[SMM afternoon Review] most of the non-ferrous metals fell in the negative. Shanghai and tin bucked the trend by 1.49%, limiting production and strengthening iron ore fell by more than 2%.

SMM9 March 23: most of the non-ferrous metals market fell slightly in the morning, while Shanghai tin rose 1.49% and Shanghai lead rose 0.91%. Other metals, shanghai copper, shanghai aluminum, shanghai zinc and shanghai nickel fell 0.35%, 1.1%, 0.83% and 0.17%, respectively. On the tin side, there has been no major change in supply and demand, but it is reported that Myanmar's supply has been disrupted, tin processing fees are still on the low side, and supply-side support for futures prices remains. Shanghai tin futures prices are obviously stronger today, but they are not out of the shock range. In terms of nickel, from a fundamental point of view, domestic nickel ore inventories are still low, the tight pattern of nickel ore supply has not been alleviated, while the Philippines is about to enter the rainy season, ferronickel factory stock enthusiasm is high, coupled with the tightening of nickel ore supply still has a certain support for nickel prices.

The decline of black iron ore widened in the morning, and the steel fluctuated in a narrow range. The Tangshan Municipal Government issued a notice on further tightening Control measures yesterday. Due to the poor air quality from September 23 to 30, the government decided that on the basis of implementing the Tangshan Air quality Assurance Plan for August to September 2020, and on the premise of ensuring safety, strict control measures will be tightened from 20:00 on September 22, with further notice for lifting. And asked this notice issued after the implementation, September 18 issued "on further tightening controls and measures" to stop the implementation of "Tangshan further tightening control measures iron ore fell again under pressure." On the steel side, although the overseas market fluctuates overnight, the unexpired spiral appears to be relatively resistant, paying attention to the expected release of pre-festival replenishment after the short-term mood stabilizes.

Crude oil fell 1.31% in the previous period. International oil prices also fell after industry data showed an increase in US crude oil inventories, which analysts expected to fall, adding to concerns about demand. Demand concerns led to a sharp fall in oil prices earlier this week. Brent crude futures fell 0.78% to $41.86 a barrel. Us crude oil futures fell 0.93% to $39.43. The surge in novel coronavirus infections in countries such as France and Spain and the possibility of more restrictions in the UK have revived concerns about fuel demand, just as Libya is likely to bring more supply to the market.

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