Metals are more red, Shanghai nickel rose 3.4%, Shanghai copper brushed 18-year highs, lithium carbonate rose more than 2%, European line container transport fell 6.4% [SMM afternoon review]
SMM May 17:
In terms of the metal market:
As of the midday close, the domestic base metals rose across the board. Shanghai nickel rose 3.4%. Shanghai copper rose 1.18%, and Shanghai copper refreshed a new high of 83,400 yuan/ton since May 17, 2006. Shanghai tin, Shanghai lead, Shanghai zinc and Shanghai aluminum all rose slightly, and the increase was within 0.6%. The main alumina futures rose 0.43%. In addition, the main industrial silicon contract rose 1.11%. The main lithium carbonate futures contract rose 2.02%.
The black series were all red, iron ore rose 1.32%, thread rose 1.04%, hot coil rose 0.79%, and stainless steel rose 1.17%. In terms of double coke, coking coal rose 2.23% and coke rose 2.5%.
In terms of external metals, as of 11:42, LME metals rose almost across the board. London nickel rose 1.66%, and London copper rose 0.12%. Lunxi, Lunzin, Lun Aluminum and the increase were all within 0.6%. Lun lead flat at $2,294/tonne.
In terms of precious metals, as of 11:42, COMEX gold fell 0.18%; COMEX silver fell 0.34%. In terms of domestic precious metals, as of noon close, Shanghai Gold fell 0.03%, and Shanghai Silver rose 0.98%.
In addition, the main futures of European line container shipping closed at 3884 points as of noon, down 6.4%.
As of 11:42 on May 17, some futures at noon:
>> SMM metal spot price on May 17
Spot & Fundamentals
Copper: This week (5.10-5.16) SMM surveyed the production and new orders of some domestic wire and cable enterprises, on the whole, the comprehensive operating rate of cable enterprises this week was 79.82%, down 3.02 percentage points from the previous month, lower than the expected operating rate of 5.13 percentage points. This week, copper prices rebounded again, a significant blow to the enthusiasm of customer procurement, and the new orders of most companies did not perform well this week, according to the feedback of enterprises...... click to view details
Aluminum: This week, the operating rate of leading aluminum cable enterprises increased by 0.8 percentage points to 66%, mainly due to the recent good export performance of aluminum wire by leading enterprises in Jiangsu, which drove the operating rate up slightly ......》Click to view details
Macroscopic
Domestic:
[National Bureau of Statistics: In April, the added value of industrial enterprises above designated size increased by 6.7% year-on-year, and the operation of the national economy continued to pick up and improve] In April, production demand grew steadily, employment prices generally improved, social expectations continued to improve, high-quality development was solidly promoted, and the national economy was generally stable, continuing to rise and improve. In April, the added value of industrial enterprises above designated size increased by 6.7 percent year-on-year, 2.2 percentage points faster than the previous month, and 0.97 percent month-on-month. In terms of the three major categories, the added value of the mining industry increased by 2.0 percent year-on-year, the manufacturing industry increased by 7.5 percent, and the production and supply of electricity, heat, gas and water increased by 5.8 percent. The added value of the equipment manufacturing industry increased by 9.9 percent, an increase of 3.9 percentage points over the previous month, and the added value of the high-tech manufacturing industry increased by 11.3 percent, an increase of 3.7 percentage points. Liu Aihua, spokesman of the National Bureau of Statistics, said at the press conference of the State Council Information Office that in the next stage, the large-scale equipment renewal and consumer goods trade-in policy in the industrial field will release a larger market space, and the vigorous development of information technology, digital technology, intelligent technology and green technology will further help new kinetic energy accelerate the cultivation of growth and enhance the momentum of industrial development. At the same time, the confidence of business entities has also continued to increase in the past two months, the manufacturing purchasing managers' index has been in the expansion range for two consecutive months, and the year-on-year growth rate of profits of industrial enterprises above designated size has increased for three consecutive quarters. These factors will form a strong support for the continued recovery of the industrial economy. >> Click here for details
On May 17, the central parity of the RMB exchange rate in the interbank foreign exchange market was 7.1045 yuan per US dollar
On the US dollar:
As of 11:42, the U.S. dollar index was at 104.62, up 0.11%. Recent U.S. economic data prompted traders to raise bets on the Federal Reserve to cut interest rates later this year. U.S. jobless claims fell to a seasonally adjusted 222,000 last week, reversing nearly half of the increase at the start of the month. This week's data has brought good news for the Fed on two fronts, but Fed rate policymakers have yet to publicly shift their views on the timing of rate cuts, and the market is confident that rate cuts will start this year. Atlanta Fed President Bostic said the April inflation report may provide important clues about the direction of inflation, especially the slowdown in housing price growth, but it is too early to tell. The International Monetary Fund (IMF) believes that recent inflation data in the United States is "generally higher than we would like to see" and urges the Fed to remain cautious in deciding on monetary policy and continue to rely on data.
In terms of other currencies:
EUR/USD is expected to rise on a weekly basis, weighed down by signs of a slowdown in the U.S. economy; EUR/USD is expected to post its biggest weekly gain in two-and-a-half months on Friday, as cooling inflation and signs of a weakening U.S. economy raise the prospect of a rate cut. EUR/USD has risen 0.8% so far this week, even breaking through resistance near $1.0855 and briefly rising to $1.0895 after US inflation reported a slowdown. At the same time, while the market expects Europe to start cutting interest rates in June, recent data has shown some better-than-expected scenarios. Germany's economy grew faster than expected in the last quarter, and investor confidence is at a two-year high.
In terms of data:
Today, the ILO unemployment rate in France for the first quarter, the final CPI annual rate in the Eurozone for April, the CPI monthly rate in the Eurozone for April, and the monthly rate of the leading indicators of the Conference Board in the United States for April will be released.
Crude oil: Crude oil futures rose, as of 11:42, U.S. oil rose 0.2%, and Brent oil rose 0.23%. Brent oil is set for its first weekly gain in three weeks on signs of improving global demand and a slowdown in inflation in the U.S., a major oil consumer.
The recent decline in oil and refined product inventories in the world's major trading centers has raised optimism about oil demand growth, reversing the upward trend in inventories that has weighed heavily on crude oil prices in previous weeks. U.S. crude oil and fuel inventories fell last week; Meanwhile, Singapore's medium distillate fuel inventories fell to a near three-month low this week.
Spot market at a glance:
►How long can the supply-side story be told about the surge in copper prices in this round? [SMM Analysis]
►The import price continues to deteriorate, and the US dollar copper market is silent [SMM Yangshan copper spot]
►Copper prices are rising again, and the discount is running at a low level, and the inventory of holders is facing inventory pressure [SMM North China Copper Spot]
►How long can the supply-side story be told about the surge in copper prices in this round? [SMM Analysis]
►Copper prices rose this week, and the start of copper cable companies was suppressed again [SMM analysis]
►Aluminum prices are rising, spot transactions are general, and the spot discount in East China Central Plains is expanding slightly [SMM Aluminum Spot Afternoon Review]
►Aluminum prices continued to rise during the week, and export orders for aluminum cables improved【SMM Analysis】
►Recycled lead: The quotation of recycled refined lead is still mainly based on Pingshui, and downstream enterprises just need to receive the goods [SMM Lead Afternoon Review]
►Shanghai Zinc: Zinc prices run at a high level, and the premium continues to be weak [SMM Afternoon Review]
►Shanghai tin prices fell slightly, and downstream enterprises were sluggish in their willingness to buy [SMM Tin Afternoon Review]
►[SMM Analysis] Hydrogen energy is developing rapidly, and overseas markets are blooming everywhere in 2024