Crude oil fell, base metals were strong inside and weak outside, Shanghai tin rose nearly 5%, Shanghai nickel rose 3.88%, precious metals fell first [SMM Afternoon Review]
SMM April 22:
In terms of the metal market:
As of the close of trading at noon, the base metals in the domestic market rose almost across the board. Shanghai tin rose 4.75%, brushing a new high since May 2022 to 286,690 yuan/ton, Shanghai nickel rose 3.88%, Shanghai copper rose 1.62%, and refreshed the new high since May 2022 to 81,050 yuan/ton. Shanghai zinc rose 0.38%. Shanghai Aluminum rose 1.03%. Shanghai lead fell 0.9%. The main alumina futures fell 1.56%. In addition, the main industrial silicon contract rose 0.3%. The main lithium carbonate futures contract rose 0.14%.
》Shanghai nickel once rose more than 6% to a new high in half a year, what are the driving factors behind it?【SMM Review】
The black series is mostly green, iron ore fell 0.52%, thread and hot coil all fell slightly, and stainless steel rose 1.01%. In terms of double coke, coking coal and coke fell 0.8% and 0.56% respectively.
In terms of external metals, as of 11:42, LME metals fell almost across the board. London nickel fell 0.68%. London aluminum, London zinc, and London tin all fell slightly, and the decline was within 0.5%. London lead fell 1.28%, and London copper rose 0.33%.
In terms of precious metals, as of 11:42, COMEX gold fell 1.44%; COMEX silver fell 2.91%. In terms of domestic precious metals, as of the close at noon, Shanghai gold fell 1.27%, and Shanghai silver fell 2.19%.
In addition, as of noon close, the main futures of European line container shipping were reported at 2582.2 points, down 0.92%.
As of 11:42 on April 22, some futures at noon:
>> SMM metal spot price on April 22
Spot & Fundamentals
Copper: Today, Guangdong 1# electrolytic copper spot price discount of 260 yuan/ton - 200 yuan/ton for the current month, the average discount of 230 yuan/ton down 80 yuan/ton from the previous trading day, wet copper discount of 340 yuan - 300 yuan/ton, average price discount of 320 yuan/ton, down 80 yuan/ton from the previous trading day. The average price of Guangdong 1# electrolytic copper was 80,155 yuan/ton, up 1,020 yuan/ton from the previous trading day, and the average price of wet copper was 80,065 yuan/ton, up 1,020 yuan/ton from the previous trading day. Spot market: Guangdong inventory continued to fall after returning over the weekend, and has declined for 4 consecutive days, and the decrease in arrivals is the main reason......》Click to view details
Nickel: On April 22, the SMM battery-grade nickel sulfate index price was 30,274 yuan/ton, down 2 yuan/ton from the previous working day, and the price of battery-grade nickel sulfate was 30,100-30,500 yuan/ton, with the average price being the same as the previous working day. >> Click here for details
Macroscopic
Domestic:
[National Energy Administration: As of the end of March, the country's cumulative installed power generation capacity was about 2.99 billion kilowatts, a year-on-year increase of 14.5%] The National Energy Administration released the national power industry statistics from January to March. As of the end of March, the country's cumulative installed power generation capacity was about 2.99 billion kilowatts, a year-on-year increase of 14.5%. Among them, the installed capacity of solar power generation was about 660 million kilowatts, a year-on-year increase of 55.0%, and the installed capacity of wind power was about 460 million kilowatts, a year-on-year increase of 21.5%. From January to March, the cumulative average utilization of power generation equipment nationwide was 844 hours, a decrease of 24 hours over the same period last year. Among them, 1,828 hours were for nuclear power, 36 hours less than the same period last year, 279 hours for solar power generation, 24 hours less than the same period last year, 596 hours for wind power, 19 hours less than the same period last year, 1,128 hours for thermal power, 31 hours more than the same period last year, and 555 hours for hydropower, 11 hours more than the same period last year. From January to March, the country's major power generation enterprises completed an investment of 136.5 billion yuan in power projects, a year-on-year increase of 7.7%. The investment in power grid projects was 76.6 billion yuan, a year-on-year increase of 14.7%.
