syndicatecasinonodepositbonus| Everbright Futures: April 23 Nonferrous Metals Daily

CopperSyndicatecasinonodepositbonus:

The copper concussion was weak overnight. Judging from the recent domestic fundamentalsSyndicatecasinonodepositbonusHigh copper prices have been a drag on demand, no matter from the downstream start-up or inventory status, there are signs of a slowdown, but prices continue to rise driven by LME, while domestic prices passively follow, import losses increase, export windows open, supporting weak domestic demand at the same time, it also shows that overseas optimism continues to push up copper prices, and the long-short game enters the best part. Expectations deviate from reality, just like the recent gold, the market is more sensitive to bullish than negative, indicating that copper prices are also in overheated mood, the volatility will further increase under the long-short game, the trend has not changed, but the medium-term adjustment trend may gradually come.

Nickel & stainless steel:

Overnight LME Nickel rose 1.Syndicatecasinonodepositbonus.13%, Shanghai Nickel 0Syndicatecasinonodepositbonus.07%. On the inventory side, LME nickel stocks increased by 1170 tons to 74928 tons yesterday, while domestic SHFE warehouse receipts increased by 84 tons to 18883 tons. From the point of view of the discount, the LME0-March discount remained negative, while the imported nickel discount fell by 250 yuan / ton to-600 yuan / ton. As for stainless steel, the price of ferronickel is still strong, and the slight rise in the price of stainless steel leads to inventory digestion. as of April 18, the total stock of stainless steel 89 warehouse caliber in the national mainstream market was 1.1615 million tons, down 1.91% from the previous week. In terms of the new energy industry chain, the demand of ternary precursors is picking up marginally, and the raw material end of nickel sulfate is still tight, which forms a strong support for nickel sulfate. Nickel ore examination and approval progress has not improved, the industrial chain MHP transport problems superimposed nickel iron collection and storage has become a short-term disturbance price support, while for the Russian nickel problem, overseas market arbitrage behavior, superimposed recent non-ferrous plate overall performance is strong, nickel pre-decline may have supplementary rising behavior, short-term or high shock, the current market risk is greater, careful participation.

Alumina & electrolytic aluminum:

Alumina concussion is weak, overnight AO2405 closed at 3472 yuan / ton, down 0.4%, position reduction of 134hands to 59539 hands. Shanghai aluminum concussion is weak, overnight AL2406 closed at 20530 yuan / ton, down 0.22%. Reduce the position by 3451 hands to 286800 hands. Spot aspect, SMM alumina comprehensive price continues to rise to 3308 yuan / ton. Spot aluminum ingot discount to 50 yuan / ton, Foshan A00 price up to 20650 yuan / ton, Wuxi A00 quoted discount 20 yuan / ton, downstream aluminum rod processing fees Henan stable, Baotou, Nanchang, Xinjiang, Linyi, Guangdong Wuxi down 50,200 yuan / ton; aluminum rod 1A60 down 50 yuan / ton, 6Universe 8 series processing fees increased by 359 yuan / ton; aluminum alloy ADC12 and A380 increased by 150 yuan / ton, A356 and ZLD102/104 increased by 350 yuan / ton. Alumina disk performance is strong, first, affected by the previous rise in aluminum belt, and bear the risk transfer sentiment of some cautious funds; in addition, the margin of fundamentals continues to improve, the tight supply of ore is still the main logic at this stage, and there is a small amount of rain in Yunnan during the week. it is expected to end the drought early in the southwest and accelerate the pace of resumption of electrolytic aluminum production. The positive sentiment of electrolytic aluminum is gradually digested, the price is adjusted back to the fundamental logic, and the high price suppresses the downstream purchasing enthusiasm and start-up performance, which forms a certain pressure on the rhythm of removing the warehouse. The internal and external price difference continues to expand, the mood has not completely turned, double aluminum is easy to rise and fall, one strong and one stable, short-term alumina is slightly stronger than aluminum. Continue to pay attention to the process of mine resumption and the trend of aluminum ingot community.

Tin:

4ax 22 Indonesian JFX trading volume is 50 tons, compared with a total of 750 tons in April. The main force of Shanghai tin fell 2.52% to 272170 yuan / ton, and the tin futures warehouse receipt was 14632 tons, an increase of 519 tons over the previous day. LME tin fell 4.52% to US $34300 / ton. Tin inventory was 4190 tons, a decrease of 25 tons. Spot market, for 2405, Yunxi Pingshui, Yunzi discount 800-1000 yuan / ton, small brand discount 1000-1500 yuan / ton. In terms of price difference, 05-06 spread-1020 yuan / ton, 06-07 spread-820 yuan / ton, Shanghai-Lun ratio 7.94. If overseas AIGC industrial chain stocks make a sharp correction in the short term, there may be emotional feedback to tin prices, and tin prices may be withdrawn in the short term. However, the medium-and long-term look at the basic good expectations remain unchanged, you can pay attention to the buying opportunities after the tin price correction.

