zinc ingots has been delayed due to logistics and transportation problems, it is expected that the follow-up will gradually improve, and refined zinc imports are expected to rise by about 42000 tons month-on-month or rebound in July. With the recovery of domestic smelter production and the continued inflow of dumping and storage into the market, the demand for imported zinc is expected to be relatively limited in August, and refined zinc imports are expected to fall below 40,000 tons again in August.

[SMM analysis] imports of refined zinc fell sharply in June and may recover in July

For the black system, the thread rose 1.09%, the hot coil fell 0.29%, the coking coal rose 0.02%, the coke rose 0.07%, the iron ore fell 5.32%, and the stainless steel rose 0.11%. In terms of coke, the Shandong coke market is weak and stable, and the market mentality is weak. A new round of environmental supervision team has been stationed in Shandong, and coke enterprises in Weifang, Jining, Heze and other areas are facing inspection and production is unstable, but most coking enterprises maintain early production restrictions, and only a few coke enterprises increase their production limitations. and due to the influence of crude steel reduction and environmental inspection, the production and overhaul of blast furnaces in steel mills has increased, a mainstream steel plant in Shandong continues to suspend receipt of goods, and other steel mills purchase as needed.

[SMM Coke spot Daily Review] there is still room for coke prices to fall after inspection.

The previous period of crude oil rose 3.17%, while international crude oil futures fell in Asian markets on Thursday as U.S. crude oil stocks unexpectedly increased and novel coronavirus infection cases increased threatening demand. However, the expectation that supply will remain tight before the end of the year kept oil prices holding on to most of the previous day's gains.

In terms of precious metals, Shanghai gold fell 0.86%, while Shanghai silver rose 1.16%. International gold prices fell on Thursday, hovering near more than a week's lows, weighed down by a stronger dollar and a rebound in willingness to take risks. Investors are waiting for the ECB policy meeting to be held later today.

"check the metal futures market.

[stock market close] the whole-day trend of the index divides into photovoltaic semiconductors and sets off a stop.

Today, the size index diverged throughout the day, the Prev index closed up 0.34%, the gem index narrowed down by 0.44% in the afternoon, stocks in the two markets rose and fell by half, and the turnover exceeded 1.2 trillion yuan. High-prosperity track stocks such as lithium stocks and semiconductor chips rose throughout the day, while spirits, medicine and medical sectors were sold off. The semiconductor chip industry chain rose sharply, and stocks in the direction of silicone, equipment, photoresist and MCU chips rose sharply. Nanjing University Optoelectronics, Dongyue Silicon, Quanzhi Technology and other companies rose by 20%, China and Micro companies rose by more than 15%, and Huachuang in the North hit 2 consecutive boards. Lithium shares continued to rise, while stocks such as Jiuwo Hi-Tech, Xianfeng Holdings and Mount Qomolangma in Tibet rose by the daily limit, and individual stocks in the LED industrial chain continued to strengthen in the afternoon. San'an Optoelectronics reached an all-time high, with a total market capitalization exceeding 170 billion. Liquor, medicine and medical care and other partial defense plate suffered the abandonment of funds, the reputation of far, Qinghai spring limit. On the disk, silicone, photoresist, iron and steel stocks led the rise, liquor concept, CRO concept, medical concept and other decline in the forefront. As of the close, the Prev index rose 0.34% to close at 3574 points, the Shenzhen Composite Index rose 0.33% to close at 15262 points, and the gem index fell 0.44% to close at 3544 points.

Related readings:

"[concern] the latest tracking of the impact of the metal industry on the severe flood situation in Henan Province

"[SMM Analysis] stainless steel exports hit another record high in June 2021, with an increase of more than 140% year-on-year.

"[Weekly Review of National Aluminum Bar inventory] Aluminum bar inventory decreased slightly by 1200 tons to 119600 tons compared with the previous month.

[SMM analysis] imports of refined zinc fell sharply in June and may recover in July

"[market changes] Iron ore fell by more than 6% in intraday trading and gave up this month's increase for two days in a row.