According to the announcement of the central bank on April 22, China's one-year loan prime rate (LPR) in April was 3.45%, compared with 3.45% in the previous month. China's five-year loan prime rate (LPR) was 3.95% in April, compared to 3.95% in the previous month. Dong Ximiao, chief researcher of Zhaolian, previously pointed out that if the LPR remains unchanged this month, it will help alleviate the downward pressure on bank interest margins and maintain the sustainability and robustness of the development of the real economy. Zhou Maohua, a macro researcher at the financial market department of Everbright Bank, previously believed that since the beginning of the year, the data showed that the economic recovery and physical financing situation were generally ideal, and the five-year LPR was lowered by 25 basis points more than expected in February, and the policy effect is expected to be gradually released. However, looking ahead, RRR cuts, interest rate cuts, and directional tools are still in the toolbox, but the specific implementation needs to depend on the pace of macroeconomic recovery, price recovery and real estate recovery. >> Click here for details
On April 22, the central parity of the RMB exchange rate in the interbank foreign exchange market was 7.1043 yuan per US dollar per dollar
On the US dollar:
As of 11:42, the U.S. dollar index was at 106.07, down 0.05%. According to the latest Federal Reserve survey, high inflation and prolonged high interest rates are considered major risks to financial stability. Chicago Federal Reserve Bank President Goolsbee said on Friday that progress in bringing down inflation has "stalled" this year, and he is the latest policymaker to change his mind on rate cuts, having previously focused on the need for a rate cut soon.
In terms of data:
Pay attention to today's UK CBI industrial orders differential in April, Eurozone preliminary consumer confidence index in April and other data. Also, pay attention to the speech of ECB President Christine Lagarde.
Crude oil: Crude oil futures fell, as of 11:42, U.S. oil fell 0.78%, and Brent oil fell 0.74%. Dragged down by the market's renewed focus on fundamentals.
The U.S. Energy Information Administration (EIA) said on Wednesday that crude inventories rose by 2.7 million barrels to 460 million barrels in the week ended April 12, compared with analysts' expectations for an increase of 1.4 million barrels.
Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), the data shows. Despite a series of U.S. sanctions, Iran's oil exports have increased, supported by demand from some regions. ANZ analysts said in a note that the turmoil in the Middle East would continue to make the oil market "uneasy".
Spot market at a glance:
►Copper inventories in mainstream areas of the country increased slightly by 00,200 tons over the weekend [SMM weekly data]
►The contract structure of London copper in the near month has narrowed, and the price comparison has not improved, and the premium of Yangshan copper continues to fall [SMM Yangshan copper spot]
►Copper prices broke through the 80,000 mark, and the downstream wait-and-see sentiment was strong, and the spot premium fell again and again [SMM South China Copper Spot]
►Copper prices broke through the 80,000 yuan/ton mark, and there were few market inquirers [SMM North China Copper Spot]
►The main contract of Shanghai aluminum rises and falls, and the downstream just needs to purchase the main spot transaction in general [SMM aluminum spot afternoon review]
►Lead ingot supply and demand both declined, and the decline in social inventory narrowed [SMM survey]
►Recycled lead: The supply of recycled refined lead is reduced, and the number of downstream enterprises receiving goods is limited [SMM Lead Afternoon Review]
►Shanghai Zinc: The monthly difference widens, and some traders have a strong price [SMM Afternoon Review]
►The social inventory of zinc ingots in SMM seven places increased by 3,200 tons [SMM data]
►High prices inhibit spot transactions, Shanghai tin maintains high consolidation [SMM tin afternoon comment]
►The strong operation of nickel prices has brought about the intensification of upstream and downstream games, and the short-term nickel salt prices remain stable [SMM Nickel Sulfate Daily Review]
►[SMM shipping data] SMM global iron ore shipments totaled 33.14 million tons last week, a significant increase of 25.5% month-on-month
►【SMM Steel Shipping】China's total exports rose 15% month-on-month last week
►Industrial silicon raw materials stopped falling and turned up, Ningxia silicon coal prices increased slightly [SMM Silicon Daily Review]