[SMM afternoon Review] most of the non-ferrous metals float red, gold and silver fall slightly, and the black series fluctuates and rises.

SMM5 11: China announced that the annual rate of CPI in April was 0.9, and the ZEW economic climate index of Germany in May was 84.4. In the morning, most of the non-ferrous metals market is red, and the black market fluctuates and rises. By midday trading, international copper was up 0.97%, Shanghai copper was up 1.02%, Shanghai aluminum was up 0.28%, Shanghai nickel was up nearly 1%, Shanghai tin was up 1.39%, Shanghai lead was down 0.38%, and Shanghai zinc was down 0.16%.

As for copper, according to SMM survey data, the operating rate of copper pipe enterprises in April was 89.41%, up 1.6% from the previous month and 4.99% from the same period last year, which is basically in line with expectations. The operating rate of copper pipe enterprises continued to increase month-on-month in April, which is also a normal performance of the traditional peak season. The rise in raw material prices has also put pressure on terminal enterprises. The products delivered by some enterprises are often settled at the price agreed in the previous contract, and the rising price of raw materials is constantly squeezing their profits, and even shipping at a loss. Some small and medium-sized enterprises would rather break their contracts to avoid losses in production.

[SMM Analysis] the off-season in the high copper price industry may come ahead of time under the pressure on the lower reaches of copper tubes.

In terms of lead, Shanghai lead fell to 15500 yuan / ton in early trading. Lead prices fell, but the supply of waste batteries is tight, and refinery procurement demand is strong, prices are still high and stable. At the same time, the refinery is actively shipping, while the downstream is facing the consumer off-season, only on-demand procurement, recycled lead discount is difficult to collect, the mainstream quotation to SMM1# lead average price discount 350-450RMB / ton factory.

[SMM afternoon Review] recycled lead: the price of lead has fallen twice in a row. Recycled lead maintains a deep discount.

In terms of zinc, the mainstream turnover of zinc in Guangdong was 22390-22470 yuan / ton, and the quotation was concentrated on a discount of 20 yuan / ton to flat water for the Shanghai zinc 2106 contract, and the Guangdong market rose 10 yuan / ton compared with the Shanghai market, which was the same as the previous trading day. In the first trading session, the holder tried to raise the price early, but the downstream rigid demand was mainly purchased, and the holder slightly lowered the quotation for shipments. Kirin, Mengzi and Huize quoted a discount of 5 yuan / ton to Pingshui for the Shanghai Zinc 2106 contract and 10-15 yuan / ton for Tiefeng. In the second trading session, futures prices rebounded, downstream purchasing demand declined, and some holders continued to adjust prices for shipments. Kirin quoted a discount of 5-10 for the Shanghai Zinc 2106 contract and 15-20 for Tiefeng. Kirin, Mengzi, Huize, Tiefeng and other mainstream transactions in 22390-22470 yuan / ton.

[SMM afternoon Review] Guangdong Zinc: downstream rigid demand Purchasing spot discount deal

Tin, the main tin contract in Shanghai this morning rose slightly, closing at 196500 yuan / ton as of midday. Shanghai tin spot still maintain most of the rising water state, the mainstream quotation: Yunxi 2107 contract water 700,500 yuan / ton, ordinary cloud word and small brand water 200,500 yuan / ton. Yunxi is the main source of goods in the market, and the circulation of other brands is less. Prices rose again, reducing the enthusiasm of the downstream to enter the market.

[SMM afternoon Review] the spot stock of Shanghai and tin is dominated by the supply of Yunnan tin, which keeps the water rising and sticking water stable.

In terms of black, iron ore rose 0.42%, coking coal 4.26%, hot rolling 2.42%, thread 0.88%, and stainless steel more than 2%. The current price of stainless steel continues to rise, with the SS contract price exceeding 15700 yuan per ton, a new high since 2020. In the spot market, the price continues to rise due to the shortage of some specifications, with the current quotation range of 16500-16900 yuan / ton for cold rolling and 16500-16700 yuan / ton for hot rolling. Some merchants said that now the volume is on the low side, mainly sold in Kaiping, and the whole volume is sold very little. The overall transaction situation in these two days has weakened compared with the previous few days, on the one hand, due to the gradual release of downstream replenishment, on the other hand, prices continue to rise, the increase is too high, in addition to rigid demand procurement, downstream goods are more cautious.

[SMM stainless steel spot information] SS contract hit a new high since 2020 and spot prices continue to rise

. Us crude oil futures have narrowed the gap over Brent crude, while America's largest fuel pipeline remains closed. Colombia's crude oil production fell 13.1% in March from a year earlier, and the energy pipeline between Israel's Eilat and Ashkelon was hit by rockets.

In terms of precious metals, Shanghai Gold and Shanghai Silver fell slightly, down nearly 0.4%. Rising US Treasury yields and a strong dollar undercut the safe-haven appeal of gold as investors wait for data on the US consumer price index (CPI) later today.

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