[SMM midday review] the time of the two sessions determined that most of the upward inventory growth of non-ferrous metals was lower than the 7.22% increase in crude oil in the previous period.

SMM4, March 29: non-ferrous metals generally fluctuated and rose this morning, during which the 17th meeting of the 13th NPC standing Committee voted to adopt a decision on the timing of the third session of the 13th NPC. According to the decision, the third session of the 13th National people's Congress will be held in Beijing on May 22, 2020. The 35th session of the 13th National Committee of the Chinese people's political Consultative Conference (CPPCC) suggested that the third session of the 13th CPPCC National Committee be held in Beijing on May 21, 2020. Shanghai copper rose 0.73%, the current copper downstream consumption is good, wire and cable orders significantly improved, large enterprises said that the basic full production, coupled with the infrastructure government to promote greater efforts. Copper stocks are currently in storage after April, but stocks are still high. Highway resumption charges will raise freight charges and spot prices will rise accordingly. Zinc, the current mine supply is still tight, follow-up attention to the recovery of overseas mines. At the supply end, due to the influence of the raw material supply of the smelter, the smelter carries out maintenance and affects the supply of some zinc ingots. The continued decline in inventories shows downstream consumption of zinc, supported by the galvanized plate. There is still support for short-term zinc fundamentals.

Black system is still narrow shock, May Day before the library is not better than expected plus external factors disturbance, the performance of the black system is not strong. Domestic demand by seasonal recovery superimposed rush release, the same period of rapid recovery in production, electric furnace start has approached the normal level, the current domestic market supply and demand is booming. However, the recent third-party negative impact is more from foreign slab, coil plate and other import volume impact, the market is worried that the rise in domestic prices will bring more imports of finished materials. On the iron ore side, Vale's first-quarter net profit of $239 million cut this year's iron ore production guidance "not enough details for BHP Billiton said recently that it would begin negotiations on the possibility of increasing iron ore exports. The company hopes to increase its Australian iron ore export capacity by 14 per cent and, if market conditions permit, it hopes to eventually raise that limit to 330 million tonnes.

Crude oil rose 7.22% in the previous period. Oil prices rose on Wednesday, partly reversing this week's heavy decline after US data showed lower-than-expected growth in US crude oil inventories and expectations of rising oil demand as some European countries and some US cities eased the epidemic blockade. U.S. crude oil stocks rose 10 million barrels in the week to April 24, and analysts expect an increase of 10.6 million barrels, (API) said Tuesday.

Close at noon

As of 11:30, HKEx had added US dollar-denominated small metal contracts:

Today's stock

Lead: South China lead in Guangdong market is 14130 yuan / ton, the average price of SMM1# lead is 80 yuan / ton. Henan Yuguang, Wanyang and other smelters are mainly Jiaochang single, Jinli 14130 yuan / ton, average price of SMM1# lead 80 yuan / ton, Jinli, Wanyangjiang copper 14100 yuan / ton, SMM1# lead 50 yuan / ton, Jiang copper 14150 yuan / ton, SMM1# lead 14150 yuan / ton. Today lead prices continue to weaken, downstream began to prepare storage for the festival, but it is understood that most of the current procurement of recycled lead, primary lead enterprises scattered single liter water quotation has weakened.

Zinc: the mainstream transaction of zinc in Guangdong was 16280-16340 yuan / ton, and the quotation focused on 20-50 yuan / ton of Shanghai zinc 2006 contract. The discount of 110 yuan / ton in Guangdong market was 40 yuan less than that of the previous trading day. In the first trading session, futures prices continued to rise, the initial holder price is still high, but the high price is still high, the market quotation has been lowered one after another, but the overall price adjustment range is not large, a small number of transactions between market traders, Kirin, Mengzi, Huize, Tiefeng quotation on the Shanghai zinc June contract rose 40-50 yuan / ton. In the second trading period, the downstream fear of high less mining, the transaction boost is limited, the price is basically on the low side, individual brand quotation is lower, market trading is better than the first trading period. Kirin, Mengzi, Huize and Tiefeng quoted 30-40 yuan / ton for June contract and 20 yuan / ton for flying dragon. Kylin, Mengzi, Huize, Tiefeng mainstream transaction in 16280-16340 yuan / ton.

The mainstream transaction in Ningbo was 16430-16530 yuan / ton, and the price difference between Ningbo and Shanghai ordinary brands narrowed from 50 yuan / ton to 40 yuan / ton. Today, the market rose, traders actively shipped, the market circulation of goods is more abundant. In the first period of the morning, the offer of the holder was lower than yesterday. Tiefeng reported a rise of about 150 yuan / ton to the May contract. Kirin reported a rise of 170 yuan / ton for the May contract, and will report 180 yuan / ton for the May contract. However, the transaction was very light, and entering the second trading session, some of the holders lowered Kirin's offer to around 150 yuan / ton for the May rise. On the whole, due to the rise of the disk today, the willingness to wait and see downstream is stronger, in addition, due to the poor orders of most alloy enterprises in Ningbo market, May Day holiday production is also suspended, enterprises rarely have a plan to prepare the warehouse. Overall, today's deal is worse than yesterday's.

"2020 (15th) lead and Zinc Summit

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