SMM12 March 7: the non-ferrous metals market has ups and downs in the morning. By midday, international copper was up 0.08%, Shanghai copper was up 0.03%, Shanghai aluminum was down 0.96%, Shanghai lead was down 1.27%, Shanghai nickel was up 2.19%, Shanghai zinc was down 0.6%, and Shanghai tin was up 0.97%.
Lead, early trading Shanghai lead pressure intraday moving average low consolidation. Sufficient refinery inventory, coupled with a sharp drop in lead prices, the refinery procurement enthusiasm has been frustrated, a substantial reduction in the procurement price of waste batteries, but the supplier price, waste batteries low-price supply is difficult to collect. The cost of recycled lead remains high, the refinery is reluctant to sell, the recycled refined lead discount shrinks, the mainstream quotation to SMM1# lead average price discount 200,300 yuan / ton leaves the factory, the downstream purchases on demand, the consumption is general.
[SMM afternoon Review] recycled lead: Shanghai lead low-level finishing recycled lead paste shrinkage
On the black side, the thread rose 2.34%, the hot coil rose 1.86%, the coking coal rose 2.97%, the coke rose 2.07%, and the iron ore rose 0.26%. On the hot coil side, the supply side, according to SMM statistics, the impact of maintenance is about 706000 tons, and the subsequent supply pressure may be alleviated. On the demand side, downstream manufacturing demand remains high, and export orders continue to prefer. Overall, hot volume fundamentals are still improving in the short term, superimposed destocking is optimistic, the market mentality is good, spot prices are expected to remain strong volatility next week.
Crude oil rose 0.41% in the previous period, international oil prices fell on Monday, and the surge in novel coronavirus cases around the world prompted a resumption of blockade measures around the world, including strict new measures in southern California. Analysts pointed out that crude oil reduced the increase driven by earlier vaccine launch news after Los Angeles County reached another record high and South Korea raised the alert level. Global anti-epidemic restrictions and blockades are likely to put pressure on oil prices in the short term.
In terms of precious metals, Shanghai gold fell 0.12 per cent and Shanghai silver rose 0.14 per cent, while spot gold in London was roughly flat at the beginning of Asian trading on Monday. Hopes that the US fiscal stimulus package will be approved this week offset the downward pressure caused by optimism around the launch of novel coronavirus vaccine. The UK is preparing to launch the Pfizer / BioNTech novel coronavirus vaccine this week, becoming the first country to launch the vaccine, the British government said on Sunday.
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