Lithium carbonate fell 3.78% and European line container transportation rose 2.59%

SMM, April 16:

Metals Market:

As of today's daytime close, the domestic base metals closed down nearly all of the same, only Shanghai lead rose 0.86%, Shanghai aluminum and zinc fell more than 3.00%, Shanghai nickel fell 2.85%, alumina fell 1.66%, Shanghai copper and tin fell 0.45% and 0.60% respectively. Among them, the Shanghai lead tail market rose, brushing a new high of 16,985 yuan/ton since November 21, 2023, and a new high of 262,470 yuan/ton since June 10, 2022.

LME metals are all green, as of 15:15 today, London zinc fell 1.69%, London aluminum fell 1.19%, and other metals fell below 1.00%.

Lithium carbonate and industrial silicon fell 3.78% and 1.60% respectively, and the European line container shipping company hit a new high of 2345.2 since January 8, 2024 today, closing up 2.59%.

The black series is mostly green, coking coal and hot coil rose 1.60% and 0.05% respectively, iron ore fell 1.49%, and other metals fell below 1.00%.

Shanghai gold and silver fell 0.83% and 1.86% respectively. As of 15:15 today, COMEX gold rose 0.32%, and COMEX silver fell 0.70%.

As of 15:15 today

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Spot & Fundamentals

Aluminum:

On April 16, according to SMM research, there are more inquiries about aluminum rods in the near future, and the rigid demand of downstream cable enterprises is gradually being released, and the superimposed aluminum prices have fallen, and enterprises will purchase bargains in batches, but because the aluminum price is still at a high level, whether the aluminum rod processing fee can return to the peak season level, it also needs to be combined with the inventory status of aluminum rod enterprises and the downstream acceptance of aluminum prices. >> Click here for details

Zinc:

SMM data shows that the monthly operating rates from January to March were 41%, 18.84%, and 44.72% respectively, and the comprehensive operating rate was 34.85% in the first quarter of 2024, 39.56% in the first quarter of 2023, and 41.15% in the first quarter of 2022, showing a downward trend. >> Click here for details

Tin:

Today, the average spot price of SMM 1# tin rose 1.29% from the previous day to 256,000 yuan/ton, rising for nine consecutive days. According to SMM research, suppressed by high tin prices, today's terminal enterprises placed fewer orders, downstream enterprises still just need to buy, most of the trading companies responded that the morning was basically scattered transactions, and the overall transaction in the spot market was relatively deserted. On the whole, the resumption time of Wa tin mine on the domestic supply side is still not clear, and the demand side is still recovering. At present, the price of tin in Shanghai is driven by the external disk to rise strongly, and the follow-up will pay attention to the trend of tin prices in the external disk. >> Click here for details

In terms of lithium carbonate:

On April 16, SMM survey showed that although lithium salt companies lowered their quotations, most of the quotations did not decline much, and the quotations were still concentrated near high prices. >> Click here for details

Macroscopic

Domestic:

On April 16, the Information Office of the State Council held a press conference to invite Sheng Laiyun, deputy director of the National Bureau of Statistics, to introduce the operation of the mainland's national economy in the first quarter of 2024. According to the data released at the meeting, preliminary calculations showed that the GDP in the first quarter was 296299 billion yuan, a year-on-year increase of 5.3% at constant prices, and an increase of 1.6% over the fourth quarter of last year. By industry, the added value of the primary industry was 1,153.8 billion yuan, up by 3.3 percent year-on-year, the added value of the secondary industry was 109846 billion yuan, up by 6.0 percent, and the added value of the tertiary industry was 174915 billion yuan, up by 5.0 percent. >> Click here for details

According to data from the National Bureau of Statistics, in March 2024, the transaction volume of newly built commercial housing and second-hand housing in 70 large and medium-sized cities increased compared with the previous period, and the month-on-month decline in the sales price of commercial housing in all tiers of cities narrowed slightly and widened year-on-year. In March, the sales price of newly built commercial residential buildings in first-tier cities fell by 0.1% month-on-month, 0.2 percentage points narrower than that of the previous month. Among them, Beijing was flat, Shanghai rose 0.5%, Guangzhou and Shenzhen fell by 0.7% and 0.4%, respectively. The sales prices of newly built commercial residential buildings in third-tier cities fell by 0.3% and 0.4% month-on-month, respectively, and the decline rate was the same as that of the previous month. >> Click here for details

On the US dollar:

Today, the U.S. dollar index hit a new high of 106.44 since November 2, 2023, up 0.13% as of 15:15. U.S. retail sales for March released overnight recorded 0.7% m/m, higher than the previous reading of 0.6% and expectations of 0.3%.

San Francisco Fed President Mary Daly said Monday that there was no urgency to cut interest rates amid a strong economy and labor market and inflation remaining above the Fed's 2% target.

Federal Reserve Bank of New York President Williams said in an interview that Fed policy is currently in a good position and policy remains restrictive. He also added that his own view is that interest rate cuts could start this year.

》On April 16, the central parity of the RMB exchange rate in the interbank foreign exchange market was 1 US dollar to 7.1028 yuan

In terms of data:

Pay attention to today's German ZEW Economic Sentiment Index for April, Eurozone ZEW Economic Sentiment Index for April, the seasonally adjusted trade balance for February, Canada's CPI monthly rate for March, the annualized total housing starts in the United States in March, the total number of construction permits in March, and the monthly rate of industrial production in March. Also, watch Fed Vice Chairman Jefferson's speech on monetary policy.

Crude oil:

As of 15:15 today, U.S. oil and cloth oil rose by about 0.40%. The instability of the situation in the Middle East remains. On the demand side, the spring maintenance period of U.S. refineries is gradually coming to an end, the refinery operating rate is gradually rebounding, and downstream consumption is expected. In the domestic market, in April, the refining profit of local refineries continued to decline to close to 0 value, restricting the enthusiasm of local refineries; the main refinery refining profits are relatively rich, but some of the main refineries are still in the seasonal maintenance period, and the overall crude oil processing demand release is limited. As of April 12, the operating rates of main and local refineries were 78.88% and 59.15% respectively, down 0.26 and 2.49 percentage points weekly.

SMM Daily Review

►The U.S. index broke through 106 points, and finally suppressed copper prices, and copper continued to open high and low, and the upward trend was suspended

►The collapse of the primary aluminum market led to a decline in the scrap aluminum market

►Aluminum price pullback, the market bearish sentiment is obvious, and the aluminum rod market is still mainly in demand for procurement

►Shanghai lead fluctuated at a high level and recorded a large yang column today

►Risk appetite sentiment converged, and Shanghai zinc fell again at the end of the session

►Shanghai tin prices fell in the afternoon, and downstream enterprises replenished a small amount of inventory

►Upstream and downstream game Nickel salt prices remained stable

►Long and short sides reduced trading, Shanghai nickel fell 2.85% during the day

► The cost of ferronickel supports the rebound of stainless steel prices It is expected that the price of ferronickel will be stable and strong in the short term

►Stainless steel disk downward spot trading weakened

►Long and short sides reduce trading, SS contract finally rose and fell -0.79%

►碳酸锂主力合约大跌3.78%

►The price is willing to rise, and the price of manganese ore is running strongly

►Manganese silicon is weak and volatile, and the supply and demand game is deadlocked

►Rigid demand transaction-based electrolytic manganese prices are deadlocked

►Thread Daily Comment: The disk continues to fluctuate, and the steel price can't rise?

►Hot Roll Daily Review: When will the spot transaction generally follow up?

►The futures market fluctuated sharply, and the price of coke remained stable

►Social finance data affects market sentiment Iron ore prices are weak and volatile