SMM9 11 news: the metal market continued to decline in the morning, non-ferrous metals fell, Shanghai aluminum outstanders. Under the influence of negative factors such as the outer disk crude oil, US stocks and the V-shaped rebound of the US dollar, the market once again tended to converge venture capital, and the financial market reaction was silent.
In terms of aluminum, with the continuous rebound in domestic aluminum prices and the rapid repair of industry profits, the current average level has exceeded 2000 yuan / ton, high profits will certainly stimulate the upstream to speed up the resumption of production. Recently, Yunnan Shenhuo has completed the full operation of the first phase of the electrolytic aluminum project, while Wenshan Aluminum Industry has completed the power supply of the third stage of the 500000 tons of hydropower and aluminum project with an annual output of 500000 tons, which has been further accelerated, and the supply pressure will gradually increase in the later stage, or suppress the room for further rebound in aluminum prices. In addition, Indian officials say India is planning to tighten regulation of copper and aluminum imports and formulate policies to curb exports from China and other Asian countries to protect domestic producers. Government sources said officials in New Delhi were expected to soon require importers to register with the authorities, a first step towards tightening controls that would require separate shipments of two metals to apply for permits.
Tin spot, tin prices fell again downstream to buy Xinghuiwang, active procurement. Some smelters are willing to raise the price, the discount is on the rise, and traders are active in shipping. The overall trading atmosphere of the tin market in Shanghai is good.
Black series narrow range concussion, period spike iron ore slightly drop, hot roll small rise. Hot volume this round of spot prices fell sharply, the short-term spot market may be weak consolidation, digestion of bearish sentiment. With the National Day short holiday approaching, the demand for terminal stock replenishment in late September may be more obvious, stimulating a rebound in spot prices. In terms of iron ore, according to SMM research, due to the increase in the overhaul of blast furnaces in some steel mills superimposed by Tangshan "Zero" environmental production restriction action at the beginning of the week, the operating rate of blast furnaces in domestic steel mills dropped slightly this week compared with the previous month, superimposed with the expected replenishment demand of steel mills before the National Day, and the spot price may be limited in the near future.
Crude oil fell 2.18% in the previous period. Oil prices continued their decline on Friday, with pressure from an unexpected increase in US crude oil inventories, and demand remained sluggish as a result of the novel coronavirus epidemic. Brent crude futures fell 16 cents, or 0.4 percent, to $39.90 a barrel, down nearly 2 percent on Thursday. Us crude oil futures fell $0.09 to $37.21 a barrel, down 2 per cent in the previous session. Contracts for both indicators are likely to fall for the second week in a row.
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