[SMM afternoon Review] non-ferrous metals open low and rebound. Most metals decline narrower. Black narrow-band fluctuating steel rises slightly.

SMM9 March 24: Thursday noon non-ferrous metals all floating green, but most low open upstream. Shanghai copper fell 1.65%, Shanghai aluminum fell 3.35%, Shanghai zinc fell 1.39%, Shanghai lead fell 0.42%, Shanghai tin fell 2.35%, and Shanghai nickel fell 0.62%.

Aluminum, in addition to the macro European epidemic fermentation, the dollar index rebounded sharply to suppress aluminum prices, and fundamental consumption delays, new capacity has been identified negative factors, there are no other major negative factors for the time being. After the release of sentiment, aluminum prices are not expected to fall smoothly under the current current structure and inventory conditions, and there are still repeated possibilities in the future. In the later stage, we will continue to pay attention to the changes of capital flow and the impact of macro news on the market. [SMM analysis] Aluminum supply is not obvious in the long-term short-term consumption season. Although the aluminum price is weak, it may be repeated.

Tin, analysts believe that short-term fundamentals are weaker and tin prices fluctuate in the range. Overnight market risk aversion mood is high, basic metals across the board pullback. Tin prices in the spot market have fallen, and downstream purchases are obviously more active than before. at the same time, rising water has risen, which is suitable for traders to ship goods. The overall trading atmosphere in the spot market of Shanghai tin is warmer than that of a few days ago. "the spot trading of tin fell sharply in Shanghai.

In terms of black, wood rose and ore fell, iron ore fell 0.13%, and hot coil thread rose 0.4%. According to a survey by SMM, the operating rate of the blast furnace in the fourth week of September was 88.5%, up 0.2% from the previous week, the first rise after four consecutive weeks of decline. The main reason is that some steel mills have been overhauled and resumed production this week. Recently, there have been continuous disturbances in the external market, which has aggravated the market volatility. However, there are not many trading days left before the National Day holiday, the demand for funds to leave the market for risk aversion is increasing, the short-term sharp decline may have come to an end, and the market may be pulled back in the short term.

[SMM Analysis] the overhaul steel plant has entered the period of resumption of production, and the operating rate has stopped decreasing and increasing.

Crude oil fell 2.22% in the previous period. International crude oil prices fell on Thursday on concerns that the economic recovery of the United States, the world's largest oil consumer, was slowing due to the procrastination of the novel coronavirus epidemic, and a rebound in the number of European cases led to the resumption of local travel restrictions. These concerns have prompted investors to turn to safe assets, pushing up the dollar and further adding to the pressure on oil prices. The price of oil is denominated in dollars, and the appreciation of the dollar reduces the attractiveness of oil in the eyes of international buyers. Us crude oil futures fell 1.1% to $39.49 a barrel. Brent crude futures fell 0.86% to $41.41 a barrel.

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