SMM Daily Comments (Mar 9): Base Metals Mostly Closed with Losses even as US Dollar Fell_SMM

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Home / Metal News / Copper / SMM Daily Comments (Mar 9): Base Metals Mostly Closed with Losses even as US Dollar Fell

SMM Daily Comments (Mar 9): Base Metals Mostly Closed with Losses even as US Dollar Fell

Mar 9, 2023 15:52

CST

Source:SMM

Today, the U.S. dollar index and crude oil fluctuated slightly. As of 15:17 CST, the U.S. dollar index fell 0.14%, while WTI crude oil and Brent crude oil rose about 0.05%.

SHANGHAI, Mar 9 (SMM) - Today, the U.S. dollar index and crude oil fluctuated slightly. As of 15:17 CST, the U.S. dollar index fell 0.14%, while WTI crude oil and Brent crude oil rose about 0.05%.

As of the close of the intraday session, SHFE copper rose 0.49%, SHFE tin fell 2.65%, SHFE nickel fell 0.66%, SHFE zinc fell 0.37%, SHFE aluminium fell 0.08%, and SHFE lead fell 0.03%.

Rebar and HRC rose by about 1.4%, iron ore rose by 0.6%, stainless steel fell by 0.44%, and coking coal and coke fell by about 0.6%.

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In the spot market, Jinchuan nickel was quoted at premiums of 6,500-7,000 yuan/mt as of September 14, averaging at 6,750 yuan/mt, which was down 1,150 yuan/mt from the previous trading day.

Sep 14, 2022 11:26 timezone

CST

SMM Comments

Spot Prices of Pure Nickel Fell Slightly, with No Significant Improvement in Transactions

Data: SHFE, DCE market movement (Sep 13)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Sep 13, 2022

Sep 13, 2022 15:21 timezone

CST

Data Analysis

Data: SHFE, DCE market movement (Sep 13)

Copper Prices Remained High Supported by the Tight Spot Supply in China and Overseas

On the macro front, since the US Fed Chairman Powell delivered a hawkish speech at the central bank meeting, other Fed officials conveyed their anti-inflation stance and determination.

Sep 13, 2022 13:02 timezone

CST

SMM Insight

Copper Prices Remained High Supported by the Tight Spot Supply in China and Overseas

MMi Daily Iron Ore Report (September 9rd)

DCE iron ore futures rose largely by 3.74% today, the main contract closed 720.5. some traders were active to sell, Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high.

Sep 9, 2022 18:05 timezone

CST

Data Analysis SMM Comments SMM Insight

MMi Daily Iron Ore Report (September 9rd)

Zinc in Tianjin: Transactions Were Modest as Downstream Enterprises Purchased on Dips

At the beginning, as the premium in Tianjin rose slightly amid falling zinc prices, traders actively made shipments and downstream enterprises purchased on dips.

Sep 8, 2022 14:10 timezone

CST

SMM Comments

Zinc in Tianjin: Transactions Were Modest as Downstream Enterprises Purchased on Dips

Pure Nickel Premiums Rebounded amid Supply Tightness, and Stainless Steel Mills Ramp up Purchases of NPI

For alloy, nickel plate inventory dropped significantly last week maid improving order book, but the demand weakened again amid rising premiums. To sum up, pure nickel supply tightened to some extent recently, offering support to nickel prices in the near term.

Sep 6, 2022 10:36 timezone

CST

SMM Insight

Pure Nickel Premiums Rebounded amid Supply Tightness, and Stainless Steel Mills Ramp up Purchases of NPI

MMi Daily Iron Ore Report (August 30rd)

DCE iron ore was was shocked and keep downaward all the day.The main contract closed at 682,decreased of 5.01%. Traders are generally motivated to ship.

Aug 30, 2022 18:11 timezone

CST

Data Analysis SMM Comments SMM Insight

SMM Evening Comments (Aug 29): Shanghai Nonferrous Metals Closed with Losses amid Extending Tight Monetary Policy Orientation

Shanghai nonferrous metals closed with losses as the market players were still weighing the hawkish speech from Fed Chair Powell last Friday, indicating that the tight monetary policy is needed for some time. And ECB management committee Kazaks also said the ECB should raise interest rates by at least 50 basis points in September.

Aug 29, 2022 18:00 timezone

CST

SMM Comments

SMM Evening Comments (Aug 29): Shanghai Nonferrous Metals Closed with Losses amid Extending Tight Monetary Policy Orientation

Peruvian Ministry of Economy and Finance: Copper Prices to Fall to $3.40/lb in 2023

On Thursday, the Ministry of Economy and Finance of Peru predicted that copper prices might drop from $3.90/lb on average this year to $3.40/lb in 2023. Peru is the second largest copper producer in the world.

Aug 26, 2022 10:53 timezone

CST

Industry News

Peruvian Ministry of Economy and Finance: Copper Prices to Fall to $3.40/lb in 2023

EMM Plants Held their Prices Firm Because of the High Bid Prices

On August 24, the average price of spot EMM in the main producing regions across China stood at 14,500-14,700 yuan/mt, up 100 yuan/mt from the previous trading day.

Aug 24, 2022 17:33 timezone

CST

SMM Comments

EMM Plants Held their Prices Firm Because of the High Bid Prices

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