SMM May 13:
In terms of the metal market:
As of the close of trading at noon, the domestic base metals rose. Shanghai lead rose 1.25, and Shanghai copper rose 1%. Shanghai zinc rose 0.21%, and Shanghai nickel rose 0.52%. Shanghai aluminum fell 0.56%, and Shanghai tin fell 0.16%. The main alumina futures fell 0.9%. In addition, the main industrial silicon contract fell 0.37%. The main lithium carbonate futures contract fell 1.37%.
The black series is mostly red, and iron ore, thread, hot coil, and stainless steel all rose, and the increase was within 0.7%. In terms of double coke, coking coal fell 1.23% and coke fell 1.34%.
In terms of external metals, as of 11:47, LME metals rose almost across the board. London copper rose 0.59%. London nickel, London tin, London zinc and London lead all rose within 0.4%. London aluminum fell 0.3%
In terms of precious metals, as of 11:47, COMEX gold fell 0.45%; COMEX silver fell 0.58%. In terms of domestic precious metals, as of the midday close, Shanghai gold rose 0.9%, and Shanghai silver rose 0.29%.
In addition, the main futures of European line container shipping refreshed a record high to 3976 intraday, and closed at 3914 points as of noon, up 11.93%.
As of 11:47 on May 13, some futures noon quotes:
》SMM metal spot price on May 13
Spot & Fundamentals
Copper: Today, Guangdong 1# electrolytic copper spot price discount of 100 yuan/ton-0 yuan/ton for the current month, the average price discount of 50 yuan/ton, up 35 yuan/ton from the previous trading day; Wet copper reported a discount of 180-140 yuan/ton, and the average price of 160 yuan/ton increased by 40 yuan/ton from the previous trading day. The average price of Guangdong 1# electrolytic copper was 80,210 yuan/ton, up 300 yuan/ton from the previous trading day, and the average price of wet copper was 80,100 yuan/ton, up 305 yuan/ton from the previous trading day. Spot market: Guangdong's inventory fell for 4 consecutive days after returning from the weekend, and the decrease in arrivals and the increase in shipments were the main reasons. Delivery is approaching and the monthly difference widens......》Click here for details
Zinc: The mainstream transaction of 0# zinc ingots in Tianjin market is 23180~23580 yuan/ton, Zijin is traded at 23260~23660 yuan/ton, Huludao is reported at 26710 yuan/ton, 0# zinc is usually quoted at a discount of 70~80 yuan/ton for 2406 contracts, Zijin is quoted at a premium of 0~10 yuan/ton for 2406 contracts, and Tianjin is 10 yuan/ton compared with Shanghai......》Click to view details
Macroscopic
Domestic:
The Ministry of Finance issued the "2024 Arrangements for the Issuance of General Treasury Bonds and Ultra-long-term Special Treasury Bonds", in which the maturities of ultra-long-term special treasury bonds are 20 years, 30 years and 50 years, and decided to issue 30-year ultra-long-term special treasury bonds on May 17, 20-year ultra-long-term special treasury bonds on May 24, and 50-year ultra-long-term special treasury bonds on June 14.
The Foshan Municipal Bureau of Housing and Urban-Rural Development issued the Notice on Several Measures to Continue to Promote the Steady and Healthy Development of the Real Estate Market by Nine Departments including the Foshan Municipal Bureau of Housing and Urban-Rural Development, announcing the implementation of 13 new real estate policies, including optimizing the calculation rules for floor area ratio, paying the land transfer price in installments, encouraging and supporting the "old for new" housing, and relaxing the policy of buying houses and households. It mentions that non-registered persons who hold their own legal property rights in the city can apply for household registration at the location of the house, and their spouses and minor children who live together can move with them. For business apartments and other types of residences that are used for residential residences, the price of water and electricity for residents' domestic water, electricity and gas shall be implemented for their water and electricity. (Finance Associated Press)" click to view details
On May 13, the central parity of the RMB exchange rate in the interbank foreign exchange market was 7.1030 yuan per US dollar per dollar
On the US dollar:
As of 11:47, the U.S. dollar index was at 105.31, down 0.02%. Earlier weaker U.S. jobs data raised market bets on a Fed rate cut. U.S. jobless claims rose to their highest level in more than eight months last week, providing more evidence of a continued cooling labor market. The U.S. Department of Labor will release the Consumer Price Index (CPI) and Producer Price Index (PPI) this week, and the data will provide clues on progress towards the target. Analysts expect the crucial CPI report to show a 3.6% year-on-year rise in the "core" price index, which would be the slowest increase in more than three years. Financial markets expect the Fed to begin its easing cycle in September.
