Strong outside and weak Lun Aluminum 3% led Shanghai Aluminum 4.31% to lead the decline of the black belt in the inner disk [SMM Review]

SMM3 on March 9, the US dollar continued to decline in early trading today, while crude oil continued to rise in early trading due to the news that the United States had banned the import of Russian oil.

Metal inner trading fell this morning. Shanghai nickel rose by the limit for two days in a row, and Shanghai tin rose 6.46% to remain strong. Other plates are floating green downward, Shanghai aluminum at the beginning of the decline than overnight narrowed, down 4.31% led the decline in non-ferrous metals plate, Shanghai zinc fell 1.41%, Shanghai copper, Shanghai lead slightly lower.

Black mixed, only stainless steel is still strong, slightly up 0.65%, thread continued to vibrate, as of 09:35 slightly fell 0.08%. Iron ore and hot rolls fell nearly 1%. Shuangjiao continued to rise, with coking coal up 1.6% and coke up 0.61%.

The outer disk was red across the board, with Renni rising at 0.01 per cent after LME issued a suspension of trading. Lun Aluminum led the outer plate up by 3%, Lun Zinc rose 2.12%, Lun Xi and Lun Pb rose more than 1%, 1.67% and 1.32% respectively, and Lun Copper rose slightly by 0.93%.

As of 9:35:

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Summary of SMM Copper Morning meeting: there is still uncertainty in the macro situation. Copper prices rise and fall greatly under the interference of market sentiment.

From a fundamental point of view, domestic electrolytic copper production in February was 835700 tons, up 1.7% from a year earlier, and is expected to be 865900 tons in March, an increase of 0.6% over the same period last year. However, consumption is obviously suppressed by high copper prices this year. The warming in downstream consumption triggered by a brief drop in prices is not sustainable. "check the details.

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Summary of SMM Aluminium Morning meeting: the growth rate of domestic electrolytic aluminum resuming production is not confident enough. Shanghai Aluminum is overweight by 5%.

Domestic electrolytic aluminum supply side resumes production and increases speed, and operating capacity is expected to return to the same period last year in May. In addition, recent high aluminum prices have inhibited some downstream starts, and domestic aluminum ingot inventory has continued to accumulate. Domestic aluminum ingot inventory recorded 1.144 million tons on 3.7 days, a new high in more than 10 months, according to SMM data. "the bearish factors that have been accumulated have been released in recent days."

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Minutes of SMM lead morning meeting: capital changes remove lead price trend or return to fundamentals

Fundamentals, the non-ferrous metal funds game farce represented by nickel, finally ended with the cancellation of nickel trading on the same day by the Lun Exchange, and the trend of non-ferrous metals mostly returned to rationality, lead, good news such as geopolitics and the implementation of value-added tax on waste batteries has basically played a role in lead prices, while lead ingots inventory has risen again, and the current basis is more than 300 yuan / ton, which is expected to return to fundamentals, and lead prices show a trend of rising and falling in the short term. It is expected to be today. "check the details.

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Summary of SMM Zinc Morning meeting: repeated horizontal jumps in zinc prices are more risky in the short term.

From a macro point of view, both sides of the nickel price long and short staged an epic war to force the position, while after the sharp rise in nickel price, there are certain problems in the capital side of the non-ferrous plate, and the huge disturbance in the capital side or one of the important reasons leading to the rise in zinc prices still has the risk of withdrawal. Fundamentally, the Hu / Lun ratio has led to the full opening of the domestic export window, but the recovery of domestic consumption is slow. Even though the Winter Olympic Games are over, we have not yet seen going to the treasury, or will. "check the details.

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SMM tin morning news: Shanghai and tin low opening amplitude to expand funds to maintain exit risk

On the market trend, Huxi opened sharply lower after the opening of the night trading yesterday, and then the trend around the opening price fluctuated sharply and then stabilized gradually, and then the price remained in the narrow horizontal trading near the opening price. The total amount of funds continued to maintain a substantial departure state. To sum up, market sentiment has cooled slightly at this stage, and the current high price of tin suppresses demand. "View details

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Summary of SMM Nickel Morning meeting: during the fund game period, there is little liquidity in the spot market with the ups and downs of the nickel market.

According to SMM, LME divorced from the actual price trend and the import loss caused by the internal and external price difference made the nickel market into a priceless situation yesterday, with a strong wait-and-see mood in the market. However, from the fundamental analysis, the supply-side reduction caused by the current conflict between Russia and Ukraine is expected to remain, and LME-denominated nickel products can not enter China under the current ultra-high import losses. The mismatch of production capacity structure makes it impossible for nickel products to enter China and cannot be digested overseas. So. "View details "Click to view the price of SMM nickel products

Summary of SMM Iron and Steel Morning meeting: steel companies replenish the stock and actively raise and land coke for three rounds.

On the demand side, the enthusiasm of steel mills to start work is high, the demand for coke procurement is good, and the inventory of some steel mills is low, and the replenishment efforts are strengthened. Although some steel mills have entered the furnace state due to the influence of environmental protection policies during the two sessions, the production limit cycle is relatively short and has little impact on coke demand. On the raw material side, the NDRC recently issued a notice to further improve the price formation mechanism of the coal market, guiding coal prices to operate within a reasonable range, but at present, coking coal stocks in coal mines are low and downstream demand continues to increase, supporting some coal prices to continue to rise. Generally speaking, the demand of steel mills has not decreased, the enthusiasm of replenishing the stock is higher, and the shipping situation of coking enterprises is better, which is expected to be in the short term. "View details

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