SMM12 March 17, the dollar ended Wednesday's volatility, Thursday after the opening to maintain the upside. Crude oil, cloth oil, American oil after the opening failed to continue the previous high-profile trend, a small shock down.
At the beginning of the metal market continued to maintain a strong trend, the whole line floated red and the increase expanded all the way. As of 09:35, Shanghai zinc led the way with a rise of 4.28 per cent, with Shanghai Copper, Shanghai Aluminum, Shanghai lead, Shanghai Tin and Shanghai Nickel all up more than 2 per cent. In terms of black, iron ore rose 3.16%, threads rose more than 1%, hot rolls rose slightly by 0.75%, and only stainless steel continued to shake after the opening, falling slightly by 0.22%. The increase of double coke was smaller than that of overnight. After opening higher, the increase of coking coal narrowed to 3.98%, and coke rose 1.92%.
The performance of the outer disk was the same as that of the inner disk, and the whole line was also red, but the increase was narrower than before, with Len Zinc taking the lead with an increase of 0.94%, followed by Len Aluminum, Len lead up 0.71%, and Lunni and Lun Copper slightly up less than 0.3%.
As of 09:35, the metal futures market:
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On the copper side, the dollar index fell under pressure yesterday after the Bank of England unexpectedly raised benchmark interest rates by 15 basis points and the European Central Bank took the first step of tightening. Separately, sentiment was boosted by the Federal Reserve / FED's optimistic economic forecasts, with copper rebounding sharply overnight.
[minutes of SMM Copper Morning meeting] the bearish sentiment of raising interest rates was digested by the market and copper prices staged a V-shaped reversal to recover all the lost land.
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In terms of aluminum, from the supply side, electrolytic aluminum production continues to operate at a low level, only an aluminum plant in Ningxia may have a slight reduction in production, but at the same time, Inner Mongolia electrolytic aluminum enterprises may reduce the probability of reducing production due to the Winter Olympic Games. On the demand side, downstream consumption is relatively stable, with social aluminum ingot stocks falling by about 42000 tons to 910000 tons per week as of Thursday. On the cost side, the main contract for thermal coal futures rose 5.03% to 744 yuan / ton yesterday, driving Shanghai Aluminum to rebound by more than 2%. Shanghai Aluminum is expected to remain strong and volatile today, and we still need to pay attention to the sustainability of consumption and cost changes.
The US index fell and the price of thermal coal rebounded. Shanghai Aluminum rose by more than 2% [minutes of SMM Aluminium Morning meeting]
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In terms of lead, fundamentals, the supply of lead ingots is expected to increase steadily in December, the spot market is full of fear of falling wait-and-see atmosphere, spot trading was light yesterday. On the consumer side, domestic market demand is stable and downstream export orders are expected to increase, but towards the end of December, the pace of procurement has slowed and some cash transactions may be delayed until after 2022. Taken together, although lead prices are under upward pressure, the decline is relatively limited and may continue to be weak and volatile at the end of the year.
"during the overnight non-ferrous general rally boost period, the lead uplink spot market is afraid of falling and cautious to adopt [minutes of SMM lead Morning meeting]
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On the zinc side, on the supply side, Xinxing said it would maintain its smelter in France from the first week of January 2022 to cope with the current and future expected sharp rise in electricity prices in France. Xinxing has announced that it will reduce production to its smelter in France by 50% due to higher electricity prices, which will have an annual capacity of 150000 tons. On the consumer side, domestic downstream consumption has weakened, and in addition, disturbed by the epidemic, downstream enterprises in some areas have reduced production. On the whole.
Nyrstar French smelter to stop production, Zinc prices in the two cities have risen sharply [minutes of SMM Zinc Morning meeting]
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Zinc, 2201 contract night market trend continued to rebound, funds left the market slightly. Fundamentally, the current smelter production is stable, the spot market is waiting for delivery products to enter the market, solder enterprises slightly restore expectations. On the market trend, the Shanghai-tin 2201 contract reduced positions up and down, and the price fluctuated around 284000 yuan / ton.
Shanghai tin trend to maintain the rebound in prices back to the middle axis of the range [SMM tin morning news]
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Nickel, the supply side: nickel spot market supply continues to be tight this week, the spot shortage led to rising water continues to rise, Jinchuan nickel water has been reported to 5000 yuan / ton; the current nickel import window has a gradual opening trend, follow-up may have part of the supply into the market, superimposed nickel delivery warehouse receipt supply, the later nickel market supply may be supplemented.
"Nickel rebound upstream import window opens low inventory status may ease next week [minutes of SMM Nickel Morning meeting]
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Iron and steel, yesterday even iron strong shock, the main contract 2205 closing price 673, an increase of 2.75% throughout the day. Port spot traders quoted prices up 10-20 yuan / ton compared with yesterday. Some merchants are active in shipping; steel mills purchase on demand. The spot trading volume at the port today is significantly higher than that of yesterday.
Iron strong shock [minutes of SMM Steel Morning meeting]
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