[SMM afternoon Review] Shanghai Zinc rose 3.8%. Shanghai Copper rose nearly 2%. Non-ferrous red hot roll coking coal rose more than 1%. Black rose across the board.

SMM7 March 9: most of the non-ferrous metals market is red this morning. By midday trading, Shanghai zinc rose 3.87%, Shanghai copper rose 1.93%, Shanghai lead rose 1.42%, Shanghai aluminum rose 1.32%, Shanghai nickel fell 0.15%, and Shanghai tin fell 0.6%. With regard to zinc, Teck Resources announced on the 7th that on July 3, 2020, one of the two main transport barges in the Red Dog mine loading port broke down, and the loading barge of the second transport barge in the port had been tested, and the second transport barge was able to maintain normal operation, which did not cause related personnel injury or environmental impact. However, this incident will affect the pace of its shipment. according to Teck resources, the maintenance of the faulty barge will be completed in the next 4 weeks, and the shipment of the, Red Dog mine will be carried out in the next 7 days under the condition that only one shou barge is put into operation, which will affect the delivery time to customers. However, Teck Resources believes that despite such mechanical accidents, the, Red Dog mine is expected to ship all its products within the shipping season unless there is unforeseen bad weather. Red Dog Mine is one of the top ten zinc mines in the world, with an annual output of 552400 tons in 2019. Overall, the production of, Red Dog mine has not been affected, only mine shipments have been affected, the impact on zinc prices is limited, but in the context of a sharp rise in market risk appetite, this event constitutes an emotional positive for the zinc market.

In terms of black, thread rose 0.9%, hot coil 1.12%, stainless steel 0.11%, coke 0.55%, coking coal 1.75%, iron ore 0.75%. Driven by the strong domestic financial market, steel prices rose across the board, and downstream steel enterprises also sold volume. Spot transactions also boosted confidence. Since the beginning of this week, the stock market has risen sharply and market sentiment has picked up somewhat. The news that the Brazilian president has unfortunately infected the new crown has made the market worry about the contraction of the ore supply side and rekindle the enthusiasm for the ore to be long. At present, the contraction at the supply side of steel mills is still continuing. On the demand side, the market is generally worried that the rainstorm and the college entrance examination will affect the release of short-term demand, but from the actual transaction data, the release of demand is not pessimistic. Driven by strong futures, traders are enthusiastic about replenishment. The trading volume of building materials in the past two days is more than 250000 tons. Once the late weather comes out, demand is expected to recover strongly.

Crude oil fell 0.1 per cent in the previous period, while US oil closed higher on Wednesday as US gasoline consumption showed signs of recovery, but rising crude oil inventories and rising cases of coronavirus infections limited the rise in oil prices. Recently, there has been a surge in coronavirus infections in the United States, bringing the total number of cases in the United States to more than 3 million, reducing hopes of a rapid recovery in oil demand. Oil demand has been hit by global blockades to prevent the spread of the virus. Key OPEC+ ministers, including OPEC, Russia and other oil producers, are scheduled to meet next week to discuss a record deal to cut production. Under the current arrangement, the production reduction agreement will last until the end of July, and then the production reduction will begin to shrink.

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Today's spot

Copper:

Aluminum:

Lead:

Zinc: the mainstream turnover of zinc ingots in Tianjin market was 17500 RMB17540 / ton, Zijin was traded at 17600MUE 17630 yuan / ton, Huludao was quoted at 18830 yuan / ton, Zine zinc was generally quoted around 100yuan / ton to 110yuan / ton for 2007 contract, Zijin was quoted around 200yuan / ton for July contract, and the Tianjin stock market was kept at around 60,000,000 yuan / ton compared with Shanghai stock market. Today, the price of zinc in Shanghai rose sharply, and the spot market lowered the discount quotation, and the price was relatively uniform. The ordinary brand Bering News quoted a rise of 100 yuan per ton for the 07 contract, and Hongyi quoted a rise of 110 yuan per ton for the 07 contract. Chi Hong quoted a rise of 100 yuan per ton for the 07 contract, and the high-priced brand Zijin quoted a rise of 200 yuan per ton for the July contract. Baiyin Bao quoted a rise of 120 yuan per ton for the 07 contract, and Yunxi quoted a rise of 80 yuan per ton for the 07 contract. West Mining (delivered) quoted 60 yuan / ton of water for 07 contract, Sihuan (delivered) quoted 60 yuan / ton of water for 07 contract, Japan Zinc News quoted 100 yuan / ton of water for 07 contract, and Harbin Zinc (including depot) quoted 60 million yuan / ton of water for 07 contract. Today, zinc prices rose sharply, absolute prices rose sharply, traders lowered their discount quotations, but it was difficult to ship, and some traders suspended shipments; downstream, the market rose sharply today, downstream wait-and-see, almost no intention to buy. On the whole, there are few transactions in Tianjin market today. Zinc ingots traded at around 17430 Mill 17470 yuan per ton.

Nickel:

Tin: spot market. Today's quotation is 139500 won 141500 yuan / ton. The center of gravity of tin noodles in Shanghai today has moved down compared with yesterday morning, and the average net price has been reduced by 250 yuan / ton. Although the spot price of tin in Shanghai has declined, it is still at a high level, and the downstream willingness to receive goods remains at a general level and just needs to be purchased. Traders have a strong willingness to ship goods and low willingness to receive goods. The overall trading atmosphere in the spot market is generally weak. In terms of the liter discount, the Shanghai tin 2008 contract suites Yunxi 500 won 1000 yuan / ton, Yunzi level up to 500 yuan / ton, and small brand discount 1000 yuan / ton.

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