SMM Sept. 27: the US dollar fluctuated lower today, and the metal futures market was more red. By the end of midday trading, except for Shanghai Aluminum and Shanghai Nickel, the rest of the metals had risen to varying degrees. Among them, Shanghai Aluminum closed down 1.29%, recording a decline for the second consecutive trading day. Aluminum, SMM analysis, short-term, although the upstream and downstream are limited electricity production, but the downstream shutdown cycle is short, upstream electrolytic aluminum shutdown cycle is long, dragging aluminum ingots to the warehouse, aluminum ingot inventory continues to accumulate during the week, increased 29000 tons to 818000 tons last week, Shanghai aluminum withdrew to 22900 yuan / ton before noon, East China spot transaction concentration of 22920-22940 yuan / ton, spot rise discount to maintain the level of the month.
"electricity and production restrictions in the lower reaches drag down the withdrawal of high consumption aluminum prices.
Shanghai nickel fell 0.51%, nickel, today's market trading is general, downstream to take goods is more cautious, coupled with the approaching festival, the holder actively shipping, spot rising water high slightly down. Today, Russian nickel rising water quotation is 1000 million 1100 yuan / ton, Jinchuan nickel spot rising water is maintained at 2500 million 1700 yuan / ton. In terms of nickel beans, the price of BHP nickel beans that arrived this week is 700 yuan / ton in the 2110 contract, and the spot price fluctuates little.
[SMM Nickel spot afternoon Review] High price downstream pickup cautious pre-holiday trading performance is mediocre
Except for shanghai aluminum and nickel, shanghai copper rose 0.9%, shanghai lead rose 1.22%, shanghai zinc rose 0.11%, and shanghai tin rose 0.68%.
As for copper, the spot price of electrolytic copper in Guangdong today rose 200-300 yuan against the contract for that month, and the average price of 250 yuan / ton was the same as that of the previous trading day; the average price of wet copper was 180 yuan / ton and 190 yuan / ton, and the average price of 185 yuan / ton was the same as that of the previous trading day. The average price of electrolytic copper was 70005 yuan / ton, up 820 yuan / ton over the previous trading day, and the average price of wet-process copper was 69940 yuan / ton.
Copper prices soar vs inventories hit a new low spot water standoff [SMM South China Copper spot]
Black mixed, stainless steel fell more than 5%, double coke closed down, coke fell by 3.07%, iron ore rose 2.8%, hot coil and rebar both closed up, of which the domestic coke market continued to operate steadily. Recently, the utilization rate of coke oven capacity in Shanxi, Shandong and Hebei has declined slightly, and the coke supply has been affected, but at present, coke enterprises are active in production, smooth in shipment, and basically no inventory. The shipping speed of some coke enterprises in Inner Mongolia and Shaanxi has slowed down, and the coke has a slight accumulation of storage. Due to the reduction of crude steel production, the demand for coke in steel mills is reduced, but due to the reason of replenishment before the festival, the demand for coke still exists, and the inventory of low-quality coke in some steel mills is on the high side, which leads to the phenomenon of controlling delivery. Due to the influence of policies such as safety and environmental protection, the output of coal mines in Shanxi is on the low side, and the overproduction of coal mines is strictly controlled, the contradiction between supply and demand in the coking coal market still exists, but with the reduction of demand from coke enterprises, the new orders of coal mines are less than expected, and there is a bearish mood in the market. the quotation is also stable. Generally speaking, the coke supply is still tight, but as the price inflection point in the coke market is about to appear, the current mentality of price stability of coke enterprises occupies the mainstream, a small number of coke enterprises have a hidden price drop, and the steel mills as a whole have pre-festival replenishment demand, the coke market will continue to be stable in the short term.
Crude oil rose 1.82% in the previous period, and the crude oil rally intensified at the start of trading on Monday. On the one hand, the market risk appetite rebounded, on the other hand, the overall fundamentals were stronger than expected, and the hurricane affected supply throughout September. At present, the restrictions on crude oil production caused by Hurricane Ida have not been completely resolved, too much inventory data and the future winter is expected to support oil prices to continue to rise, the cost of crude oil futures to form a certain support.
In terms of precious metals, Shanghai gold rose 0.41% and Shanghai silver rose 0.02%. Gold prices rose slightly on Monday as gold became more attractive as a safe haven. Spot demand for gold in China, the largest gold consumer, increased last week, driven by factors such as a rebound in positive activity.
By the close of noon, the contracts in the metals and crude oil markets were as follows:
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