SMM, Oct. 8: this morning non-ferrous metals mixed, as of midday closing, Shanghai lead rose 1.62%, reported 17220 / ton; Shanghai aluminum, Shanghai zinc slightly increased. Hot coil, thread are down more than 1%.
The new LME Metal Mini Futures quotation launched by the Hong Kong Stock Exchange shows:
At the invitation of the US side, Liu he, member of the political Bureau of the CPC Central Committee, vice premier of the State Council, and Chinese leader of the China-US Comprehensive Economic Dialogue, will lead a delegation to visit Washington. From October 10 to 11, he will hold a new round of Sino-US high-level economic and trade consultations with US Trade Representative Lightheitzer and Treasury Secretary Mnuchin.
On the copper side, although China's financial markets are closed during the National Day holiday, blockbuster data such as US non-farmers are about to be released, and Fed officials have spoken more, investors have been cautious, and long positions in funds have increased slightly. During the long holiday, the center of gravity of the copper moved down continuously, and the lower edge of the oscillation interval was tested. The weakening of economic data in Europe and the United States, the tense trade situation in Europe and the United States and the continuous fermentation of the risk of Brexit in Britain have led to a rise in risk aversion in the market, rising prices of safe-haven assets such as gold and yen, and financially strong risk assets. prices such as crude oil and copper have fallen continuously. But as expectations of policy easing intensify, market pessimism will ease and copper prices may stabilise.
On the black side, thread hot rolls fell by more than 1 per cent, while iron ore surged nearly 2 per cent. Due to the end of the military parade and the improvement of the weather in Hebei, the short-term weakening of the production restriction policy, the continuous removal of the stock of finished materials, the strong support of the terminal demand and the market expectation of the demand for replenishing the storage of the steel mills after the festival, the market confidence is better, and the price of iron ore in the outer plate is strong during the National Day holiday. With the end of the holiday, in the short term, the replenishment demand of some steel mills will absorb the pressure of port inventory, while the overhaul of Australian mines will continue to stabilize the supply as a whole. Steel mill profits are still good, blast furnace start-up short-term will continue to be high, so steel mill demand will support iron ore prices, on the other hand, terminal demand for finished material digestion in the short term is also strong, the recent black overall demand is better. It is worth noting that the improvement in macroeconomic expectations and the upcoming fourth Plenary session of the Central Committee, black and iron ore will continue to be supported by more good in the short term. In the short term, iron ore will continue to fluctuate strongly due to the support of demand.
On the crude oil side, crude oil fell sharply in the previous period. The overall global commodity rally last month was mild after enthusiasm retreated from speculation in precious and non-ferrous metals after a temporary rebound in risk appetite as trade between China and the US eased again and the Fed cut interest rates. Over time, the problem of metal supply has been gradually digested by the market, and investors are still worried that the risk of recession will depress demand in the metals industry. In addition, agricultural products generally fluctuated slightly, while crude oil once soared because of the Saudi "crude oil heart" attack, but the rally was quickly reversed as Saudi Arabia said it would take much faster than the market expected to fully restore oil supplies and exports. After that, the trend of crude oil will still be related to the information released by the producing countries.
Today's stock:
Lead: Guangdong market South China lead 17175 yuan / ton, the average price of SMM1# lead up 50 yuan / ton quotation; Jinsha 17160 yuan / ton, the 1910 contract flat quotation; the first trading day after the festival, as the lead price rose, the mood of shipment rose, but the downstream mostly wait and see, the market transaction was bleak. Henan Yuguang, Wanyang and other smelters are mainly long single transactions; Jinli 17125 yuan / ton, the average price of SMM1# lead flat water quotation. Lead price shock upward, holding goods mainly for shipment. But downstream to digest inventory-based, the market transaction is light. Other areas such as: Shuikoushan 1702517075 yuan / ton, the average discount price of SMM1# lead 50-100 yuan / ton quotation (traders); Hechi south 16995 yuan / ton, the average price of SMM1# lead discount 130 yuan / ton; Yunnan small factory 16775-16825 yuan / ton, the average price of SMM1# lead discount 300-350 yuan / ton, back after the festival, the holder actively shipped, but the downstream is basically wait and see, the market is rarely traded, the overall transaction is bleak.
Zinc: the mainstream transaction of zinc in Shanghai was 18760-18855 yuan / ton, Shuangyan and Chihong 18790-18895 yuan / ton, Shuangyan and Chihong 110-120 yuan / ton, Shuangyan and Chihong 150 yuan / ton, 18690-18785 yuan / ton and 18690-18785 yuan / ton respectively. Shanghai zinc 1910 shock operation, the morning market closed at 18750 yuan / ton. Today, the first trading day, the market transaction gradually climbed, the morning market part of the domestic ordinary to 1910 liters of water 110 yuan / ton, the market quotation range gradually to the rising water 120 yuan / ton, part of the net price posted 5 yuan / ton, the overall spot rising water quotation to 1910 liters of water 110120 yuan / more. The first batch of long single delivery date is only a few working days, traders replenishment demand is OK, on the other hand, due to the disk price is still relatively low in the early stage, the market downstream buying mood is still good. Overall, the first post-holiday trading day, the market trading mood is good, trading gradually climbed.
Tin: Shanghai tin main force 2001 contract this morning due to the long departure and short position impact of the impact of a downward shift, as of noon Shanghai tin latest price of 133810 yuan / ton. Spot market, this morning Shanghai tin mainstream transaction price for 134000-135000 yuan / ton, the market is actually low price small brand supply, a small number of downstream enterprises after the festival bargain purchase. The overall transaction atmosphere in the Shanghai-tin spot market today is generally weak. Shanghai tin 2001 contract set Yunxi water 1000 yuan / ton, ordinary cloud word water 300-600 yuan / ton, small brand water 200-400 yuan / ton.
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