SMM10 March 26 News: this morning, most of the domestic metal market is floating green. By midday trading, Shanghai tin was down nearly 1.8%, Shanghai lead and Shanghai nickel were down nearly 1.4%, Shanghai zinc was down nearly 0.5%, Shanghai copper was down nearly 0.4%, Shanghai Aluminum was up nearly 0.2%, and the dollar was supported on Monday. traders are cautious because of the surge in novel coronavirus cases in Europe and the United States and the lack of progress in the US stimulus package, and the hope of a Brexit trade deal stabilizes the pound. Analysts believe that if Biden wins next week's election, especially if the Democrats also take control of the Senate, there could be a massive stimulus package, and the dollar will weaken as the spending improves market sentiment.
In terms of lead, Shanghai lead consolidated at a low level along the 14240 yuan / ton line in early trading and fell back above the daily moving average. The supply of waste batteries is tight and the price is difficult to come down. Lead prices have fallen sharply again, the loss of recycled lead has expanded, the willingness of refineries to ship goods has been weakened, and the discount on recycled refined lead is small. The mainstream quotation is about 100,200 yuan / ton on the average price of SMM1# lead, which is carefully adopted downstream on demand and the trading is light.
[SMM afternoon Review] recycled lead: Shanghai lead low-level consolidation recycled lead discount
In terms of zinc, the mainstream trading of zinc ingots in the Tianjin market was 19830-19900 yuan / ton, Zijin was traded at 19890-19920 yuan / ton, Huludao was quoted at 22170 yuan / ton, zinc was generally quoted at 90 yuan / ton to 22170 yuan / ton for the 2011 contract, and Zijin was quoted around 150 yuan / ton for the November contract, and the Tianjin market was reduced from flat water to about 20 yuan / ton compared with the Shanghai market.
[SMM afternoon Review] Tianjin Zinc: the impact of Environmental Protection and production restriction on the weak Operation of Shengshui in Tianjin
The mainstream transaction of Ningbo Gao was at 19890-19910 yuan / ton, and the price difference between November and Shanghai was about 10 yuan / ton compared with the price difference of 20 yuan / ton in Shanghai last Friday. The market circulation brands are Tiefeng, Huize, Honglu-V and Ha Zinc 1Qing, the overall circulation remains abundant, the expected zinc falls slightly, the superimposed Shanghai market quotation is adjusted upward, and the Ningbo market quotation is adjusted to about 120-130 yuan / ton. Downstream inquiry procurement has increased slightly, coupled with the import impact on the market has receded, domestic trading has improved, but there is still a wait-and-see mood at the beginning of the week, and the overall transaction is flat.
[SMM afternoon Review] Ningbo Zinc: the market quotation has been slightly raised and the overall transaction has been mediocre.
In terms of black series, threads fell by nearly 0.9%, hot coils by nearly 0.3%, stainless steel by nearly 1.9%, coke by nearly 0.3%, coking coal by nearly 0.5%, iron ore by nearly 2.9%. In terms of threads, October is the traditional peak season, and the demand for work that has been suppressed for a long time on the construction site can be released smoothly, thus promoting the thread inventory to be kept at a high rate since the festival. And according to the SMM statistics of the weather data of the Central Meteorological Observatory, the regional cooling in the short term is not enough to have an impact on the release of overall domestic demand. In the later stage, the intraday low temperature in Northeast China breaks through 0 ℃, the high temperature is 5 ℃ in early November, and the formal heating "winter" in North China may enter the middle of November, when the seasonal weakening of demand is inevitable. On the supply side, it is expected that under the hedging of environmental production restrictions and strong production willingness of steel mills, the high probability will remain stable, and thread prices are expected to have some support this week, but the downward trend is also relatively limited, but the medium-and long-term short-term trend remains unchanged.
The previous period of crude oil fell nearly 3.2%, and spot crude oil spreads in the United States generally strengthened on Friday. Today is the last trading day for the three-day extension of the November contract to the December contract. The price of extending the November to December contract for US crude oil futures is minus 17 cents a barrel, traders said. Traders usually use this window to adjust their positions in crude oil. Us energy companies increased the number of oil and gas rigs for the sixth straight week for the first time since June 2018, as the industry expected a return of momentum for drillers as crude oil prices stabilized around $40 a barrel.
In terms of precious metals, Shanghai gold fell nearly 0.3%, Shanghai silver fell nearly 1.5%, and international spot gold weakened, losing the 1900 mark to $1891.39 / oz at the beginning of the session. Due to twists and turns in bipartisan stimulus bill negotiations last week, the possibility of reaching an agreement before the US election was further reduced. In addition, the further deterioration of the novel coronavirus epidemic in Europe and the United States last weekend also provided safe-haven support to the US dollar, which put pressure on gold prices. However, US bond yields weakened on Monday, and uncertainty in the run-up to the US election continued to provide bargain-hunting support for gold prices.
By the close of noon, the contracts in the metals and crude oil markets were as follows:
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