[SMM comment] Nonferrous green manure, red, thin, shanghai zinc fell more than 1% gold and silver low concussion black fell generally

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

SMM4 March 30: yesterday, metal on the outer disk rose and fell. Lun Copper rose 0.05%, Lun Aluminum rose 0.56%, Lun Pb rose 0.86%, Lunzn Zinc fell 0.48%, Lunni fell 0.6%, Lunxi fell 0.32%, Lunxi Copper managed to recover on Thursday, and fell back after briefly rising above the $10000 mark in intraday trading. The main pressure came from speculators locking in profits under concerns about industrial demand. The last time copper prices broke through $10000 was a decade ago. The Federal Reserve (Federal Reserve / FED) said on Wednesday that it was too early to consider withdrawing emergency epidemic support, boosting copper and other financial markets. LME metals had their ups and downs in early trading. As of 09:20, Lun Copper rose nearly 0.3%, Lun Aluminum and Lun Ni rose nearly 0.4%, Lun lead fell nearly 0.1%, Lunzn Zinc fell nearly 0.2%, and Lunxi was flat. Domestically, international copper and Shanghai copper fell nearly 0.4%, Shanghai aluminum rose nearly 1%, Shanghai lead fell nearly 0.6%, Shanghai zinc fell nearly 1.7%, Shanghai nickel fell nearly 0.3%, and Shanghai tin rose nearly 0.6%.

In terms of copper, from a macro point of view, the number of people applying for unemployment benefits in the United States last week announced last night recorded 553000, slightly higher than the previous value; the initial annualized rate of GDP in the United States in the first quarter recorded 6.40%, although it was less than the expected value of 0.2%, but it was still much better than the previous value. U.S. economic data improved, and optimistic market sentiment led to nighttime copper.

[minutes of SMM Morning meeting] Copper fell back after breaking the US $10, 000 mark overnight and the spot transaction took an unexpected turn for the better.

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] LME Aluminium inventory soared nearly 60, 000 tons of aluminum futures showed upward pressure

In terms of lead, yesterday's weak consolidation, electrolytic lead holders quoted prices have not changed significantly, more to maintain the discount quotation, but less downstream inquiry, coupled with recycled lead mostly shipped with large stickers, few transactions in the bulk market. LME lead inventory continued to go to the warehouse slightly, and a slight rebound in the dollar index put pressure on LME base metals at the end of the day. Len lead briefly fell below the US $2100 / ton line, recording a small positive pillar, once again on the Brin Road track, and paid attention to whether Lun lead could stand firm at the US $2100 / ton line during the day.

[minutes of SMM lead Morning meeting] during the overnight period, the lead will continue to be strong on the outside and weak on the inside before the festival may continue to have a high level of concussion.

In terms of zinc, overnight Shanghai zinc recorded a negative column, the upper Bollinger Road on the rail to form a compression, the lower 20-day moving average to provide support, MACD positive column narrowed. Overnight outer disk downward drag, Shanghai zinc weak operation, the domestic approach to the May Day holiday, long funds have left the market. Spot aspect, zinc price high shock downstream replenishment mood is not good and May Day holiday enterprises have more holidays, a further drag on zinc consumption, but taking into account the macro mood is still warm, short-term zinc prices.

[summary of SMM Zinc Morning meeting] High Zinc Price suppresses the mood of Reserve stocks downstream. It is suggested that the game should be handled with caution.

In terms of nickel, overnight Shanghai nickel closed at the small negative column, Shanghai nickel closed yesterday after rising 5 days in a row, the upper 130000 was under greater pressure, and there was only one trading day left before the festival, the capital operation was relatively prudent, and today we are concerned about the consolidation situation near Shanghai Nickel 130000. Lunni opened at 17320 US dollars / ton today, daytime or narrow consolidation, May 1 Shanghai Nickel closed, Lunni operation may be mainly affected by macro mood ….

[minutes of SMM Morning meeting] Holidays are approaching, risk aversion sentiment in the market is increasing, and the high position of nickel bulls in reducing positions has fallen slightly.

In terms of black series, the thread rose nearly 0.1%, the hot coil fell nearly 0.3%, coking coal rose nearly 1.7%, coking coal fell nearly 1.3%, iron ore fell nearly 1.2%, stainless steel rose nearly 0.3%, as of April 29, the national total inventory of building materials was 12.1224 million tons, month-on-month-7.4% (previous value-4.6%), year-on-year-12.8% (previous value-12.9%). The speed of inventory elimination before the festival is accelerated, and the demand for terminal stock is in good condition. This week, both production and demand in the market are booming, with both quantity and price flying. As of today, the average price of thread is 5169 yuan / ton, up 125 yuan / ton from last week. The watch needs to be warmed up, with a year-on-year increase of 7.26% (previous value-10.19%).

"[SMM Thread inventory] Thread Table needs to be warmed up before the festival.

Crude oil rose nearly 1.8 per cent in the previous period, and crude oil futures closed higher on Thursday as strong US economic data, a weak dollar and expectations of a recovery in demand outweighed fears of an increase in COVID-19 cases in Brazil and India. The dollar index hovered near a nine-week low, hammered by the dovish outlook of the Federal Reserve and President Joe Biden's bold spending plan.

In terms of precious metals, Shanghai gold fell nearly 0.8%, while Shanghai silver fell nearly 1.1%. Comex gold futures fell on Thursday, while US bond yields were boosted by optimistic US economic data, while supply shortages pushed palladium to a new record high and will hit the $3000 an ounce mark. Analysts point out that rising bond yields and optimistic risk appetite are hitting safe-haven gold.

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

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