Metal rose alumina rose 2.99%, Shanghai tin, Shanghai copper and Shanghai zinc rose first, European line container transport rose 3.57% [SMM Afternoon Review]
SMM April 26:
In terms of the metal market:
As of the midday close, the domestic base metals rose across the board. Shanghai tin rose 2.26%, Shanghai copper rose 1.49%, Shanghai aluminum rose 1.08%, Shanghai zinc rose 0.79%, Shanghai lead, Shanghai nickel rose, and the increase was within 0.8%. The main alumina futures rose 2.99%. In addition, the main industrial silicon contract fell 0.76%. The main lithium carbonate futures contract fell 0.99%.
》The trend of Shanghai and tin is foggy: the trio of capital games, macro expectations and Indonesian trading changes [SMM analysis]
The black series was mixed, iron ore fell 0.62%, and thread and hot coil all fell slightly. Stainless steel rose 0.49%. In terms of double coke, coking coal and coke rose 0.36% and 0.92% respectively.
In terms of external metals, as of 11:37, LME metals rose almost across the board. London zinc rose 1.11%, London copper rose 0.92%, London aluminum, London nickel and London lead rose within 0.5%. Lunxi fell 0.22%.
In terms of precious metals, as of 11:37, COMEX gold rose 0.11%; COMEX silver rose 0.39%. In terms of domestic precious metals, as of noon close, Shanghai Gold rose 0.33%, and Shanghai Silver rose 0.59%.
According to the latest statistics released by the China Gold Association on the 26th, in the first quarter of 2024, the national gold consumption was 308.905 tons, an increase of 5.94% compared with the same period in 2023. Among them, gold jewelry was 183.922 tons, down 3.00% year-on-year, gold bars and coins were 106.323 tons, up 26.77% year-on-year, and industrial and other gold was 18.660 tons, up 3.09% year-on-year. In the first quarter of 2024, the impact of high gold prices on gold consumption was polarized. The rapid rise in gold prices, coupled with factors such as high gold jewelry processing fees and brand premiums, has strengthened consumers' wait-and-see sentiment, which has suppressed gold jewelry consumption to a certain extent, and increased sales pressure on gold jewelry retailers. The high price of gold and the huge fluctuation have increased the production and operation risks of gold processing and sales enterprises, wholesale and retail enterprises have become cautious in purchasing, the cost of raw materials and shipments of jewelry processing enterprises have risen, and some small and medium-sized processing enterprises have even stopped work and taken holidays. In contrast, physical gold investment has gained more attention due to the surge in safe-haven demand, with bar and coin consumption at relatively low premiums rising sharply. >> Click here for details
In addition, as of noon closing, the main futures of European line container shipping were reported at 2846.5 points, up 3.57%, and the intraday high was refreshed to 2888.0 points since listing.
As of 11:37 on April 26, some futures at noon:
》SMM metal spot price on April 26
Spot & Fundamentals
Copper: Today, Guangdong 1# electrolytic copper spot price discount of 260 yuan/ton - 200 yuan/ton for the current month, the average price discount of 230 yuan/ton is flat compared with the previous trading day, and the discount of wet copper is 340 yuan-300 yuan/ton, and the average price discount is 320 yuan/ton compared with the previous trading day. The average price of 1# electrolytic copper in Guangdong was 79,860 yuan/ton, up 1,270 yuan/ton from the previous trading day, and the average price of wet copper was 79,770 yuan/ton, up 1,270 yuan/ton from the previous trading day. Spot market: Guangdong's inventory has declined for 8 consecutive days, and the main reason is that there are fewer arrivals and pre-holiday replenishment actions in the downstream. Inventory continues to decline......》Click here for details
Zinc: The mainstream transaction of Guangdong 0# zinc is 22770~22810 yuan/ton, the mainstream brand quotation of 2406 contract is 70~80 yuan/ton, and the premium of Shanghai spot quotation is 70 yuan/ton, and the price difference between Shanghai and Guangdong is narrowed. For the first time, the price of Kirin, Huize and Mengzi and other brands was about high price, and the spot storage volume in the South China market was ...... during the week
Macroscopic
Domestic:
The central bank carried out a 7-day reverse repurchase operation of 2 billion yuan today, and the winning interest rate was 1.80%, the same as before. Due to the expiration of 2 billion yuan of 7-day reverse repurchase today, zero investment and zero withdrawal have been realized.
On April 26, the central parity of the RMB exchange rate in the interbank foreign exchange market was 7.1056 yuan per US dollar per dollar
On the US dollar:
As of 11:37, the dollar index was at 105.68, up 0.1%. The U.S. economy grew at the slowest pace in nearly two years in the first quarter, but the acceleration in inflation strengthened market expectations that the Fed would not cut interest rates before September. Recent speeches by Fed officials have suggested that the central bank is in no hurry to cut interest rates. Market attention turned to key US inflation data for clues on the trajectory of the Fed's interest rates.
In terms of other currencies:
[The Bank of Japan maintains the benchmark interest rate at 0-0.1%, in line with market expectations] The Bank of Japan maintains the benchmark interest rate at 0-0.1%, in line with market expectations. The Bank of Japan expects core CPI to be 2.8% in FY2024, compared to the previous forecast of 2.4%. In its statement, the Bank of Japan removed the current statement that it is buying about 6 trillion yen of government bonds per month. The Bank of Japan said that it expects the current accommodative financial conditions to continue, and due attention must be paid to the financial and foreign exchange markets. Underlying inflation is likely to rise gradually, approaching the BOJ's price target. Underlying inflation is likely to rise gradually, approaching the BOJ's price target. If prices tend to rise, the Bank of Japan will adjust the level of monetary easing. (Finance Associated Press)
In terms of data:
Today, Germany's Gfk consumer confidence index for May, the preliminary annualized quarterly rate of real GDP in the United States for the first quarter, the preliminary annualized quarterly rate of the core PCE price index in the United States for the first quarter, and the number of initial jobless claims in the United States for the week ended April 20 will be released. In addition, it is worth noting that the Bank of Canada released the minutes of its monetary policy meeting.
Crude oil: Crude oil futures rose slightly, as of 11:37, U.S. oil rose 0.3%, and cloth oil rose 0.27%. The market assessed US Treasury Secretary Janet Yellen's comments that the US economy could be in better shape than the weak first-quarter data suggested, in addition to the ongoing conflict in the Middle East and supply concerns.
Spot market at a glance:
►Large households lead the dumping of Yangshan copper premium, and the premium is now a historic discount [SMM Yangshan copper spot]
►Copper prices rose sharply, downstream cautious procurement, spot premium flat yesterday [SMM South China copper spot]
►Copper prices broke through 80,000 high again, and the spot market atmosphere was quiet [SMM North China Copper Spot]
►This week, the copper price broke through 80,000 yuan/ton, and the operating rate of cable enterprises fell as expected [SMM analysis]
►The main contract fluctuates upward, and today's spot discount is mainly stable [SMM aluminum spot afternoon review]
►Recycled lead: the price of the holder is not willing to expand, and the transaction situation of scattered orders is relatively general [SMM Lead Afternoon Review]
►Shanghai Zinc: Approaching the month change, traders have a strong sentiment to support prices [SMM Afternoon Review]
►Guangdong zinc: the market trading atmosphere weakened again [SMM Afternoon Review]
►Shanghai tin prices are stable as a whole, and downstream enterprises are more active in inquiry【SMM Tin Afternoon Review】
►[SMM Daily Review] Lithium carbonate prices fell slightly on April 26
Other metal spot afternoon reviews will be updated later, please refresh to view~