SMM May 14:
In terms of the metal market:
As of the midday close, the domestic base metals rose across the board. Shanghai tin rose 3.16%. Shanghai lead rose 1.88%, and Shanghai copper rose 1.38%. Shanghai zinc rose 0.94%, and Shanghai nickel rose 0.22%. Shanghai Aluminum rose 0.32%, and the main alumina futures fell 0.54%. In addition, the main industrial silicon contract fell 0.5%. The main lithium carbonate futures contract rose 0.42%.
The black series are all green, and iron ore, thread, hot coil, and stainless steel all fell, and the increase was within 0.5%. In terms of double coke, coking coal fell 3.67% and coke fell 1.8%.
In terms of external metals, as of 11:48, LME metals rose. London copper rose 0.1%. London nickel, London tin, London aluminum and London lead all rose within 0.3%. London zinc fell 0.42%.
In terms of precious metals, as of 11:48, COMEX gold rose 0.25%; COMEX silver rose 0.71%. In terms of domestic precious metals, as of the close at noon, Shanghai gold fell 0.58%, and Shanghai silver rose 0.15%. The Reserve Bank of India (RBI) said gold's share of India's foreign exchange reserves has increased. It rose from 7.37% at the end of September to 8.15% at the end of March.
In addition, as of noon, the main futures of European line container shipping closed at 3807.6 points, down 1.47%.
As of 11:48 on May 14, some futures at noon:
》SMM metal spot price on May 14
Spot & Fundamentals
Copper: Guangdong's inventory rose slightly today, and the decline in downstream purchases was the main reason for the high copper price. Approaching delivery and the monthly difference is still very large, the holder of the goods wanted to ship at a high price, in the morning Pingshui copper was once reported at a discount of 60 yuan, but the downstream in the face of high copper prices are generally reluctant to purchase, the holder must reduce the price if they want to successfully ship...... click to view details
Macroscopic
Domestic:
Premier Li Qiang stressed at the meeting that it is necessary to issue and make good use of ultra-long-term special treasury bonds, and do a good job in supporting the implementation of major national strategies and security capacity building in key areas with high quality, so as to provide strong support for promoting Chinese-style modernization. >> Click here for details
On May 14, the central parity of the RMB exchange rate in the interbank foreign exchange market was 7.1053 yuan per US dollar
On the US dollar:
As of 11:48, the U.S. dollar index was at 105.26, up 0.04%. Markets await key U.S. inflation data, which could provide more clues on the Fed's policy path. The focus of the week will be on Tuesday's US producer price index (PPI) data, followed by Wednesday's consumer price index (CPI) data. According to the survey, the month-on-month increase in core CPI in April is expected to slow to 0.3% from 0.4% in the previous month. Wednesday's inflation report is likely to provide guidance on the Fed's policy outlook at its June 11-12 meeting, when Fed officials will update their economic and interest rate forecasts. A report released by the Federal Reserve Bank of New York on Monday showed that Americans generally believed in April that inflationary pressures would be greater in the coming years and that home prices would accelerate. Most analysts surveyed believe that the Fed is likely to cut its key interest rate twice this year, starting in September.
In terms of other currencies:
Australia's Labor government will unveil its annual budget later on Tuesday and say cost-of-living relief measures will temporarily reduce consumer price inflation. Australian Treasurer Chalmers said that the current headline inflation rate of 3.6% could return to the RBA's 2%-3% target range by the end of the year, while the RBA itself forecasted an inflation rate of 3.8%. If true, this slowdown could open the door for the RBA to cut rates earlier. (Huitong Finance)
In terms of data:
Today, the final value of Germany's April CPI month-on-month, the UK's three-month ILO unemployment rate in March, the UK's April unemployment rate, the UK's April-based unemployment claims, Germany's ZEW economic sentiment index in May, the Eurozone's ZEW economic sentiment index in May, the US NFIB small business confidence index in April, the US PPI annual rate in April, the US PPI month-on-month rate in April, and Canada's wholesale sales month-on-month in March.
Crude oil: Crude oil futures rose slightly, as of 11:48, U.S. oil rose 0.15%, and cloth oil rose 0.13%. Oil prices were supported by expectations that supply would appear to be tightened by operational disruptions, strong demand and voluntary production cuts.
IG market analyst Tony Sycamore said in the report that the market is watching wildfires in remote areas of Western Canada, which could disrupt the country's oil supply. Bowinn Ma, Canada's minister of emergency management and climate preparedness for British Columbia, said Monday that firefighters are trying to extinguish wildfires that are spreading to remote towns in western Canada, with strong winds and dry weather threatening to spread the fire further. Alex Hodes, an analyst at energy brokerage StoneX, said Canada's 3.3 million barrels per day production capacity was "likely to be affected".
The American Automobile Association (AAA) forecasts that Labor Day road trips on the May 25-27 long weekend will rise to their highest level since 2000, while Chinese data over the weekend showed consumer prices rising for the third straight month.
Oil production from major U.S. shale oil producing regions will rise to a six-month high in June, the U.S. Energy Information Administration (EIA) said in its monthly drilling productivity report on Monday. Oil production from major shale producing areas in June could reach its highest level since December at 9.85 million b/d, the EIA said. The American Petroleum Institute (API) will release the industry version of the inventory report at 4:30 a.m. Beijing time on Wednesday, and the U.S. Energy Information Administration (EIA) will release the official version of the inventory report at 22:30 on Wednesday. A preliminary survey released on Monday showed that six analysts surveyed on average estimated that U.S. crude inventories were expected to fall by about 1.2 million barrels in the week ended May 10. U.S. gasoline inventories are expected to rise by about 300,000 barrels that week; Distillate inventories, including diesel and heating oil, are expected to increase by about 800,000 barrels.
Spot market at a glance:
►The import price continues to weaken, and the US dollar copper market has few transactions [SMM Yangshan copper spot]
►Copper prices have risen sharply, downstream procurement desire is low, spot inventory has increased [SMM South China Copper Spot]
►The main contract of Shanghai aluminum fluctuates downward, and the transaction is generally East China Central Plains spot discount expands [SMM aluminum spot afternoon review]
►SMM Shanghai and other 1# lead markets: Shanghai lead recorded six consecutive yang, and the spot market was trading two lightly [SMM Afternoon Review]
►Recycled lead: Downstream enterprises are bullish in the market outlook and the enthusiasm for bulk orders to inquire increases, and today's high-priced supply transactions are limited [SMM Lead Afternoon Review]
►Shanghai Zinc: Zinc prices run at a high level, and market transactions deteriorate [SMM Afternoon Review]
►Guangdong Zinc: The market is gradually weakening and the trading volume is gradually decreasing [SMM Afternoon Review]
►Shanghai tin prices are sideways at a high level in early trading, and the spot market is cold [SMM tin afternoon review]
►Stainless steel market is deserted, spot prices decline [SMM stainless steel spot daily review]
►[SMM Survey] The operating rate of SMM pelletizing plants in April was 64.2%, a significant increase from the previous month
►[SMM Daily Review] Lithium carbonate prices fell on May 14