SMM11 March 16: most of the non-ferrous metals market is red today. By the end of the day, Shanghai copper rose 3.15%, Shanghai tin rose 1.97%, Shanghai zinc rose 1.63%, Shanghai nickel rose 0.94%, Shanghai aluminum fell 0.32%, Shanghai lead fell 0.41%, industrial metal prices rose on Monday, copper futures hit a 29-month high, Shanghai aluminum rose to a three-year high, driven by the optimistic outlook for Chinese demand. China's industrial production grew faster than expected in October, reflecting strong metal consumption in China. From January to October, national fixed asset investment increased by 1.8% compared with the same period last year, up 1 percentage point from January to September. In October, the total volume of retail sales of consumer goods increased by 4.3% year-on-year, 1 percentage point faster than in September, while the added value of industries above scale increased by 6.9% year-on-year, unchanged in September.
With regard to lead, today, China released heavy economic data such as industrial added value, investment in fixed assets and retail sales of consumer goods in October, reflecting the steady recovery of our national economy, coupled with the formal signing of the Regional Comprehensive Economic Partnership Agreement ((RCEP)), boosting macro sentiment, but due to the impact of the off-season and delivery day of fundamental consumption, Shanghai lead finally ended the three consecutive positive returns. Technically, the 5-day moving average below Shanghai lead is about to cross the 40-day moving average, the support is still stable, the price of waste batteries is easy to rise and difficult to fall, and the cost of recycled lead supports lead prices. Shanghai lead may continue to test the effective support of 14600 yuan / ton below at night.
[brief Review of lead in SMM period] Shanghai lead overcast at night pays attention to the effective support of 14600 yuan / ton first line.
Zinc, zinc closed a big positive pillar, break through the top short moving average suppression, the weekend RECP signing has ignited market optimism, coupled with the domestic release of data is more optimistic, macro-driven commodity trend is strong, before the mood is fully vented, zinc is expected to continue high shock, at night or once again above all moving average.
"[brief review of zinc in SMM period] the trend of zinc in the macro-driving period of intra-day delivery is on the strong side.
In terms of black, threads rose 0.5%, hot rolls rose 1.37%, coke rose 1.7%, coking coal fell 2.35%, iron ore rose 1.26%, hot rolls, according to SMM statistics, this week estimated that the total market resources arrival volume was 227000 tons, an increase of 18000 tons from the previous month, an increase of 9%. Overall, there has been a slight increase in the volume of goods in the mainstream market this week, mainly in Shanghai and Lecong market.
"[SMM hot rolls arrive] the price of Northwood has not yet moved south to East China in batches and there is still support!
The previous period of crude oil rose 0.12%, and international oil prices accelerated; at one point, US crude oil futures rose to about 2.7% to US $41.24 per barrel, a two-day high; and Brent crude oil futures rose to 2.3% to US $43.80 per barrel. Hopes that OPEC will extend production limits offset concerns about weaker fuel demand and higher production in Libya as a result of an increase in the number of novel coronavirus cases. In addition, data showed a rebound in the economies of China and Japan, which also supported oil prices; crude oil processing volume at Chinese refineries hit a record high in October.
In terms of precious metals, Shanghai gold rose 0.1% and Shanghai silver rose 2.71%. Supported by a weaker dollar index, international spot gold prices hit an one-week high of $1899.11 an ounce. At the same time, there has been a surge in novel coronavirus cases in the United States and heightened concerns about the impact of the epidemic on the process of economic recovery, supporting expectations of new monetary stimulus measures by the Federal Reserve. But gold seems to face a lot of resistance at the $1900 mark.
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