SMM8 March 17: most of the LME metal market is red today. As of around 09:30, Lun Copper, Lun Aluminum, and Lun Ni rose nearly 0.1%, Lunxi rose nearly 0.2%, Lunxi rose nearly 0.5%, Lun lead fell slightly. Domestically, international copper fell nearly 0.9%, Shanghai copper fell nearly 0.8%, Shanghai aluminum and Shanghai lead fell nearly 0.3%, Shanghai zinc rose nearly 0.7%, Shanghai nickel fell nearly 0.2%, and Shanghai tin rose nearly 1.3%. In China, international copper fell nearly 0.9%, Shanghai copper fell nearly 0.8%, Shanghai aluminum and Shanghai lead fell nearly 0.3%, Shanghai zinc rose nearly 0.7%, Shanghai nickel fell nearly 0.2%, and Shanghai tin rose nearly 1.3%. For the black system, the thread fell nearly 0.7%, the hot coil fell nearly 0.2%, the coking coal fell nearly 1.8%, the coke fell nearly 0.7%, the iron ore rose nearly 0.2%, the stainless steel rose nearly 0.4%, the last period crude oil fell nearly 0.2%, Shanghai gold rose nearly 0.7%, and Shanghai silver rose nearly 0.3%.
Among them, zinc, overnight Lun Zinc recorded a long shadow line cross line. Overnight LME inventory fell 3900 tons to 235800 tons, while LME inventory remained out of stock. Overnight, the zinc in Shanghai jumped high, and the opening of MACD index expanded upward. According to the SMM survey this week, the power restriction in Guangxi, Hunan and Yunnan is more relaxed than in the previous period, but the overall impact in August is still greater than the previous forecast. It is estimated that the output of zinc ingots in August is 494400 tons, and the supply is still in a state of shortage. With the seasonal recovery of downstream start-up, zinc consumption will rise month-on-month, and zinc ingot inventory is expected to remain low.
In terms of iron ore, some blast furnaces in Jiangsu steel mills were cut and overhauled yesterday, and hot metal production is expected to continue to decline; according to SMM tracking data, domestic blast furnace overhaul affected hot metal continued to rise 31% to 372000 tons month-on-month this week. After the recent continuous decline in iron ore prices, the spot price of the mainstream powder ore port of imported ore has fallen to a low level in nearly four months this year. However, under the influence of production restrictions, the good performance of steel prices has driven the profits of steel mills to remain high, and the demand for iron ore in some unrestricted steel mills is still there, and the decline in iron ore prices is expected to be postponed in the short term.
As of 09:30, the status of contracts in the metals and crude oil markets:
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"[SMM Metal Morning reference] China data is less than expected to dampen the popularity of Shanghai Copper to below 70, 000. | Shanghai Tin surged by more than 1% again.
[minutes of SMM Copper Morning meeting] Macro-mood, copper pressure fell during the cold period, and attention was paid to the spot transaction on the first day of the change of month.
[summary of SMM Aluminium Morning meeting] domestic economic data fell across the board in July to sort out the high positions of Shanghai Aluminum Co., Ltd.
[minutes of SMM lead Morning meeting] the National standing Committee requires that the market should ensure supply and stabilize the price of lead or give priority to consolidation.
[minutes of SMM Zinc Morning meeting] Zinc prices strengthen again and pay attention to the macro situation
[minutes of SMM Nickel Morning meeting] Nickel prices fluctuate at high levels and spot transactions are weak. Follow-up focus on nickel pressure during the follow-up period.
[view of SMM Iron and Steel Morning meeting] the decline of iron ore has been suspended during the period of resonance, and the divergence of multi-air in the downward direction has intensified.
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