Metal trading early mixed lead in Shanghai fell by more than 1.5% iron ore rose nearly 4% [SMM Review]

SMM12 March 24, the dollar continued to rise in early trading after a slight decline on Thursday. Crude oil, American oil, cloth oil after the opening of a small shock, failed to maintain yesterday's advantage.

The metal inner plate performed poorly today, with mixed ups and downs of various items. As of 09:30, Shanghai lead and Shanghai aluminum fell more than overnight, with Shanghai lead down more than 1.5% and Shanghai Aluminum down 0.72%. Shanghai copper and zinc fell slightly after morning trading. Shanghai tin continued its night rally, leading the way with an increase of 2.06%, while Shanghai nickel rose slightly. The whole line of black is floating red, and the increase of iron ore continues to expand after morning trading, up more than 3.7%, and the rest are up more than 1%. Shuangjiao continues to rise, and the momentum continues unabated.

The performance of the outer disk is basically the same as that of the inner disk, with only Lunxi and Lunni rising slightly. Lun lead led the way with a decline of 0.75%, followed by Len Zinc and Lun Al, while Lun Copper remained vibrating and fell slightly.

As of 09:30, the metal futures market:

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As for copper, on December 23, the spot contract for electrolytic copper in Shanghai was quoted at 50 yuan / ton to 100 yuan / ton, with an average price of 75 yuan / ton, down 75 yuan / ton from the previous day. The market was red on the 3rd, breaking through 69700 yuan / ton yesterday, so that the already inactive downstream was restrained again, the mood of discounting by holders was high, and the rising discount showed a straight-line downward probe, plus near the end of the month, the market quotation for next month ticket gradually increased.

New home sales in the United States rise to a seven-month high copper prices challenge the 70, 000 mark again overnight [minutes of the SMM Copper Morning meeting]

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In terms of aluminum, the surge in natural gas and electricity prices caused by the natural gas gap in Europe has led to higher aluminum prices at home and abroad. from a global point of view, the power shortage in Western Europe is expected to affect less than 6% of global production capacity, with production cuts expected to be less than 500000 tons, which is still lower than the scale of new production capacity outside China in 2022. SMM outside China and Western Europe is expected to be overseas in 2022, and overseas will not be systematic at current supply and demand levels.

Domestic aluminum social inventory continues to decline to pay attention to overseas natural gas supply [minutes of SMM Aluminum Morning meeting]

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In terms of lead, the PCE price index in the United States reached a 40-year high in November, and Merck Sha Dong's new crown drug was authorized for emergency use by FDA. Japan raised its real GDP growth rate in fiscal year 2022 to 3.2%.

Weak spot drag on lead prices more upward pressure at the end of the month [minutes of SMM lead Morning meeting]

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In terms of zinc, overnight Shanghai zinc recorded a bald small positive column, Brin Road on the track to form a suppression. On the supply side, the European energy crisis has increased the production costs of smelters, and supply concerns have driven up zinc prices; on the consumer side, it has entered the off-season.

Consumption restriction Zinc Price rising High Shanghai Zinc fluctuates above 24000 yuan / ton [minutes of SMM Zinc Morning meeting]

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Tin, domestic warehouse receipt inventory decreased slightly, overseas inventory rebounded steadily, at present, the overall balance between supply and demand. Market trend, Shanghai tin 2202 contract has become the main contract, the trend shock is strong and the heat of capital participation is higher. To sum up, considering the current supply and demand.

Shanghai tin main contract replacement market pays attention to the rise of heat [SMM tin morning news]

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On the nickel side, energy problems in Europe led to a continued rise in aluminum and zinc prices, while nickel showed a lack of momentum to follow the rise yesterday. Judging from the current nickel fundamentals. There is no reversal between low inventory and weak consumption, and the difference between long and short nickel is still obvious. As a result, nickel prices have fluctuated widely for nearly two months. Although the price of nickel has risen significantly in the past two days, it is still in a fluctuating range from the point of view of the monthly cycle.

The difference between the long and short price of nickel is still obviously high. The price of nickel pig iron may bottom in the short term [minutes of SMM Nickel Morning meeting]

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Iron and steel, yesterday even iron weak shock, the main contract 2205 closing price 692.5, down 0.65% throughout the day. Port spot traders quoted prices in early trading down 5-10 yuan / ton compared with the previous day. The quotations of some merchants are relatively strong; the steel mills mainly replenish the stock on demand. Yesterday, the spot trading atmosphere in the port was OK; yesterday, thread futures prices rebounded, spot prices were relatively weak with the rise, and transaction prices continued to decline in some areas.

The spot price of concussion thread is relatively weak with the rise of Lian Iron and Steel Co., Ltd. [minutes of SMM Iron and Steel Morning meeting]