SMM6: overnight outer disk metals fell across the board, with Ren Copper and other industrial metals falling to a five-week low on Thursday, as strong U.S. jobs data raised concerns about possible tightening of monetary policy, hitting growth-related assets. Private employment in the United States increased by nearly 1 million in May, exceeding expectations. The number of first-time claims for unemployment benefits has dropped. There are ups and downs in the LME metal market today. As of 09:30, Lun copper and lun lead are up nearly 0.2%, Len aluminum is up slightly, Lun Xi is flat, Lun zinc is down nearly 0.1%, and Lun Ni is down nearly 0.5%. The domestic metal market is green across the board. International copper is down nearly 2.9%, Shanghai copper is down nearly 2.8%, Shanghai aluminum is down nearly 1.4%, Shanghai lead is down nearly 2%, Shanghai zinc is down nearly 2.6%, Shanghai nickel is down nearly 2.5%, and Shanghai tin is down nearly 1.5%.
On the copper side, on the macro side, more data were released last night, among which the US ISM services index reached a record high in May. The number of people applying for unemployment benefits in the United States fell below 400000 for the first time since the epidemic last week, and the number of new jobs created by ADP reached the highest level in a year. Investors are worried about inflation and Fed easing, boosted by stronger-than-expected U.S. jobs data and strong economic data.
[minutes of SMM Morning meeting] overseas data are positive to push up currency contraction fears that copper fell sharply overnight.
In terms of lead, the overnight outer disk of non-ferrous metals fell collectively, and all non-ferrous metals traded generally jumped low. Shanghai lead slipped below the moving average group in this atmosphere, approaching the Wanwu front line. Recently, Shanghai lead short sellers have entered the market for four trading days in a row, and the trading of the bulk market has not changed greatly for the time being, so we still need to pay attention to the support of the Wanwu line below Shanghai lead. It is expected that the average price of SMM1# lead today.
[minutes of SMM lead Morning meeting] overnight lead weakens again amid the general decline in non-ferrous metals, and bargain buying in the spot market is slightly better.
In terms of zinc, overnight Shanghai zinc recorded a negative column, the daily K center of gravity moved downward, the upper 10 / 20 moving average was suppressed, and the lower 40-day moving average provided support. The downward movement of overnight outer disk is a drag on the weak operation of Shanghai Zinc. SMM survey statistics show that refined zinc decreased by 10400 tons month-on-month in May and is expected to increase by 2400 tons month-on-month in June. High zinc prices are more afraid of heights in the lower reaches of zinc prices, and are expected in the short term.
[minutes of SMM Zinc Morning meeting] the overnight drop in the outer disk dragged down the Shanghai zinc jump and moved the center of gravity down.
On the nickel side, strong U.S. jobs data raised fears of a possible tightening of monetary policy, with the dollar index rising sharply Thursday, its biggest gain since May 12, showing that the job market is improving and a further sign that the world's largest economy is recovering from the novel coronavirus pandemic. Metal fell, Shanghai Nickel 2107 contract jumped overnight.
[minutes of SMM Morning meeting] Metal prices fell, Shanghai Nickel Down 130000 stainless Steel spot consumers show signs of weakening
In terms of black, thread rose nearly 1%, hot coil rose nearly 0.5%, coking coal fell nearly 3.1%, coke nearly 3%, iron ore fell nearly 1.9%, stainless steel fell nearly 2.6%, iron ore, the current steel inventory tracked by SMM research is still declining, but the decline has narrowed; and according to SMM understanding, 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. In addition, Zhongwei City of Ningxia issued a document on energy saving and emission reduction, requiring production to be limited by 30% in June.
"[minutes of SMM Morning meeting] Policy disturbances continue to be short-term black or maintain concussion operation.
Crude oil fell nearly 1% in the previous period, and international oil prices were basically flat on Thursday, after rising for two consecutive days, pushing crude oil futures to their highest level in a year. Us crude oil inventories fell sharply last week, while product oil stocks unexpectedly increased. U.S. crude oil stocks fell by 5.1 million barrels in the week ended May 28, the U.S. Energy Information Administration ((EIA)) said on Thursday. Since Monday is Memorial Day, supply figures are released a day later than usual. Analysts surveyed expect a reduction of about 2.4 million barrels on average.
In terms of precious metals, Shanghai gold fell 2.9%, while Shanghai silver fell nearly 3.3%. Comex gold futures fell nearly 2% on Thursday, as better-than-expected US jobs and services data pushed up the dollar and boosted expectations that strong economic data could reignite talk of curtailing support for FED. The ADP National Employment report showed that private employment in the United States added 978000 jobs in May, the biggest increase since June last year. Economists had expected an increase of 650000 private jobs in May.
As of 09:30, the status of contracts in the metals and crude oil markets:
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