Metal midday more downside Shanghai aluminum gains narrowed to 1.13% black significant pullback [SMM afternoon review]

Published: Feb 22, 2022 11:53
Source: SMM

SMM, Feb. 22:

The US dollar fluctuated higher today, exerting some pressure on the metal market, and more metals in the inner market fell to varying degrees than earlier trading. Shanghai copper is still the only floating green, closing down 0.48%. Earlier, affected by tensions in Russia and Ukraine, Shanghai Aluminum quickly opened up more than 2%, with an intraday center of gravity exceeding 23000 yuan per ton. Shanghai Aluminum pulled back slightly near midday and closed up 1.13%. Shanghai lead followed with an increase of 0.62 per cent.

Under the influence of geopolitical tensions in Russia and Ukraine, aluminum futures in and out of the market soared in early trading today, Lomalco reached a 13-year high of US $3342 / ton, Shanghai Aluminum weighted more than 20, 000 positions, and the main contract stood at 23000 yuan / ton again.

"the situation in Russia and Ukraine raises supply concerns. Lun Aluminum has reached a new high in more than 13 years [SMM Review]

There was an obvious pullback at noon in black. The thread hot coil changed from rising to falling near midday, with the hot coil down 0.31% and the thread slightly down 0.04%. Although iron ore has succeeded in stabilizing the previous rally, its increase has also significantly narrowed to 2.19 per cent. Stainless steel rose by 0.64%. Shuangjiao also failed to escape the fate of falling, coking coal directly fell by more than 0.2% from rising to falling, and the increase of coke narrowed to 0.36%.

The performance of the outer plate metal is slightly lower than that of the inner plate. As of around 11:30, Lun copper and lead have recorded varying degrees of decline. With an increase of 1.42 per cent, Lunxi took second place with an increase of 0.67 per cent.

As for copper, today, the spot price of electrolytic copper in North China is quoted as a discount of 260 yuan / ton to that month's contract, with an average discount of 200 yuan / ton, which is 20% lower than that of the previous trading day. The transaction price is 70840-71100 yuan / ton, and the average price of 70970 yuan / ton is 340 yuan / ton lower than that of the previous trading day. Copper prices are fluctuating at low levels today.

"consumption weak superposition of imported copper shocks North China rising water continues to weaken [SMM North China Copper spot]

"Click to view the price of SMM copper products.

In terms of zinc, the mainstream turnover of zinc ingots in Tianjin market was 24670 yuan 24890 yuan / ton, Zijin was sold at 24690 yuan 24910 yuan / ton, Huludao was quoted at 27150 yuan / ton, zinc was generally quoted as a discount of 500.80 yuan / ton to 2203 contract, and the discount of Zijin to 2203 was around 300.60 yuan / ton, and the discount in Tianjin was 100yuan / ton higher than that in Shanghai.

Tianjin Zinc: today's Zinc Price rose slightly and the spot Market obviously weakened [SMM afternoon Review]

"Click to view the price of SMM zinc products

Tin, today Shanghai tin main contract slightly higher and lower, closing at around 338500 yuan / ton at noon, funds to maintain the state of departure. Early trading upstream smelter quotation differences slightly increased, non-deliverable brand manufacturers quoted water on the low side and individual manufacturers to increase the price gap. The number of quoting merchants in the market remained at a high level in early trading, but according to feedback from merchants, the overall shipping performance of the market today was poor.

"spot tin prices have been quoted at a discount in the weak market [SMM afternoon Review]

"Click to view the price of SMM tin products

Nickel, throughout the recent metal items market, the performance of nickel futures is particularly outstanding, Shanghai nickel "five consecutive rises", Lunni today hit a new high and "six consecutive gains". The conflict between Russia and Ukraine is an important chord that affects the sensitive nerves of nickel in the future. Russia, as a source of Russian nickel, is worried that the market may affect Russian nickel imports. As of around 10:15, Shanghai nickel rose 0.21% to 178650 yuan / ton, while Lunni rose 0.52% to US $24493 / ton.

"the conflict between Russia and Ukraine raises concerns about Lenny reaching a new high [SMM Express]

"Click to view the price of SMM nickel products

In crude oil, oil prices jumped more than $2 on Tuesday, a seven-year high. The escalation of tensions between Russia and Ukraine has triggered market concerns about the supply of oil in the market.

For precious metals, spot gold prices rose to a nearly nine-month high on Tuesday as rising tensions in Russia and Ukraine boosted demand for safe-haven 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 aluminum products

"Click to view the price of SMM lead products

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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