[SMM comment] most non-ferrous floating red, Shanghai tin collar rose more than 1%, gold and silver rebounded, the dollar index fell.

SMM4 March 1: yesterday's outer plate metal red fat green thin, Lun copper rose on Wednesday, as China, a major consumer of metals, released strong manufacturing data and the market expected the United States to increase infrastructure spending. However, a stronger dollar and higher yields on US Treasuries have curbed the rally in copper prices. Analysts point out that today's focus is on Biden's infrastructure bill, and the Chinese data are also quite positive, so they provide some support. But a stronger dollar is limiting the upside, which the options market suggests is likely to continue for some time. As of 09:40, Luntan Copper, Lunzn Zinc and Lunxi rose nearly 0.1%, Lun Aluminum rose nearly 0.3%, Lun lead rose nearly 0.5%, Lun Nickel rose slightly, while domestic copper and Shanghai Copper rose nearly 0.4%, Shanghai Aluminum rose nearly 0.2%, Shanghai lead rose nearly 0.1%, Shanghai Zinc fell nearly 0.2%, Shanghai Nickel rose nearly 0.3%, and Shanghai Tin rose nearly 1.7% on the domestic side, the International Copper and Shanghai Copper rose nearly 0.4%, Shanghai Aluminum rose nearly 0.2%, Shanghai Zinc fell nearly 0.2%, Shanghai Nickel rose nearly 0.3%, and Shanghai Tin rose nearly 1.7%.

On the macro front, it was announced last night that the number of ADP jobs in March in the United States increased by 517000, the highest since September 2020. The employment data showed a positive performance, indicating that the labour market is gradually emerging from the impact of the recent epidemic and that market risk appetite has rebounded. Chicago PMI recorded 66.3 in March, the highest level since February 2019, and the sustained economic recovery has revived market optimism. U.S. president Joe Biden announced a $2.25 trillion infrastructure plan, and the market is still there.

[minutes of SMM Morning meeting] Xiao Fei Nong's data show that copper concussion is obvious during the overnight trading period.

In terms of aluminum, Shanghai Aluminum continues to fluctuate in a high and wide range on the disk. Downstream consumption is better, the import window is temporarily closed, and the social inventory of aluminum ingots may be kept in a state of continuous de-stocking, which will support the short-term spot price. In the medium term, we will continue to pay attention to the changes in short sentiment and the interference of related rumors to the market. It is suggested that the upstream should increase shipments, downstream purchases should be based on demand, and be cautious to chase higher.

[minutes of SMM Aluminium Morning meeting] the price above the high price leads to a general rise in the market of raw materials and accessories in April.

In terms of lead, yesterday's lead rally in Shanghai has highlighted the bulls' test ambition. Overnight, the lead bulls in Shanghai once again increased their positions, recording a long shadow line positive pillar, briefly standing firm at 15400 yuan / ton, in an attempt to challenge the first-line target of 15500 yuan / ton. The recent trend of Shanghai lead is strong, but it is still necessary to guard against the risk of rising and falling in the future, and pay attention to whether Shanghai lead can continue to stand firm at 15400 yuan / ton during the day. It is expected that today's spot lead is better than yesterday's.

[minutes of SMM Morning meeting] overnight lead is strong and fluctuates and the spot market is cautious to watch for light trading.

Zinc, overnight Shanghai zinc recorded a small overcast line, the upper 5 / 10 moving average adhesion suppression, the lower Bollinger Road rail to provide support. Zinc basically faces the positive trend, and the rebound in domestic manufacturing PMI data in March provides support for zinc prices, but rising US bond yields are under pressure on zinc prices, limiting the action energy of zinc in Shanghai. Pay attention to macro guidance in the short term.

[summary of SMM Morning meeting] domestic manufacturing data are good for the operation of high zinc prices.

In terms of nickel, Shanghai Nickel fell sharply in daily trading yesterday, Renni rebounded in European time, Shanghai Nickel opened higher after the opening of night trading, Shanghai Nickel closed at Yin Cross Star overnight, multiple averages at 122000, and Shanghai Nickel low consolidation operation. today, pay attention to the shock of Shanghai nickel range. The trend of Lunni was stronger than that of Shanghai Nickel yesterday. Lunni rose to US $16170 / ton after the close of trading in Shanghai, and fluctuated in the first line of US $16100 / ton in the night market. The fundamentals are currently running smoothly, with the exception of stainless steel, which is relatively weak and has no bright spot to pull up.

[summary of SMM Morning meeting] Nickel price struggled to run in the first quarter and ended weakly in the first quarter. The overall weak and stable fundamentals pulled up the bright spot was not prominent.

In terms of black series, thread rose nearly 0.2%, hot coil rose nearly 0.5%, coking coal fell nearly 2.4%, coke rose nearly 1.8%, iron ore rose nearly 1.4%, stainless steel fell nearly 1.3%, iron ore profits continue to improve for pellet demand is still expected to increase, pellet premium is expected to continue to be high; for rebar, SMM conducted a summary survey of the current terminal demand. According to the research results, the current terminal demand has recovered to a certain extent, and it is expected that there is still a little room for increment.

[minutes of SMM's Internal Morning meeting] Steel prices are in the stage of short-term shock after a strong surge.

The previous phase of crude oil fell nearly 1.8 per cent, the biggest drop in a week yesterday as France announced that it would launch a month-long blockade and OPEC+ expressed concern about the outlook for oil demand on the eve of the production decision. Crude oil futures fell 2.3% in New York to their lowest level in nearly a week. French President Jean-Claude Macron said in a speech to the nation that the epidemic is more dangerous than it was in the autumn.

In terms of precious metals, Shanghai gold rose nearly 1.5% and Shanghai silver rose nearly 1.4%. International gold futures prices closed higher on Wednesday, recovering recent losses, driven by the decline of the US dollar. Gold prices had fallen to a more than three-week low, but high US bond yields still led to its biggest quarterly decline since the fourth quarter of 2016. The dollar index has fallen from a nearly five-month high. Analysts point out that President Joe Biden's "very large structural stimulus package" has raised concerns about inflation and should be able to support the gold market.

As of 09:30, the status of contracts in the metals and crude oil markets: