[SMM afternoon Review] Shanghai Aluminum led a 2% drop in non-ferrous metals across the board, a big drop in iron ore, a 3% drop in Shanghai silver, a faint red float.

SMM12 March 29: the non-ferrous metals market fell across the board in the morning. by the midday close, international copper and Shanghai copper fell nearly 0.4%, Shanghai aluminum fell nearly 2.2%, Shanghai lead fell nearly 0.9%, Shanghai nickel fell nearly 0.5%, Shanghai zinc fell nearly 1.7%, and Shanghai tin fell nearly 0.3%. Among them, aluminum, due to the relatively dull overseas Christmas holidays, had cooled down due to panic caused by the mutation of the virus. On the domestic side, since the beginning of this week, the stock of aluminum ingots in domestic society has been recorded in stock, and the supply in the spot market is gradually sufficient, and the basic area is now slightly weaker. It is expected that the center of gravity of aluminum prices in Shanghai will move down slightly before the Spring Festival. We need to continue to pay attention to the extent of accumulation and changes in multi-short sentiment.

In terms of black, threads fell by nearly 1.5%, hot coils by nearly 2.1%, coking coal by nearly 1.4%, coke by nearly 1%, and iron ore by nearly 3.2%. In terms of hot rolls, SMM conducted a comprehensive survey of the situation downstream of the coil-- in recent months, due to the rapid rise in steel prices, downstream production profits have been seriously compressed. At present, the downstream enterprises are in a state of soft acceptance of orders and extremely meagre profits or even losses on the finished products. In January, the total demand downstream of cold rolling has not been significantly weakened, but the demand downstream of hot rolling is gradually weakening, superimposed recently, the operating rate of northern pipe factory has dropped sharply, and the demand of pipe factory has dropped sharply. Therefore, as far as the year is concerned, the support of hot rolling downstream demand to its price is gradually weakening, while the support of cold rolling downstream demand to cold and hot rolling price still exists.

The last period of crude oil fell nearly 1.5%, and international oil prices rose on Tuesday, the third day in four trading days. As the United States is likely to increase the amount of epidemic subsidy checks, and the final conclusion of the British withdrawal trade agreement is expected to stabilize trade between the European Union and the United Kingdom, the market expects fuel demand to rise. Stocks in crude oil depots in the United States decreased last week, while stocks in finished oil depots rose, according to a preliminary survey released on Monday.

In terms of precious metals, Shanghai gold fell 0.5%, Shanghai silver rose nearly 0.1%, and international gold prices rose on Tuesday as the dollar weakened. Investors are keeping a close eye on the U. S. Senate's vote to increase the amount of subsidy checks for individuals. Hedge funds and asset managers increased their positions in (COMEX) gold and silver futures on the New York Mercantile Exchange in the week ended Dec. 21, the Commodity Futures Trading Commission ((CFTC)) said on Monday.

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