1 week Ago
SMM Mar 21 News: Metal Market: As of the day's close, domestic base metals generally fell, with SHFE zinc being the only one to rise, by about 0.04%. The rest of the metals all declined, with SHFE lead and SHFE tin both falling over 1%, specifically SHFE lead down 1.
36% and SHFE tin down 1.02%. SHFE copper fell 0.
91%, and SHFE nickel dropped 0.86%. Alumina main contract rose 0.
94%. Additionally, silicon metal main contract remained flat at 9,770 yuan/mt, polysilicon main contract fell 0.31%, and lithium carbonate main contract dropped 0.
73%. European line container shipping main contract increased 2.46%.
In the overseas market, as of 15:10, foreign base metals collectively fell, with LME tin down 2.09%, LME nickel down 0.79%, LME lead down 0.
8%, and LME copper down 0.84%. The other metals saw minor fluctuations.
In the ferrous metals series, most were down, with iron ore falling 0.33%, stainless steel dropping 0.6%, and HRC rising 0.
06%. For coking coal and coke, coking coal fell 1.8% and coke dropped 1.
76%. In precious metals, as of 15:10, COMEX gold fell 0.27%, and COMEX silver dropped 0.
91%. Domestically, SHFE gold fell 0.23%, having surged to a high of 711.
24 yuan/gram in the morning, setting a new historical record, while SHFE silver dropped 1.68%. Market conditions as of 15:10 today 》Click to view SMM market board Macro Front Domestic: [First batch of pilot projects for long-term insurance fund reform has invested 5 billion yuan] The pilot projects for long-term insurance fund reform are advancing, and as of early March, the first batch of pilot projects have successfully invested 5 billion yuan.
Since the beginning of the year, the second batch of pilot projects has approved 16.2 billion yuan in pilot funds, and the participating institutions have expanded to eight insurance companies. Liu Fan, vice president of China Life Asset Management Co.
, Ltd., stated that the investment direction mainly includes large blue-chip stocks with good corporate governance, excellent operating performance, and also focuses on shareholder returns. Specific industries include finance, energy and chemicals, industrial infrastructure, consumer goods, including the new energy transition sector and the development of new quality productive forces, which can help national industrial development and economic transformation.
In addition, insurance funds frequently appear in the list of company surveys. Data shows that since the beginning of the year, insurance funds have conducted over 2,800 surveys of A-share listed companies, covering approximately 600 companies. Among them, companies in the electronics, machinery equipment, computer, biomedicine, power equipment, and automotive industries have received the most attention.
(CCTV News) [PBOC conducts net withdrawal of 8.77 billion yuan in open market] The PBOC conducted 9.3 billion yuan worth of 7-day reverse repo operations today, with the winning bid rate at 1.
50%, unchanged from before. As 18.07 billion yuan worth of 7-day reverse repos matured today, it achieved a net withdrawal of 8.
77 billion yuan. [Hainan plans to launch 2025 NEV promotion campaign in rural areas] To implement the requirements of the "Hainan Clean Energy Vehicle Development Plan" and the "Several Measures to Encourage NEV Promotion and Application in Hainan 2023-2025," further expand the auto consumption market, tap into auto consumption potential, address the shortcomings of NEV consumption and use in rural areas, and improve residents' green and safe travel levels, providing strong support for beautiful countryside construction and rural revitalization, the Hainan Provincial Department of Industry and Information Technology plans to select a third-party agency to conduct the 2025 NEV promotion campaign in rural areas. ► On March 21, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.
176 per US dollar US Dollar: As of 15:10, the US dollar index rose 0.23%. Data released by the US Department of Labor on Thursday showed that the number of initial jobless claims in the US for the week ending March 15 was 223,000, slightly higher than the market expectation of 224,000.
The previous week's figure was revised to 221,000, with the initial reading at 220,000. The number of continuing jobless claims for the week ending March 8 was 1.892 million, higher than the market expectation of 1.
887 million. The previous week's figure was revised to 1.859 million, with the initial reading at 1.
87 million. The slight increase in initial jobless claims indicates that the labor market still has short-term resilience, but the rise in continuing jobless claims suggests that re-employment is becoming more difficult. According to data from the London Stock Exchange Group (LSEG), market participants expect the US Fed to cut interest rates by 63 basis points this year, with a 71% probability of at least a 25-basis-point cut at the June meeting.
(Wenhua Comprehensive) Data: Today, the following data will be released: the total amount and high yield of the 10-year TIPS auction on March 20 in the US, New Zealand's February trade balance, Japan's February national core CPI year-on-year, UK's March Gfk consumer confidence index, Canada's January core retail sales month-on-month, and the preliminary value of the Eurozone's March consumer confidence index. Additionally, Bank of Canada Governor Tiff Macklem will deliver a speech, and FOMC permanent voter and New York Fed President John Williams will also speak. Crude Oil: As of 15:10, oil prices in both markets rose, with WTI up 0.
21% and Brent up 0.17%. The US announced new Iran-related sanctions on Thursday, targeting an independent refinery in Asia and ships supplying crude oil to these refineries, increasing potential supply risks, and pushing up geopolitical risks in the crude oil market.
ANZ analysts expect Iranian crude exports to decrease by 1 million barrels per day. Since the new US government stated in February that it would re-impose "maximum pressure" on Iran, this is the fourth round of sanctions on Iranian oil sales. OPEC+ released a production cut compensation plan involving seven countries, which could buffer the planned supply increase starting in April.
On Thursday, OPEC+ issued a new timetable involving Russia, Kazakhstan, Iraq, and four other member states, which will further reduce oil production to compensate for previous overproduction. According to the table published on the OPEC+ official website, the monthly production cuts range from 189,000 to 435,000 barrels per day, and the new compensatory production cut plan will continue until June 2026, alleviating market concerns about supply surplus. (Wenhua Comprehensive) SMM Daily Review ► Import prices remain strong, immediate losses for imported ADC12 continue to widen [ADC12 Price Daily Review] Aluminum scrap prices fluctuate rangebound, market purchases as needed [Aluminum Scrap Daily Review] March 21: SHFE aluminum jumped initially and then pulled back, aluminum billet processing fees remained weak [Aluminum Billet Spot Daily Review] March 21: MHP FOB price declined slightly [SMM MHP Daily Review] March 21: Nickel salt smelter inventory at low levels [SMM Nickel Sulphate Daily Review] Silver prices slightly weakened, spot premiums and discounts stable with a slight increase [SMM Daily Review].