In terms of other currencies:
The Bank of Japan (BOJ) bought fewer government bonds in its regular operations on Monday than on April 24 in a bid to reduce its presence in the government bond market. The move could push Japanese bond yields higher, potentially narrowing the huge yield gap between Japan and the United States, which has previously weakened the yen. Immediately after the BOJ's announcement, the yield on benchmark 10-year government bonds rose, while the yen strengthened in the short term. The Bank of Japan said it would buy 425 billion yen ($2.7 billion) of 5-10 year government bonds, compared with 475.5 billion yen last month. (Huitong Finance)
In terms of data:
Today, the 1-year inflation expectations of the New York Fed in April, the 3-year inflation expectations of the New York Fed in April, and the Swiss consumer confidence index for the second quarter - seasonally adjusted will be released. In addition, it is worth noting that the meeting of the finance ministers of the euro zone was held; 2024 FOMC members, Cleveland Fed President Mester and Fed Governor Jefferson speak on central bank communications.
Crude oil: Crude oil futures fell slightly, as of 11:47, U.S. oil fell 0.24%, and Brent oil fell 0.29%. A pause in rate cuts could slow U.S. economic growth and dampen fuel demand, weighing on oil prices amid signs of weak fuel demand and comments from Fed officials dampening hopes of rate cuts.
Still, the market is supported by expectations that OPEC may extend production cuts into the second half of the year. Iraq's oil minister, Abdelghani, told state news agencies on Sunday that Iraq is committed to the voluntary oil production cut agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) and is eager to work with member states to work towards greater stability in the global oil market. His comments came after Mr. Abdelghani said on Saturday that Iraq had made enough voluntary cuts to not agree to any additional cuts proposed by the OPEC group of oil producers at its meeting in early June. Earlier this month, the OEPC said Iraq had cumulatively exceeded its production quota by 602,000 b/d in the first three months of 2024. Baghdad has agreed to additional production cuts for the rest of the year, the group said.
Spot market at a glance:
►The import price ratio continued to weaken, and the premium of Yangshan copper fell [SMM Yangshan copper spot]
► Nearing delivery and the monthly difference widening, shippers insist on shipping at a high price [SMM South China Copper Spot]
►Aluminum price pullback, spot transactions have improved, East China Central Plains spot discount narrowed [SMM aluminum spot afternoon review]
►Deliverables are delivered and moved to the warehouse, and the social warehouse of lead ingots rises again [SMM research]
►Lead prices remain high, and the output increase and decrease details of recycled lead enterprises in May are for your reference [SMM research]
►Recycled lead: The supply is tight, and the holders are reluctant to sell, and the number of refined lead quotations during the morning market is not much.
►The social inventory of zinc ingots in SMM seven places increased by 1,700 tons [SMM data]
►Tianjin Zinc: The disk rebounds and the downstream still has a bearish mentality [SMM Afternoon Comment]
►Shanghai tin prices bottomed out and rebounded in early trading, and the spot market transactions were relatively deserted [SMM Tin Afternoon Comment]
►Manganese prices continue to rise, and the spot situation is tight [SMM Electrolytic Manganese Daily Review]
►【SMM Steel Shipping】China's total exports fell 26% month-on-month last week
►[SMM shipping data] SMM global iron ore shipments totaled 30.02 million tons last week, down 11% month-on-month
Other metal spot afternoon reviews will be updated later, please refresh to view~