[SMM afternoon Review] Shanghai Silver pull rose more than 3%, most of the non-ferrous red and black series plummeted iron ore fell more than 2%.

SMM1 March 28: most non-ferrous metals are red this morning. By midday trading, international copper rose 0.12%, Shanghai copper rose 0.02%, Shanghai aluminum rose 1.15%, Shanghai lead fell 1.07%, Shanghai zinc rose 0.15%, Shanghai nickel fell 0.05%, and Shanghai tin rose 1.68%. At the macro level, the dollar strengthened again this morning, and senior US Democratic officials said on Thursday that the Senate and House of Representatives would push forward President Biden's plan next week to provide new aid to American people and businesses hit by the pandemic. Senate Democratic leader Schumer said that the Senate will begin to study a "sound" epidemic relief package as early as next week. House Speaker Pelosi expects Congress to complete a key preliminary step by the end of next week.

For the black system, the thread fell 1.34%, the hot coil fell 1.87%, the coking coal fell 3.21%, the coke fell 1.41%, and the iron ore dropped 2.23%. In terms of threads, the supply and demand of threads are in a downward trend, but it is obvious that the demand is falling faster than the supply. Inventory is expected to accumulate to 1300-14 million tons in the first week after the festival, higher than in the same period last year. However, taking into account the poor willingness of winter storage in the market this year, the proportion of self-storage of steel mills is relatively higher, while the cost of steel mills is high, and the willingness to raise prices is very strong, so the spot prices in the later period, especially before the festival, are still relatively stable, and it may be difficult for them to fall off a cliff.

The last period of crude oil rose 0.54%, according to news, Saudi Arabia is about to reduce supply and US oil stocks are reduced, and the market is supported by supply cuts. Saudi Arabia will cut production by an additional 1 million b / d in February and March; the implementation of OPEC production cuts rose in January. Analysts point out that given the Saudi production cuts, it actually means that OPEC's February production cuts will rise from 7.2 million b / d in January to 8.125 million b / d.

In terms of precious metals, Shanghai gold fell 0.19% and Shanghai silver rose 3.64%. According to the news, rumors of Gamestop-style short selling driven by retail investors spread in the market. Analysts pointed out that silver has become the latest target of Reddit traders' frenzied action during the day, and rumors that silver may be a target prompted traders to cover short positions first in case of accidents after seeing that GameStop and other short sellers were hit hard.

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