SMM4 March 9: most of the metal in the outer disk was red yesterday, while Lun Copper climbed on Thursday, as concerns about the availability of supplies and a weaker dollar reinforced bullish sentiment. But analysts say rising inventories have limited gains and the market is waiting for trade data from China, the largest consumer. The fall in the dollar makes dollar-denominated metals cheaper for holders of other currencies, which could boost demand. LME metals had their ups and downs in early trading. As of 09:30 in the morning, Lunchu and Lunni were up nearly 0.3 per cent, Len aluminum was down nearly 0.2 per cent, Lunzn zinc was up nearly 0.1 per cent, Lunxi was flat, and Lunxi lead was down nearly 0.6 per cent. Domestically, international copper rose nearly 0.5%, Shanghai copper rose nearly 0.4%, Shanghai aluminum rose nearly 0.2%, Shanghai lead fell by nearly 0.5%, Shanghai zinc and Shanghai nickel rose nearly 1.1%, and Shanghai tin rose slightly.
On the copper side, on the macro side, the United States announced last night that the number of first-time jobless claims rose unexpectedly last week, highlighting the uneven recovery in the labor market. Federal Reserve Chairman Colin Powell reiterated the loose tone and played down the risk of runaway inflation, with U.S. stocks hitting record highs at night and the dollar index falling to a two-week low.
[minutes of SMM Morning meeting] overnight the US index fell back and copper rebounded. Focus on the annual rate of CPI in China today.
In terms of lead, the basic metals rose overnight in and out of the market, and Shanghai lead entered the market with bulls. After briefly breaking through the first line of 10,000 yuan / ton, it finally stood firm at 14900 yuan / ton. During the day, we still need to pay attention to whether Shanghai lead can continue the long market to stop falling and stand back above the 5-day moving average. Yesterday's lead low rebounded, quotation discount has not changed significantly, downstream is to maintain on-demand procurement, single market transactions in general. It is expected that today's spot lead is better than yesterday's.
[minutes of SMM lead Morning meeting] the discount on the spot market quotation for lead in and out of the market overnight is maintained.
In terms of zinc, the overnight outer disk led the performance of Shanghai zinc to be strong, running above 22000 yuan / ton. Fundamentals, the supply-side disturbance continues the tight pattern, processing fees remain low, but the production of enterprises with high raw material prices on the consumer side tends to be rational, and the operation of high zinc prices is dominated by wait-and-see downstream, and the overall market trading is light. Short-term attention.
[minutes of SMM Zinc Morning meeting] overnight the uplink of the outer disk led to the high concussion of zinc prices.
In terms of black series, the thread fell nearly 0.6%, the hot coil fell nearly 0.4%, coking coal rose nearly 0.9%, coke rose nearly 2.3%, iron ore rose nearly 0.6%, stainless steel rose nearly 1.5%, iron ore was weak yesterday, and the port spot market quotation was reduced by about 10-15 yuan per ton in early trading. Steel mills continue rigid demand procurement-based, the overall market transaction atmosphere is better. Yesterday, the turnover of PB powder in Shandong was 1125-1132 yuan / ton, while that of PB powder in Tangshan was 1130 yuan / ton, down 3-10 yuan / ton compared with Wednesday. In April, environmental protection restrictions on production in many places across the country continued to ferment; the operating rate of blast furnaces in domestic steel mills this week, as surveyed by SMM, fell by 0.3% to 84% compared with last week, and by 1% month-on-month. However, the demand for medium-and high-grade ore is not reduced for the better profits of steel mills; spot data from SMM port show that the price difference between high-grade and medium-grade ore has widened to 205 yuan / ton from about 175 yuan / ton at the beginning of March.
[minutes of SMM Morning meeting] the total stock of hot rolled coil this week is 3.5976 million tons, compared with last week-134300 tons, month-on-month-3.6%, year-on-year-36.34%
Crude oil rose nearly 1% in the previous period, while international crude oil futures were little changed on Thursday, as the dollar fell and stock markets rose to offset earlier declines caused by a sharp increase in u. S.gasoline stocks and weaker demand than before the epidemic. Gasoline inventories surged 4 million barrels to just over 230 million barrels as refiners ramped up refining ahead of the summer driving season, the EIA said on Wednesday.
In terms of precious metals, Shanghai gold rose nearly 1%, while Shanghai silver rose nearly 1.5%. Comex gold futures climbed to their highest level in more than a month on Thursday, as yields on both the dollar and US Treasuries fell, and the US Federal Reserve (Federal Reserve / FED) reiterated its dovish policy position to enhance the attractiveness of gold. Officials promised to continue to support the economy until the recovery became more solid, according to minutes of the Fed's March meeting.
As of 09:30, the status of contracts in the metals and crude oil markets:
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