[SMM comment] Shanghai Nickel, Shanghai Tin rose more than 2 per cent, copper and aluminum rose more than 1 per cent, crude oil rose more than 2 per cent, gold and silver skyrocketed.

The list of the 16th lead and Zinc Summit has been newly released.

SMM4 March 29: yesterday, most of the outer plate metals were red, Lun copper fell 0.22%, Lun aluminum rose 0.04%, Lun lead rose 0.07%, Lunxi fell 0.09%, Lunxi nickel rose 2.36%, Lunxi rose 4.06%, Lunxi copper prices consolidated near 10-year highs on Wednesday, the market is waiting for the US Federal Reserve (FED/ Fed) to announce the policy decision, but Goldman Sachs predicts that copper prices will rise to record levels. Lunxi is in short supply at present. Tin stocks in LME-registered warehouses are just 1300 tons, according to exchange data released on Wednesday. In early trading, LME metals were up and down each other. Lun Copper rose nearly 1.1%, Lun Aluminum rose nearly 0.4%, Lun lead fell nearly 0.1%, Lunzn Zinc fell nearly 0.3%, Lunni rose nearly 0.2%, and Lunxi fell nearly 0.4%. Domestically, international copper, shanghai copper and shanghai aluminum rose nearly 1.4%, shanghai lead fell nearly 0.7%, shanghai zinc fell nearly 0.1%, shanghai nickel rose nearly 2.5%, and shanghai tin rose nearly 2.8%.

On the copper side, on the macro front, the Fed said at night that it kept interest rates and the pace of bond purchases unchanged, raising economic forecasts but made it clear that it had no intention of changing its easing stance. The Federal Reserve maintained its dovish stance, confirming that loose monetary policy would be maintained to support the economic recovery. The performance of the US index fell sharply at night, also.

[minutes of SMM Morning meeting] the Federal Reserve continues to release dove signals and copper remains strong.

In terms of aluminum, the increment of electrolytic aluminum supply in April is limited, the impact of concentrated production reduction and maintenance in Inner Mongolia appears, and the scale of new imports is expected to be subject to the influence of shipping schedule, so the overall supply scale in April is not expected. On the other hand, there is still some downstream fear of heights on the consumer side, and the pace of stock preparation is elongated and relatively cautious. It is recommended that the upstream increase shipping efforts, downstream procurement according to demand, carefully chase high.

[minutes of SMM Aluminium Morning meeting] during the announcement of the Federal Reserve's resolution, it was obvious that aluminum bulls entered during the diving period.

In terms of lead, the macro atmosphere was warm overnight, but the market was watching carefully on the eve of the Fed meeting, watching during the day whether the lead bulls continued to push forward to challenge the first-line target of $2100 / ton. Yesterday's May Day reserve warehouse entered the end, trading in the bulk market was light, overnight Shanghai lead short positions entered the market, continuing the daytime decline, the 5-day moving average changed from support to pressure, and daytime attention was paid to the support of the 10-day moving average below Shanghai lead. Lead in stock today is expected to be higher than that of yesterday.

[minutes of SMM lead Morning meeting] during the overnight period, trading in the spot market was light on the outside, strong on the outside and weak on the inside.

In terms of zinc, overnight Shanghai zinc recorded a bald negative column, but the daily K center of gravity moved upward, each short moving average below provided support, and the upper rail of Bollinger Road was suppressed. The overnight outer disk is strongly driven, and Shanghai zinc operates at a high level. macroscopically, China will abolish import tariffs on some iron and steel products from May, which will restrain consumption in the medium and long term, and there will be no major changes in short-term fundamentals, and zinc prices are expected to fluctuate in a wide range. Short-term concern.

[summary of SMM Zinc Morning meeting] the short-term impact of domestic export tax rebate on zinc price is limited.

In terms of black, thread rose nearly 1.1%, hot coil rose nearly 1.2%, coking coal fell nearly 0.3%, coke rose nearly 0.4%, iron ore was flat, and stainless steel fell nearly 0.6%. According to SMM, due to the recent rising pressure of ore prices, steel mills in the north that need to buy pellets plan to slightly reduce the pellet ratio in the near future. According to SMM port database data, recently, the inventory of six major Hong Kong pellets in China has continued to drop to about 1.83 million tons compared with the same period last month, and the pellet premium is still expected to rise. In addition, according to the feedback of some steel mills, although the price of iron ore has increased too much, the steel mills have good profits and high enthusiasm for production, and the support for iron ore raw materials is still strong.

[minutes of SMM Morning meeting] Steel canceling the tax rebate policy is slightly weaker than expected, and the short-term impact is limited.

Crude oil rose nearly 2.5 per cent in the previous period, and crude oil futures prices rose more than 1 per cent on Wednesday after data showed that US distillate inventories fell sharply last week and refinery production accelerated to its highest level in more than a year. This has boosted hopes of rising fuel demand in the world's largest oil consumer. Us crude oil inventories rose slightly last week, less than expected, as refiners increased their processing capacity and distillate stocks fell sharply due to strong demand, according to data released by the US Energy Information Administration ((EIA)) on Wednesday.

In terms of precious metals, Shanghai gold rose nearly 0.6%, Shanghai silver rose nearly 0.8%. Comex gold futures fell but recovered in late trading and closed slightly red. After the Federal Reserve announced that interest rates remained unchanged, US bond yields and the dollar fell, while gold futures prices rose. The Federal Open Market Committee ((FOMC)) announced its interest rate resolution on Wednesday, keeping the benchmark interest rate at 0%, the excess reserve ratio (IOER) at 0.1%, and the discount rate at 0.25%, in line with market expectations.

As of 09:30, the status of contracts in the metals and crude oil markets:

"Click to see more SMM metal prices.