SMM4 March 13: most of the non-ferrous metals market is green this morning. By midday, international copper and Shanghai copper fell nearly 0.2%, Shanghai aluminum rose nearly 0.7%, Shanghai lead fell nearly 0.4%, Shanghai zinc fell nearly 1.7%, Shanghai nickel fell nearly 2.4%, and Shanghai tin fell nearly 1.1%. As for copper, according to SMM research data, the operating rate of copper pipe enterprises in March was 87.81%, up 25.14% from the previous month and 12.08% from the same period last year. In March, the operating rate of copper pipe enterprises improved faster than expected, and the market in the traditional peak season has begun. According to a survey conducted by SMM, the operating rate of copper pipe enterprises is expected to be 89.23% in April, up 1.42% from the previous month and 4.81% from a year earlier. Driven by the terminal home appliances plate, copper pipe enterprises will continue their peak season performance in April.
[SMM Analysis] in March, the copper tube operating rate exceeded the expected month-on-month and improved the peak season.
In terms of black, thread rose nearly 2.4%, hot coil rose nearly 2%, coking coal fell nearly 0.3%, coke rose nearly 2.7%, iron ore rose nearly 2.6%, stainless steel fell nearly 3%. In terms of hot coil, the production of steel mills in Hebei Province has not fully returned to normal at present. At the same time, the planned export volume this month is still on the high side. Although the output increased to a certain extent in April, there is no need to worry too much about the supply pressure of domestic trade. On the demand side, the continuous rise in volume prices has led to losses in Kaiping factories, tube factories and other primary processing enterprises, and the short-term procurement pace has slowed down, but in the medium to long term, the actual overall downstream enterprise orders are abundant, and rigid demand is still worth looking forward to. In addition, the support of overseas hot volume prices to domestic volume prices can not be ignored. Under the drag of macro news, short-term volume prices or a small callback, squeeze out the early emotional Bubble; the follow-up is still expected to run with a strong shock under the support of strong fundamentals.
The previous period of crude oil rose nearly 1.2%, and oil production in seven major shale reservoirs in the United States is expected to rise for the third month in a row, rising about 13000 b / d to 7.61 million b / d in May, according to a report released by the US Energy Information Administration ((EIA)) on Monday. The biggest increase is expected to come from Permian basins, the country's largest oil-producing basin, which is expected to increase production by 52000 b / d in May to about 4.47 million b / d, EIA said in its monthly forecast.
In terms of precious metals, Shanghai gold fell nearly 0.5% and Shanghai silver fell nearly 1.3%. Rising US bond yields hit the attractiveness of gold. Us PPI recorded its biggest annual rise in nine and a half years in March, which was announced last Friday, and market expectations for inflation rose, driving US bond yields higher again. At the same time, senior Fed officials said that when the vaccination rate reached 75%, the reduction of QE could be discussed, which put precious metals under pressure again. Investors are waiting for key US inflation and retail sales data to assess the health of the economy.
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