[SMM afternoon Review] Nonferrous collective decline plummeted gold and silver fell double fell nearly 3% thread hot coil shock strengthened

SMM6 March 4: non-ferrous metals fell across the board this morning. By midday, international copper fell 2.47%, Shanghai copper fell 2.34%, Shanghai aluminum fell 1.13%, Shanghai lead fell 1.66%, Shanghai zinc fell 2.13%, Shanghai nickel fell 1.91%, Shanghai tin fell 0.76%. Shanghai copper fell to a six-week low on Friday and is expected to record a weekly decline as optimistic US employment data exacerbate concerns about policy tightening. The dollar hovered near multi-week highs on Friday, posting its biggest gain in about a month last day as strong new US data drew investors' attention to the strength of the US economic recovery and its possibility of pushing for policy tightening.

In terms of black, thread rose 2.73%, hot coil rose 1.35%, coking coal fell 1.69%, coke 3.18%, iron ore 1.26%, stainless steel 2.7%. In terms of iron ore, the current steel inventory tracked by SMM research is still declining, but the rate of decline has narrowed; and according to SMM, a steel factory in Shandong said it recently had a blast furnace in the overhaul factory. In view of the early arrival of the hot weather in the central and southern regions of Rain Water, local demand has begun to slow, and the expected weakening of finished products needs to be concerned about the risk reduction supported by the price of raw materials such as iron ore.

Crude oil fell 0.07 per cent in the previous period and international oil prices fell on Friday as worrying progress in novel coronavirus vaccination around the world undermined optimism that fuel demand was recovering from the epidemic earlier this week. Oil prices rose earlier this week as OPEC predicted that demand would outstrip supply in the second half of 2021. OPEC agreed on Tuesday to continue restricting supply until July, a news that pushed up oil prices.

In terms of precious metals, Shanghai gold fell 2.86%, Shanghai silver fell 2.98%, and international spot gold prices hit a two-week low on Friday. Strong US economic data boosted yields on the dollar and US Treasuries ahead of the much-anticipated US non-farm payrolls data for May. Gold prices are expected to have their worst weekly performance in three months. The number of US jobless claims fell below 400000 last week for the first time since the novel coronavirus epidemic broke out more than a year ago, a sign that the job market is improving.

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