SMM3 March 18: the Federal Reserve released its latest March interest rate resolution, predicting that the benchmark interest rate will remain near zero until the end of 2023. The Fed's zero interest rate outlook and quantitative easing policy remained unchanged, while the three major US stock indexes were boosted across the board. Today, the metal opened high, but without continuous power support, the increase generally fell. By midday trading, Shanghai Copper was up 0.65%, Shanghai Aluminum was up 0.17%, Shanghai Zinc was up 0.25%, Shanghai lead was down 0.47%, Shanghai Nickel was down 0.17%, and Shanghai Tin was up 0.37%.
In terms of aluminum, Shanghai Aluminum rose and fell back in early trading, and the focus of the 04 contract fell back to around 17700 yuan / ton that month. The spot in East China maintained a discount of 40-20 yuan / ton that month, and the absolute price of trading between Shanghai and tin was concentrated between 17650 yuan and 17680 yuan / ton. Consignors are relatively active in high shipments, downstream purchases are mainly on demand, and middlemen are more active. In the short term, aluminum ingot consumption inventory increased by 22000 tons to 1.25 million tons compared with last Thursday, aluminum bar inventory decreased by 3900 tons to 232900 tons, aluminum bar inventory inflection point appeared, aluminum ingot inventory inflection point is approaching.
The inflection point of aluminum ingot community warehouse is close to the spot discount and stabilizes.
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In terms of lead, lead prices rose slightly, but due to the weak purchasing sentiment of downstream battery factories, refined lead smelters were cautious about taking goods, reducing lead smelter shipments were positive, and the price of reduced lead was basically flat, and the mainstream quotation for regenerated refined lead remained at 100-150 yuan / ton for SMM1# lead sticker water.
[SMM afternoon Review] recycled lead: lead in the future remains weak, concussion restores lead smelter's rising price sentiment weakens.
For the black system, the thread rose 1.29%, the iron ore rose 2.12%, and the hot coil increased by 1.05%. Strong expectations to further strengthen the superposition of weak reality quickly into a strong reality is about to be realized, double-driven steel prices can not rise again sunset, but based on the steel trade tray window period, objective real estate capital shortage and rising prices weaken the steel trade inventory. Therefore, it is suggested that the appropriate amount of inventory should be removed when it rises sharply, and a good boat should be made in a steady state. Pay attention to the stock of scrap resources in electric arc furnace steel plant.
Crude oil fell 1.85% in the previous period. The rise in oil prices in 2021 encountered resistance after US inventories rose again and the International Energy Agency said supplies were plentiful. WTI prices fell for the fifth day in a row, setting a record for the longest losing streak in more than a year. Brent oil prices have also fallen in London as traders assess global supply risks and the imbalance in the recovery in consumption as the novel coronavirus epidemic recedes. NYMEX's April WTI contract for delivery fell 0.6 per cent to $64.21 a barrel, while the price of the most actively traded contract has fallen 2.2 per cent so far this week, which is likely to be the biggest weekly decline since October. The ICE Europe Futures Exchange for May delivery of Brent crude fell 0.6 per cent to $67.60 a barrel.
In terms of precious metals, Shanghai gold rose 0.91% and Shanghai silver rose 2.48%. Gold rose slightly and the dollar fell sharply. The Fed said it would not raise interest rates before the end of 2023, contrary to market expectations. In addition, the start-up rate of the US housing market has fallen sharply, which has also supported the rise in gold prices to some extent. However, Powell still chose to ignore the rise in US bond yields, which could lead to new highs in the future, posing a potential threat to gold prices.
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