SMM11 March 6: today's non-ferrous metals market, by the end of the day, Shanghai Copper fell 0.21%, Shanghai Aluminum rose 0.37%, Shanghai lead fell 0.49%, Shanghai Zinc rose 0.13%, Shanghai Nickel fell 0.51%, Shanghai Tin rose 0.44%, and the intraday dollar index stopped falling. The fierce battle between US President Trump and Jordan will now depend on the results of a few states, which have different counting and appeal rules. It may delay the announcement of the election results. On the data side, tonight the Bureau of Labor Statistics will release non-farm payrolls and unemployment data for October. The market predicts that US employment growth in October is likely to be the slowest in five months.
Copper, today Shanghai copper main 12 contract concussion opened, opened at 51460 yuan / ton, around 51450 yuan / ton narrow finishing. Then the center of gravity moved up and crossed the daily moving average, hitting an intraday high of 51570 yuan / ton at one point. It fell slightly before noon to 51510 yuan / ton. Afternoon trading continued to fluctuate, finishing horizontally above the daily moving average, falling slightly at the end of the day, and finally closed at 51430 yuan / ton.
[brief Review of SMM Copper Futures] Macro-shock the appreciation of the RMB is obvious and the Shanghai Copper has fluctuated sideways for two consecutive days.
In terms of lead, the Shanghai lead report closed with a long shade, breaking the 5-day, 10-day and 20-day moving average again, and the KDJ index was exposed downwards again. Fundamentally, the production reduction of recycled lead continues, but the supply of refined lead in the market is still in a state of oversupply, and the negative impact brought by the recent recovery of production by some refineries, we need to continue to pay attention to the reduction and suspension of recycled lead.
[brief Review of lead in SMM period] Shanghai lead has fallen sharply, focusing on the reduction and suspension of recycled lead production.
Black series, thread up 0.75%, hot coil up 0.31%, stainless steel up 0.04%, iron ore up 0.83%, coke up 3.29%, coking coal fell 0.72%, news surface, according to SMM, although the recent decline in high-quality ore prices, but the performance-to-price ratio is still not high, steel mills maintain a strong demand for mainstream medium-grade ore. In addition, taking into account the continued upward trend in coke prices and the reduction in domestic mineral supply in some areas, steel enterprises' demand for pellets continues to be high, driving the port pellet inventory to continue to decline. But as far as lump ore is concerned, due to the continuous increment of port lump ore inventory, the lump ore premium is weak recently; at present, the price difference of PB powder in Tangshan area has narrowed to about 25-30 yuan / ton, but it is still not attractive to steel mills.
The last period of crude oil fell 2.41%, the epidemic situation in Europe and the United States is becoming more serious, making people doubt the future of crude oil demand. In addition, the counting of votes in the US general election is still going on, and the final result is still up in the air, making the market nervous. "as the weather gets colder and the situation may worsen, the threat of an European-style blockade is imminent," said Bob Yawger, director of energy futures at Mizuho Securities in New York. The counting of votes and trends in the US general election suggest that Republicans will take control of the Senate and Democrats will narrowly take control of the House of Representatives to crack down on the prospect of a massive stimulus package, which is another factor depressing oil prices.
In terms of precious metals, Shanghai gold rose 1.4% and Shanghai silver rose 4.36%. International gold prices fell on the strength of the dollar on Friday, but this week is expected to record the biggest gain since the end of July. Investors are betting that the central bank will take more economic support measures if the Biden administration is divided. Analysts point out that the result of the US election looks likely to be a democratic president and a Republican-controlled Senate, with no change in policy, allowing the market to return to the real issue of 2020-massive central bank easing.
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Today's capital flow
The result of the US election has dragged on for a long time, and funds have returned to industrial products and precious metals plates, the black chain index is still a big love of funds, coke alone has 1.158 billion funds, and grease is still eye-catching in the agricultural sector and continues to receive nearly 500 million financial support. precious metals soared hand in hand under the promotion of more than 1.2 billion funds, and gold and silver respectively had a large number of funds to enter the market.
