SMM10 March 12: this morning, the domestic metal market is red, fat, green and thin. By midday trading, Shanghai nickel rose 1.39%, Shanghai aluminum rose nearly 0.66%, Shanghai zinc rose 0.47%, Shanghai copper rose 0.08%, Shanghai tin fell 0.24%, and Shanghai lead fell 1.01%. The dollar rose slightly in early trading on Monday as risky currencies fell after US negotiations over the stimulus package were blocked, the renminbi fell and the people's Bank of China lowered the risk reserve ratio for forward foreign exchange sales to zero, a move seen as aimed at moderating the renminbi's rally.
In terms of lead, Shanghai lead fell rapidly in early trading, and the first line of 14700 yuan / ton was supported by horizontal adjustment. Affected by the expansion of losses, recycled lead refineries significantly reduced the procurement price of waste batteries, and the mainstream quotation of electric waste batteries fell to 8300-8400 yuan / ton. At the same time, Anhui and other places are affected by the solid waste law, unlicensed small recycled lead factories stop production and reduce production, coupled with insufficient downward profits in lead prices, the supply of recycled lead in circulation is in short supply, but Jiangxi and other places recycled lead factories are in line with the market, with a strong willingness to ship, recycled refined lead is maintained with a discount, and the mainstream quotation is 50-150 yuan / ton on the average price of SMM1# lead. The reduction of the supply of primary lead in circulation promotes the rigid demand to flow to recycled lead, which can be carefully picked downstream and traded in general.
[SMM afternoon Review] recycled lead: Shanghai lead falls, waste battery prices fall
In terms of zinc, the mainstream turnover of Ningbo iron was 19590-19650 yuan / ton, and the price difference compared with Shanghai was about 30 yuan / ton last Friday, and the discount was about 20 yuan / ton. The market circulation has increased significantly, with circulation brands such as Tiefeng, Kirin, Huize, Yunxi, Honglu-V and imported KZ, etc., and the downstream has returned one after another, but the increase in the supply of goods in circulation, especially the increase in low-price import circulation, leads to the difficulty of raising market quotations, and the reduction of domestic quotations is limited to downstream attractiveness. Ningbo market overall turnover is better, but the brand difference is larger.
[SMM afternoon Review] Ningbo Zinc: the market circulation increases obviously and the brand transaction varies greatly.
In terms of black, thread rose 0.72%, hot coil 1.26%, stainless steel 0.66%, coke 1.07%, coking coal 1.37%, iron ore 0.67%. The notice of daily emission reduction measures for industrial enterprises in Tangshan in the autumn and winter of 2020-2021 was issued. The notice requires that Shougang Qiangang and Shougang Jingtang Company, whose performance rating is Grade A, adopt independent emission reduction; the blast furnace production of Grade B is limited by 10%. The proportion of production limit of sintering (pellet), steelmaking, rolling, lime and other processes shall not be lower than that of blast furnace, and the performance rating is B. The production limit of grade C blast furnace is 20%, and the production limit proportion of supporting sintering (pellet), steelmaking, steel rolling, lime and other processes shall not be lower than that of blast furnace production limit; the performance rating of C grade blast furnace production limit is 35%, the production limit proportion of matching sintering (pellet), steelmaking, steel rolling, lime and other processes shall not be lower than the blast furnace production limit ratio; The production limit of the blast furnace with a performance rating of D is 45%, and the proportion of production limit of the supporting processes such as sintering (pellet), steelmaking, steel rolling and lime shall not be lower than that of the blast furnace.
Last period crude oil fell 0.76%, US oil fell, although Hurricane Delta forced US energy companies to cut production, but the end of the strike by Norwegian oil workers should increase crude oil production and ease previous concerns. Some analysts have pointed out that the rebound of the epidemic in many countries, the end of the peak summer oil season and geopolitics are the main reasons for the sharp fluctuations in international oil prices. Although Hurricane Delta reduced oil production in the Gulf of Mexico, it can only support international oil prices in the short term.
In terms of precious metals, Shanghai gold rose 1.33% and Shanghai silver rose 6.04%. London silver and COMEX silver futures both hit three-week highs on Monday, outperforming gold. COMEX silver futures rose 1.74% to a daily high of $25.580 an ounce, the highest level since Sept. 21. The dollar index rose slightly, but remained near a three-week low. President Trump's administration on Sunday called on Congress to pass a simplified version of novel coronavirus's epidemic relief bill, using the remaining funds from the expired small business loan program, amid resistance to negotiations on a broader package.
By the close of noon, the contracts in the metals and crude oil markets were as follows:
