SMM7 March 27: yesterday, the outer disk metal rose generally, Lun aluminum lun lead recorded a slight decline. Among them, copper prices continued to rise after breaking through the Brin track again yesterday after breaking through the range since the end of June on Friday, recording a fifth consecutive rise, as the market expected that China's post-flood reconstruction would lead to an increase in demand at a time when inventories were falling. The weaker dollar also supported copper prices. The LME metal market is mixed today. As of 09:30 in the morning, Lun Copper is up nearly 0.5%, Lun Aluminum is up 0.7%, Lun lead is up nearly 0.1%, Lunzn Zinc and Lunni are slightly lower, and Lunxi is up nearly 0.3%. Domestically, international copper is up nearly 3.6%, Shanghai copper is up nearly 3%, Shanghai aluminum is up nearly 1%, Shanghai lead is down nearly 0.5%, Shanghai zinc is up nearly 1.1%, Shanghai nickel is up nearly 1.7%, and Shanghai tin is up nearly 0.9%.
On the copper side, on the macro side, the market is still watching this week's Fed monetary policy meeting. Against the backdrop of falling short of the Fed's targets in the job market, doves expect a pullback in the dollar index, boosting copper prices. From a fundamental point of view, the degree of support of the industry shows resilience. As of Monday, the national social inventory is still in the process of elimination, and the replacement of refined copper for scrap copper is still a strong support for the logic of removing copper. On the spot side..
"[minutes of SMM Morning meeting] the macro atmosphere continues. Dove Pailun Copper has recorded 5 Lianyang.
In terms of aluminum, in terms of fundamentals, domestic electrolytic aluminum social inventory continued the trend of destocking on Monday, with a decrease of 27000 tons to 782000 tons compared with last Thursday. The trend of continuing to support aluminum prices was obvious. Superimposed before that, some electrolytic aluminum enterprises in Henan stopped production unexpectedly, and the supply side restriction continued.
[summary of SMM Aluminium Morning meeting] loose liquidity and strong domestic aluminum concussion in Kushang and Shanghai
In terms of lead, overnight Shanghai lead ran all night above the daily moving average, and the bulls continued to try to increase the position, recording Xiaoyangzhu, running above the moving average group. The rhythm of domestic lead ingot accumulation does not change, coupled with the receding influence of torrential rain in Henan, the benefits are more than possible, and lead prices are expected to consolidate above Wanliu.
[minutes of SMM lead Morning meeting] lead enterprises stabilized overnight. Domestic lead ingots continue to accumulate and brush new highs of inventory.
Zinc, overnight Shanghai zinc recorded three Lianyang, the upper Bollinger Road on the track to form a pressure, the lower 5 / 10 moving average to provide support. The overnight strengthening of the outer disk led to the strong performance of Lunzhi. liquidity easing continued the reduction of social inventory again, boosting the sentiment of bulls, although the marginal expectations of fundamentals were weaker, but social inventory was at a historical low, mainly due to wide shocks in the short term.
[minutes of SMM Zinc Morning meeting] Social inventory records again the reduction of Shanghai zinc continues to rebound.
In terms of nickel, nickel prices continued to rise at the beginning of the day, moving towards 150000, with high prices taking goods downstream to wait and see, light intraday turnover, continued trading among traders, and spot rising water continued to decline. In terms of nickel beans, the spot rising water in the domestic market has also followed the downward trend.
[summary of SMM Nickel Morning meeting] Nickel strong pull approaching early high downstream stainless steel hit a new record high to give support
In terms of black, thread and heat coil rose by nearly 0.9%, coking coal by nearly 1.3%, coke by nearly 1.6%, iron ore by nearly 1.2%, stainless steel by nearly 1.6%, and coke by nearly 1.6%. Recently, the national supervision team has been stationed in various regions of Shanxi for supervision and inspection. Luliang some coke enterprises affected by environmental supervision and inspection of coke enterprises production load ranging from 20 to 50%, the overall supply side slightly tightened. Affected by macro-control, steel mills are expected to limit production and maintenance, and the operating rate of blast furnace continues to decline. Coal mines in the main producing areas have resumed normal production, but the output of most coal mines has not yet returned to the normal level, coupled with the recent rainfall in Henan, Shanxi, Hebei and other places, the start of some coal mines is limited. Generally speaking, the coke supply side is affected by the safety and environmental protection inspection and the rising price of raw coal, the profit has dropped sharply, the supply is tight, and the coke market is expected to operate stably in the short term.
[minutes of SMM Steel Morning meeting] under the influence of typhoon and torrential rain, demand is difficult to release for the time being, and steel prices are under pressure.
The last period of crude oil rose nearly 2.2%, international oil prices stabilized after the shock on Monday, and the spread of novel coronavirus's Delta variant raised concerns about fuel demand. However, the decline in oil prices is limited because the remaining crude oil supply is expected to be tight this year.
In terms of precious metals, Shanghai gold fell nearly 0.3%, while Shanghai silver fell nearly 0.4%. Comex gold futures prices fell slightly yesterday as investor caution outweighed support from a weaker dollar on the eve of the Fed meeting. The Fed will begin a two-day policy meeting on Tuesday, and although policy is not expected to change, investors will still look for clues as to when the Fed may start to tighten loose monetary policy.
As of 09:30, the status of contracts in the metals and crude oil markets:
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[SMM Metal Morning reference] Metal rises and falls, Lunxi brushes new highs * A quick overview of the impact of "fireworks" on the metal industry
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