Metal strengthened at midday, crude oil rose sharply, iron ore rose more than 9% [SMM midday review]

SMM3 March 3: the US dollar continued to fluctuate upwards in intraday trading today, and the metal market rose one after another. In terms of inner metal, only Shanghai lead concussion fell slightly, down 0.74%. Shanghai aluminum rose after rising, rising 3.29%. Intraday trading reached its highest level since October 20, 2021. Shanghai zinc rose for the fourth day in a row, up 2.59%. Shanghai copper rose 1.38%, Shanghai tin and Shanghai nickel fluctuated up, Shanghai tin rose 0.57%, Shanghai nickel rose 0.95%. The outer plate metal rose across the board, Lun Zinc and Lun Ni pulled up, both rose more than 3%, Lun Copper and Lun Al rose strongly, up more than 1%, and Lunxi and Lunxi fluctuated slightly.

The black series rose at noon, pulled up one after another in midday, and the increase continued to expand. Iron ore rose by more than 9%, hot coil and stainless steel by more than 2%, and thread by more than 1%.

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. The average discount price is 180 yuan / ton, which is 10 yuan / ton lower than that of the previous trading day. The transaction price is 72120-72470 yuan / ton, and the average price is 72295 yuan / ton up 980 yuan / ton compared with the previous trading day. Copper prices rose sharply today, and the overall trading center of gravity shifted significantly higher than the previous trading day.

"after the continuous surge in copper prices, the downstream is followed by a rising desire to be low [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 25,750,26060 yuan / ton, Zijin was sold at 25890,26150 yuan / ton, Huludao was quoted at 28330 yuan / ton, zinc was generally quoted as a discount of 90,140 yuan / ton to 2204 contract, Zijin to 2204 contract discount was around 60,110 yuan / ton, and the discount in Tianjin was 40 yuan / ton higher than that in Shanghai.

Tianjin Zinc: the price of zinc has risen too much today. Traders shipped from Foshan [SMM afternoon Review]

"Click to view the price of SMM zinc products

Tin, the main contract trend of Shanghai tin rebounded slightly today, closing at around 341500 yuan / ton at noon, with a small amount of funds leaving the market. During the morning trading, the price gap of the upstream smelter has narrowed as a whole around the delivery month contract, only a few enterprises have a strong willingness to raise the price. During the morning trading, the number of quotes from merchants decreased significantly, and very few people made light inquiries on the basis of market feedback.

"Tin prices rise slightly and the market transactions are deserted [SMM tin afternoon review]

"Click to view the price of SMM tin products

In crude oil, oil prices continued to rise on Thursday, with Brent crude futures breaking through the $118-a-barrel mark, the highest level since February 2013, up 4.6%. Us WTI crude oil futures rose more than 3.6 per cent to $114.70 a barrel, the highest level since May 2011. SC crude oil closed the limit again today, and the OPEC meeting in March maintained the existing production policy (that is, an increase of 400000 b / d) without additional production, which continued to raise concerns about a shortage of crude oil supply and spurred international oil prices to rise again. After the escalation of the conflict between Russia and Ukraine and the imposition of key sanctions on Russia by Europe and the United States, the risk of Russian oil supply failure is increasing and has affected the spot market. Buyers have taken the initiative to avoid Russian crude oil, and physical crude oil has remained tight recently.

In terms of precious metals, precious metals prices continued to rise today, as Russia and Ukraine did not make any progress in the first round of negotiations, risk aversion repeatedly supported precious metals prices. But the dollar index rose and Federal Reserve Chairman Colin Powell said it was appropriate to raise interest rates in March and would start to shrink after the first rate hike, while hawkish statements limited the room for a rebound in precious metals prices.

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

"Click to view the price of SMM nickel products