SMM9 March 3: most of the non-ferrous metals market is red today. By midday, international copper was up 0.9%, Shanghai copper was up 0.96%, Shanghai aluminum was up 0.47%, Shanghai lead was up 0.77%, Shanghai zinc was up 1.06%, Shanghai nickel was down 0.93%, and Shanghai tin was down 0.66%. In terms of zinc, the transaction price of zinc, the mainstream brand in Ningbo market, is about 22490,22540 yuan / ton, about 20000,220 yuan / ton for 2110 contracts, and about 20 yuan / ton for Shanghai premium. Zinc prices are rising today, and the center of gravity is still fluctuating at a low level. The market supply continues to be tight, the holder buys the goods at a high price, the downstream purchasing sentiment remains unabated, and the overall transaction is still active.
[SMM afternoon Review] Ningbo Zinc: traders do not reduce their enthusiasm for downstream procurement.
In terms of black series, thread rose 2.82%, hot coil rose 4.43%, coking coal rose 0.35%, coke 0.26%, iron ore 0.45%, stainless steel 3.48%. According to SMM research, the total inventory of building materials nationwide this week was 11.1683 million tons, a month-on-month decline of 0.7%. Overall terminal demand has recovered to a certain extent. From a regional point of view, the social treasury in East China has declined the most. On the one hand, After the end of the epidemic, terminal demand recovered centrally, on the other hand, local speculative transactions were active and downstream bargain-hunting efforts were stronger. In addition, the social treasury in the northwest, southwest and northeast regions also declined slightly. In the short term, demand recovery is still improving marginally, but slowly, and inventories will continue to decline slowly. In the medium to long term, domestic production restrictions are still being strictly carried out, follow-up production increment space is limited, demand warms up, steel prices may usher in a rise.
Crude oil rose 4.15% in the previous period, while US crude oil futures fell on Friday, rising overnight on the weakness of the US dollar and a larger-than-expected decline in US crude oil inventories, and is expected to record weekly gains this week. The rise in oil prices this week is mainly due to the weaker dollar and the impact of Hurricane Ida. The fall in the dollar has made oil cheaper in other currencies.
In terms of precious metals, Shanghai gold fell 0.05% and Shanghai silver fell 0.74%. International gold prices rose slightly on Friday, supported by a weaker dollar, and investors were waiting for US non-farm payrolls data to determine the Fed's plan to scale back its asset purchases. Initial claims for unemployment benefits in the US fell last week, while layoffs in August fell to their lowest level in more than 24 years, suggesting that the labour market is moving forward despite a surge in the number of people infected with novel coronavirus.
By the close of noon, the contracts in the metals and crude oil markets were as follows:
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