SMM12 March 17: the US dollar fluctuated upward in midday trading today, while the inner metal market closed higher across the board. Shanghai zinc has been rising rapidly since last night, and although the rally slowed near midday today, it still led the inner market with a rise of 3.63 per cent, followed by more than 2.75 per cent for Shanghai Nickel and 2.7 per cent for Shanghai Aluminum. Shanghai copper, Shanghai lead, Shanghai and tin are up more than 1.8%.
Black, with the exception of stainless steel slightly down 0.28%, the rest of the varieties are floating red, iron ore near midday slightly pullback, the increase narrowed to 1.88%. In terms of double coke, coking coal rose by more than 3.2% and coke by 0.88%.
The performance of the outer plate metal was slightly lower than that of the inner plate, and Lun copper only fell, falling by 0.11% as of 11:30, while Lun aluminum rose the most, up to 1.03%. Lun Zinc pulled back at midday today after a sharp rally yesterday, up about 0.32%.
In terms of copper, copper prices remained high and volatile today, and the overall trading center of gravity shifted significantly higher than the previous trading day. On the spot side, copper prices have risen sharply for two days in a row. Downstream, after two days of replenishment, the willingness to continue to catch up today is not strong. The holder must reduce the price if he wants to ship the goods, and the lowest price can be heard with a discount of 100.
"after the copper price soared, the downstream replenishment was not good. The holder of the copper shipped at a reduced price [SMM North China Copper spot].
"Click to view the price of SMM copper products.
In terms of aluminum, driven by the single order at the end of the year downstream, the removal speed of aluminum ingots remains relatively high, giving aluminum prices a short-term pull up kinetic energy, and some bulls concentrate on entering the market, driving Shanghai aluminum to rise by more than 2% in a day, and the transaction center of gravity rises to more than 19500 yuan / ton. East China spot transactions focus on the expansion of the discount to the disk, the actual transaction discount to the market around 100 yuan / ton.
"going to the Treasury leads to the recovery of bulls. Shanghai Aluminum rose by more than 2%.
"Click to view the price of SMM aluminum products
Tin, spot market: the overall quotation of upstream smelters has been slightly raised. According to the feedback, the overall shipping performance of traders is poor, and individual merchants are slightly better than the average market performance due to low quotations. Downstream enterprises are still based on on-demand procurement, taking into account the previous price drop in centralized procurement, next week deliverables into the market and other factors, short-term demand may be low.
"Shanghai and tin continued to rebound and the market turnover was light [SMM afternoon review]
"Click to view the price of SMM tin products
In crude oil, oil prices fell on Friday, and while the weaker dollar supported the entire commodity market, there were fears that new curbs could hit fuel demand as cases of Omicron variants surged. Uncertainty in demand is a drag on oil prices.
For precious metals, spot gold prices were flat on Friday, but are on track for the biggest weekly gain since mid-November. The dollar weakened after the Federal Reserve decided to withdraw its stimulus measures during the epidemic, supporting the price of gold.
By the close of noon, the contracts in the metals and crude oil markets were as follows:
"Click to see more SMM metal prices.
"Click to view the price of SMM zinc products
"Click to view the price of SMM lead products
"Click to view the price of SMM nickel products
