SMM9 March 15: the dollar fluctuated downward in early trading today. U. S. consumer prices rose lower than expected in August, ending a series of sharp rises, indicating that some upward inflationary pressures are beginning to weaken. Investors are becoming more and more cautious about the macro outlook, and some investors choose to stay on the sidelines at a profit for the time being. In addition, the spread of Delta variants did not bring pessimism to the market.
On the domestic side, the metal market generally fell at the beginning of the day, with only a small shock upward after the opening of Shanghai and tin, and only stainless steel upward in the black series. Shanghai Aluminum, which had a strong rising trend, fell more than 2% at the beginning of the session. The overall performance of the outer disk is better than that of the inner disk, while Lun Aluminum is still up slightly.
On the copper side, on the macro side, the US CPI growth in August announced last night was lower than expected, and some upward inflationary pressures have weakened, but the market believes that inflation has not slowed down enough to allow the Federal Reserve to change direction, and uncertainties such as the novel coronavirus epidemic remain, and investors' concerns about economic recovery outweigh the impact of inflation data. The overnight dollar index remained high after the cpi announcement, and the market was relatively strong against the future dollar index, dragging down commodities as a whole, and copper futures also fell under pressure.
Overnight Mei pointed to the continued decline of high copper futures to focus on the performance of the spot market before delivery [minutes of SMM Copper Morning meeting]
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In terms of aluminum, yesterday's panic among bulls led to a sharp pullback in Shanghai Aluminum. Fundamentals due to four consecutive falls in coke, supply-side concerns have eased, but there has been no substantial change, the main contradiction is still the supply-side contraction expectations.
Bulls panic left the market overnight, Shanghai Aluminum reduced its positions and fell [minutes of SMM Aluminum Morning meeting]
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In terms of lead, overnight, although the dollar index weakened slightly, LME non-ferrous metals continued to withdraw due to bulls, lun lead weakened all the way in the general decline atmosphere, and the first line of support below 2250 US dollars / ton was OK. The lead in Shanghai fell sharply and weakened again the next night, recording a big negative pillar, testing the lower rail of Brin Road. The continuous decline in lead prices challenges the cost support of the smelter, the price of the holder is limited, the lower reaches remain on the sidelines, fear of falling cautiously, and trading has not improved significantly. It is expected that the social inventory of lead ingots may still increase this week. It is expected that today.
Continuous weakening of lead challenges cost support downstream fear of falling cautious wait-and-see [minutes of SMM lead Morning meeting]
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Overnight, a small positive pillar of zinc was recorded in Shanghai. Fundamentally, there may be subtle changes in the current supply and demand structure after 50,000 tons of zinc ingots have been received downstream, while in the case of less than expected consumption in the peak season, there may be a situation of oversupply in the short term.
Us inflation slows and Zinc prices fluctuate slightly [minutes of SMM Zinc Morning meeting]
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In terms of nickel, overnight Shanghai Nickel opened at 147130 yuan / ton. After opening, it rebounded slightly to explore the 10-day moving average and then fell under pressure. It continued to decline and stabilized near the 20-day moving average below. The center of gravity fluctuated in a narrow range around 146000 yuan / ton until the close. Overnight, Shanghai Nickel closed at Xiaoyin column, falling for three consecutive days, giving up all the gains last week and returning to around 146000 yuan.
Nickel futures continued to decline spot trading improved stainless steel prices fell light trading volume [minutes of SMM Nickel Morning meeting]
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Yesterday even iron continued weak shock, the port spot market early quotation down 35-40 yuan / ton. Today, some steel mills began to increase their purchasing enthusiasm for bargains, and although some businesses have a negative mentality, they are willing to ship goods in order to promote the transaction. Today, the overall market transaction atmosphere is better.
Real estate macro data released beware of building materials correction risk [minutes of SMM Steel Morning meeting]
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As of 10:10, the metal futures market:
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