SMM4 March 9: this morning, the non-ferrous metals market is red, fat, green and thin. By the midday close, international copper rose 0.42%, Shanghai copper rose 0.32%, Shanghai aluminum rose 0.09%, Shanghai lead fell 0.9%, Shanghai zinc rose 0.05%, Shanghai nickel rose 0.76%, and Shanghai tin fell 0.05%. In London, copper prices fell slightly on Friday, but the weekly line is expected to rise as the dollar is likely to record its worst week of the year, making dollar-denominated metals cheaper for holders of other currencies. The dollar remained weak on Friday and is expected to have its biggest weekly decline this year as unexpectedly strong European economic data, poor US jobs data and a firm easing attitude of the Federal Reserve / FED prompted investors to unwind some of their long positions in the US dollar.
In terms of aluminum, the monthly price of aluminum in the early period was maintained at 17500 yuan / ton, the spot trading in East China tended to be active in early trading, and the purchasing and preparation sentiment of downstream aluminum processing enterprises increased, aggravating the activity of trading. The spot discount level in East China rapidly narrowed to around 20-10 yuan / ton in the current month, and the actual transaction concentration between Shanghai and tin was 17490-17510 yuan / ton.
"the mood of aluminum processing stock preparation in the lower reaches is gradually rising and the spot discount in East China is narrowing.
In terms of lead, lead concussion fell in early trading, breaking 14800 yuan / ton, lead prices fell, the price of waste batteries remained stable, the price difference between the east and west regions led to a large price difference, and the southwestern and central regions, such as Jiangxi and Guizhou, were affected by environmental protection policies, while the supply of goods in eastern China, such as Anhui, was relatively abundant, and the mainstream quotation of regenerated refined lead kept the SMM1# lead discount at 150-250RMB / ton, and the downstream faced the off-season. The purchase is cautious and the transaction is light.
[SMM afternoon Review] recycled lead: the regional price difference of recycled lead is large.
For the black system, the thread fell 1.04%, the hot coil fell 0.96%, the coking coal rose 0.19%, the coke rose 0.21%, the iron ore fell 0.46%, and the stainless steel rose 0.55%. In terms of hot coil, the total inventory of hot rolled coil this week is 3.5976 million tons, compared with last week-134300 tons, month-on-month-3.6%, year-on-year-36.34%. Volume price high shock transaction has weakened, superimposed holiday factors, hot volume total inventory decline narrowed this week. In recent days, volumes have risen and fallen, the trading atmosphere in the spot market has been suppressed, and the overall turnover has been significantly weaker than last week. In addition, the base spread has widened in the past two days, and a large number of regular resources have been released in the previous period, resulting in large households in the East and South China market selling spot goods at low prices, dragging down spot prices to a sharp correction. On the other hand, the northern market is short of resources, the demand performance is also relatively strong, and the price difference between the north and the south has further expanded.
Crude oil rose 0.73% in the previous period, and international oil prices rose slightly at the beginning of Asian trading on Friday, supported by a weak dollar, as investors weighed the impact of increased supply and the epidemic on fuel demand. Analysts point out that a weaker dollar and lower US bond yields have helped support investor confidence in commodity markets. A weaker dollar lowers oil prices relative to investors who hold other currencies, which usually helps boost oil prices.
In terms of precious metals, Shanghai gold rose 0.89% and Shanghai silver rose 1.27%. International gold prices stayed near the more than one-month high hit last day on Friday and are expected to record weekly gains of more than 1% this week due to weaker yields on the US dollar and US Treasuries. coupled with the unexpected jump in the number of jobless claims in the United States to support gold prices. The dollar index fell to a two-week low after the United States reported that initial jobless claims rose for the second consecutive week last week.
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