Iron ore continued to fall by more than 4.7% at the beginning of the metal session [SMM Review]

SMM Sept. 17: the dollar fluctuated upwards in early trading. Yesterday, retail sales in the United States unexpectedly increased in August, partly alleviating concerns about a sharp slowdown in economic growth and boosting the dollar. The focus of the market turned to the two-day policy meeting, which ends next Wednesday, waiting for news that the Fed is expected to scale back its stimulus measures.

Domestically, metal trading was mixed at the beginning. As of 09:30, Shanghai copper and nickel were down more than 1 per cent, while Shanghai tin was up more than 1.1 per cent. Black, stainless steel continued to rise yesterday, Shuangjiao fell more than 2%, iron ore continued to fall more than 4.7%. Overall, at about 09:30, the performance of the outer disk was significantly better than that of the inner disk, with the exception of Lun aluminum and Lunxi falling slightly, the rest of the outer disk metals recorded varying degrees of rise.

On the copper side, macroscopically, an unexpected increase in US retail sales in August, announced last night, partly allayed fears of a sharp slowdown in economic growth. At the same time, strong sales data led to more bets that the Fed might speed up its bond purchases, reviving investor caution, boosting the dollar index and easing copper performance in night trading. On the spot side.

Us Retail data unexpectedly increased overnight US Index rose and Copper closed down [minutes of SMM Copper Morning meeting]

"Click to view the price of SMM copper products.

Aluminum, yesterday, Guizhou, Guangdong, Jiangsu and other places are rumored to have encountered power restrictions and production restrictions. The upstream aspect involves electrolytic aluminum and alumina plants in Guizhou. Downstream, the current feedback of large-scale processing enterprises is relatively small, and the enthusiasm of stock preparation before the Mid-Autumn Festival has been improved, and the impact of power constraints is temporarily limited. On the inventory side, stocks of social aluminium ingots were up 15000 tonnes from last week, but down 5000 tonnes from Monday. Shanghai Aluminum is expected.

"Guizhou, Guangdong and Jiangsu are affected by power cuts and Shanghai Aluminum maintains interval shocks [minutes of SMM Aluminium Morning meeting]

"Click to view the price of SMM aluminum products

In terms of lead, overnight, on the eve of the Fed meeting, the market expected the United States to scale back its stimulus measures next week, bearish LME non-ferrous metals, superimposed recent LME lead stocks began to accumulate slightly, Lun lead led the decline. Overnight, Shanghai lead bulls reduced their positions to avoid risk, and on the last trading day before the festival, they paid attention to whether Shanghai lead could temporarily stop falling and stand firm at the front line of 14500 yuan / ton. It is expected that today.

Overnight lead both weakened yesterday spot lead prices briefly stopped falling and trading improved [minutes of SMM lead Morning meeting]

Zinc, overnight Lun zinc recorded a positive column, the daily k center of gravity rose slightly, the upper Bollinger Road on the track to form a long-term suppression. Overnight LME inventory fell 1250 hands, or 0.55%, to 227550 hands. Us retail sales unexpectedly rose 0.7 per cent in August, spurring a short-term rise in the dollar index. The number of initial jobless claims in the United States rose more than expected last week, as the hurricane led to a significant rise in unemployment in Louisiana. Overnight, Shanghai zinc recorded a big positive pillar, opened high and walked high, touching a new intraday high of 22805 yuan / ton, which was supported by the middle track of Brin Road. In terms of fundamentals, in the near future, the State Grain and material Reserve Bureau will continue to carry out follow-up zinc reserve work according to market supply and demand and price trends, and the room for zinc prices to rise may be limited.

"the State Reserve Bureau may continue to put in reserve zinc and zinc prices to rise or be limited [minutes of SMM Zinc Morning meeting]

"Click to view the price of SMM zinc products

In terms of iron and steel, the domestic coke market was stable and strong yesterday. At present, mainstream steel mills have accepted the coke price increase of 200 yuan per ton, and the eleventh round of increase has basically landed, with a cumulative increase of 1560 yuan per ton. The profits of coke enterprises have recovered slightly, and their production enthusiasm is relatively high. All provincial coke enterprises are affected by environmental protection inspection, high production costs and other factors. Most coke enterprises are limited in production, and coke output has decreased significantly. Affected by typhoon and other extreme weather, the arrival of some southern steel mills is not good, inventory is low, and even some steel mills are forced to limit production, so the demand for replenishment of steel mills is still strong, and coke is actively purchased. The domestic coking coal market continues to operate steadily.

Iron ore shock downward black demand recovery price shock consolidation [minutes of SMM Steel Morning meeting]

"Click to view the price of SMM steel products

As of 09:30, the metal futures market:

"Click to see more SMM metal prices.