Zinc:

As of Monday, SMM Seven Zinc Ingot stocks totaled 220900 tons, an increase of 2700 tons over April 15 and 3200 tons over April 18. The main force of zinc in Shanghai fell 0.62% to 22590 yuan / ton, and zinc futures warehouse receipts were 71768 tons, an increase of 3072 tons over the previous day. LME zinc fell 0.86% to US $2826.5 / tonne. Zinc stock was 256175 tons, a decrease of 25 tons. In the spot market, the discount of Shanghai Zinc to 2405 is around 100,120 yuan / ton, and the average price is 10 yuan / ton; the discount of Guangdong Zinc to Shanghai Zinc 2406 is 110125 yuan / ton, which is 70 yuan / ton higher than that of Shanghai; the discount of Tianjin Zinc to 2405 contract is around 80,100 yuan / ton, and the price of Tianjin is 10 yuan / ton higher than that of Shanghai. In terms of price difference, 05-06 spread-75 yuan / ton, 06-07 spread-45 yuan / ton, Shanghai-Lun ratio 7.99. At present, the domestic real estate demand is weak, and the infrastructure demand is not yet fully developed, so it is difficult to have a bright spot for zinc demand. On the supply side, with the seasonal recovery of domestic mines, the domestic mine end shortage is improving, and the smelting output of zinc ingots is gradually restored to the normal level. Based on the fundamental calculation of the current node zinc, the subsequent global balance is expected to continue to maintain surplus, and the upward space for zinc price is relatively limited.

Silicon:

Industrial silicon continued to strengthen, with the main 2406 closing at 11695 yuan / ton on the 22nd, an increase of 0.73% on the day, and its position increased by 3149 to 147000 hands. Spot continued downward adjustment, Baichuan silicon reference price of 13342 yuan / ton, down 5016 yuan / ton compared with the previous trading day. Among them, the price range of # 553 was reduced to 12800-13500 yuan / ton, and the price range of # 421 fell to 13550-14050 yuan / ton. The price of the lowest deliverable goods dropped to 11750 yuan / ton, and the spot price closed at 165yuan / ton. As the futures price fell to the southwest 421 cost line during the flood season, the decline converged, silicon factories held up the price, and only traders traded at a low price. Under the new futures regulations, it is difficult to move long-month warehouse receipts, and there is pressure to flow into the spot. North and South large factories continue to reduce the furnace, the downstream price reduction efforts slightly slow, there is a certain willingness to copy the bottom, but the overall inventory removal progress is still slow. At present, there is limited room for silicon prices to continue to fall, and it is expected to move steadily after stopping the decline. Continue to pay attention to whether the downstream purchasing willingness is expected to contribute to the recovery of silicon prices.

Lithium carbonate:

Lithium carbonate futures 2407 contract rose 0.37% to about 108600 yuan / ton yesterday. In terms of spot prices, the average price of battery-grade lithium carbonate is maintained at 111400 yuan / ton, the average price of industrial-grade lithium carbonate is maintained at 108500 yuan / ton, and the average price of battery-grade lithium hydroxide is maintained at 100400 yuan / ton, with a base difference of about 2850 yuan / ton. In terms of warehouse receipts, warehouse receipts increased by 50 tons to 19727 tons yesterday. At the price end, lithium ore prices tend to stabilize due to the decline in lithium salt prices, industrial carbon prices continue to be strong, industrial electricity price spreads continue to narrow, and a small number of them are upside down. On the supply side, although salt lake / large factories are still overhauled, part of the domestic Jiangxi region resumes production, imports are still expected to increase, and the overall supply is on the loose side. On the demand side, demand increased month-on-month in April, but after restocking downstream, the acceptance of high-priced goods is not high, and the expected growth rate of the market in May may slow down and bring some pressure. On the inventory side, the social inventory is still accumulating slightly, and the inventory in the middle and upstream of the week has decreased, and the warehouse receipt inventory has increased significantly. The supply and demand pattern of lithium carbonate tends to be loose, but the current auction / industrial carbon / lithium mine prices are still supported, and the price center of gravity may move down in the future.