SMM2 on June 9, after the dollar closed slightly higher in night trading, the morning trading maintained horizontal volatility, as of 09:40, there was a slight decline. Crude oil, affected by the news that API crude oil stocks in the United States fell by 2.025 million barrels last week and is expected to increase by 675000 barrels, crude oil rose slightly in early trading today.
Most of the metal noodles fell in early trading today, only Shanghai Aluminum and Shanghai lead maintained an upward trend, of which Shanghai Aluminum continued to expand to 2.35% and Shanghai lead rose 0.81%. Other varieties continued to decline, shanghai nickel, shanghai copper than overnight decline narrowed, shanghai nickel fell 2.23%, shanghai copper fell 0.2%, shanghai zinc, shanghai tin fell slightly. Black department staff is weak, iron ore decline expanded to 5.06%, thread slightly dropped 0.63%, hot coil, stainless steel continued to shock, slightly increased. The double coke appeared differentiation, and the coking coal fell 0.44% compared with the overnight, while the coke increased by 0.59%.
In comparison, the outer disk performance is more optimistic, only Lunxi showed a slight decline, a slight drop of 0.44%. Lunal's gain narrowed to 0.5% from overnight, but still led the rise. Lun Zinc and Lunni turned red smoothly, Len Zinc rose slightly by 0.28%, and Lunni rose 0.41%. Lun copper and lead rose slightly.
As of 09:40, the metal futures market:
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As for copper, on February 8, the spot contract for electrolytic copper in Shanghai was quoted at 30,100 yuan / ton, with an average price of 65 yuan / ton, down 190 yuan / ton from the previous day. On the second day after the festival, the downstream participants have not yet fully returned to work, and the disk continues to fluctuate at a high level.
The price of crude oil fell slightly and the price of copper hit below 70, 000 again [minutes of SMM Copper Morning meeting]
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In terms of aluminum, on the supply side, the production capacity of some aluminum enterprises in southwest China is slow to return to production in 2021. At the same time, under the influence of the epidemic in Guangxi, aluminum plants in the province implement closed management, with plans to stop slots of about 500000 tons, while alumina plants in the province have stopped production, stimulating alumina prices to rise, helping electrolytic aluminum prices; on the other hand, the import ingots are missing after the import window is closed, and the accumulation speed of domestic aluminum ingots is relatively slow, which is less than expected. On the consumer side, the market is more optimistic about post-holiday consumption, especially plate, strip and foil enterprises, sufficient start-up, support to go to the warehouse. SMM expects that the price of electrolytic aluminum will still have upward momentum after the holiday.
Guangxi epidemic situation affected fermented Shanghai Aluminum strongly recorded Qilianyang [minutes of SMM Aluminium Morning meeting]
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In terms of lead, inflation is high in major countries around the world, and expectations of a Fed rate increase are approaching; the ECB governing committee still says the surge in inflation is temporary; the US trade deficit in goods and services hit an all-time high in 2021, and the deficit with China continues to expand. Domestic parties are stepping up efforts to draw a new round of "new infrastructure" roadmap, including the Ministry of Industry and Information Technology, the National Development and Reform Commission and other departments will be moderately ahead of the deployment of 5G, data centers and other new infrastructure construction. Consumption in the spot market continues to recover, and Shanghai lead is expected to pick up slightly today.
The spot market gradually began to trade lead prices stopped falling and stabilized [minutes of SMM lead morning meeting]
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Zinc, overnight Shanghai zinc recorded a small negative column, below the 5-day moving average to provide support. On the supply side, from the production schedule of domestic zinc smelters, domestic refined zinc production is expected to decrease by 33300 tons to 487700 tons month-on-month in February, an increase of 3.5% over the same period last year; consumer side.
Shanghai Zinc High shock pays close attention to the actual recovery rate of consumption in the short term [minutes of SMM Zinc Morning meeting]
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Tin, in terms of fundamentals, warehouse receipt inventory at home and abroad has changed little, and the spot market has picked up slightly, but it is still far from returning to normal trading scale. Market trend, 2203 contracts after the opening last night to maintain a narrow horizontal finishing trend, price fluctuations lack of bright spots. On the other hand, there is also little change in the flow of funds, and the heat of participation in the market at the current stage is on the low side. To sum up, the spot market at this stage.
Tin prices fluctuate smoothly and funds leave the market to wait and see the future [SMM Tin Morning News]
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In terms of nickel, the price of nickel fell last night after rising for two days in a row, and the logic of nickel fundamentals has not changed for the time being. Supported by strong demand from low inventories, nickel prices are still expected to be on the high side. LME nickel stocks fell another 1122 tons to 85890 tons on February 8, the lowest level since the end of 19 years. Internal and external price comparison has not yet been opened, domestic imports are limited, the global shortage of pure nickel continues, nickel prices are expected to maintain a volatile upward market in the near future, until demand due to the upstream price is too high and there is an inflection point.
Pure Nickel Market quotation rare stainless Steel spot Market first start Price rise [minutes of SMM Nickel Morning meeting]
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In terms of iron and steel, even iron fluctuated in a narrow range yesterday, with an increase of 1.05% throughout the day. The final closing price of the main contract is 821. Port spot traders early quotation is 20-30 yuan / ton higher than yesterday. Traders actively ship goods, steel mills wait and see. The atmosphere of spot transaction at the port is mediocre. The transaction price of PB powder in Shandong area is 965-970 yuan / ton, which is 10-15 yuan / ton higher than that of yesterday. The transaction price of special powder in Shandong area is 640 yuan / ton, up 15 yuan / ton compared with yesterday's price. The transaction price of PB powder in Tangshan area is 970-972 yuan / ton, yesterday's price.
The market is bullish and bullish in the narrow range of Lianhe Iron and Steel Co., Ltd. [summary of SMM Iron and Steel Morning meeting]
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