SMM12 March 8: red, fat, green and thin in the non-ferrous metals market in the morning, by the close of noon, international copper and Shanghai copper fell nearly 0.7%, Shanghai aluminum fell nearly 0.8%, Shanghai lead rose nearly 2%, Shanghai nickel and Shanghai zinc rose nearly 1.9%, Shanghai tin rose nearly 1%. In terms of lead, in terms of fundamentals, the supply of primary lead is stable, while in terms of recycled lead, the supply of waste batteries is limited, prices are strong, profits of recycled lead are narrowed, and the cost of recycled lead supports lead prices. On the consumer side, the consumption of lead-acid batteries is not bright for the time being, and long orders are mainly used by large enterprises. Overall, Shanghai lead has not yet come out of the shock consolidation trend, we still need to guard against the risk of pullback.
[SMM brief Review] the cost of recycled lead supports Shanghai lead to return to the top of the five-year Plan, but it is still in a volatile market.
In terms of lead, Shanghai lead fluctuated horizontally above Wanwu in early trading. Lead prices rebounded sharply, but refineries wait and see, coupled with adequate inventory, weak procurement demand, waste battery prices rose only slightly. The shipping enthusiasm of recycled lead has been boosted, and the discount of recycled refined lead has been expanded. The mainstream quotation has a discount of 250,350 yuan / ton for SMM1# lead, and the downstream is afraid of falling and the transaction is light.
[SMM afternoon Review] recycled lead: Shanghai lead Wanwu finishing recycled lead paste expands
In terms of zinc, the Shanghai Zinc 2101 contract fluctuated upstream, closing at 21220 yuan / ton in the first trading session in the morning, futures prices upstream, downstream wait-and-see, dismal trading in the trading market, morning market ordinary zinc brand transactions and quotations concentrated on the SMM net average price discount of 50.10 yuan / ton, the market quotation for 2101 contracts rose 140yuan / ton in the morning, but the trading was dismal, and the spot premium continued to fall to 2101 yuan / ton. Entering the second period of time, zinc prices continued to operate at a high level, with general market trading, with ordinary zinc brands rising at 125-130 yuan / ton; zinc rising again, mainly downstream today, taking goods more cautiously, and light trading in the trade market.
[SMM afternoon Review] Zinc in Shanghai: zinc prices continue to rise and it is more cautious to pick up goods downstream.
The mainstream transaction in Ningbo is 21350-21380 yuan / ton, and the rising water in January is about 100-130t, which is about flat compared with Shanghai. Market circulation brands such as Tiefeng, Honglu-V, Kirin, etc., Ningbo quotation is basically flat than last week, the period of zinc rising and falling, Ningbo market trading is light, the current supply of Harbin zinc is relatively tight, and the supply of other brands is relatively stable. Today, the downstream is mainly wait-and-see, taking goods at high prices cautiously.
[SMM afternoon Review] Ningbo Zinc: there is still no price difference between Ningbo and Shanghai.
Black, thread up nearly 0.9%, hot coil up nearly 0.3%, coke fell nearly 0.8%, coking coal fell nearly 0.6%, iron ore rose nearly 1%, iron ore, according to SMM, from the transaction varieties, the mainstream medium-grade iron ore is still favored by steel mills; according to a business feedback in Shandong, local pellet port inventory is scarce, while radiation steel mills' demand for pellets continues to rise. During the weekend, Dashang issued iron ore futures supervision directives, although there is a certain cooling for the market in the short term, but the continuous decline in port and warehouse and high demand for steel mills still have strong support for port spot prices.
Crude oil fell nearly 2.2% in the previous period, and international oil prices fell on Tuesday, extending the previous day's decline as California tightened its Christmas blockade and novel coronavirus infection continued to soar in the United States and Europe. Analysts pointed out that in many parts of the United States and parts of Europe, the epidemic continues to bring a lot of disruption, which has an impact on confidence in short-term demand.
In terms of precious metals, Shanghai gold rose nearly 1.7%, Shanghai silver rose nearly 2.4%, and spot gold in London held steady near a two-week high on Tuesday, as the surge in novel coronavirus cases and new restrictions raised hopes of an epidemic stimulus package in the United States. Congress will vote on a week-long emergency funding bill this week to buy time for members of Congress to negotiate an agreement to provide relief for novel coronavirus's epidemic and a comprehensive spending bill to avoid a government shutdown. Us Senate Democratic leader Schumer (Chuck Schumer) said on Monday that there were signs of progress in negotiations over a bipartisan bill.
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